Ann: Preliminary Final Report, page-32

Good to see:
Site on track for completion.
Signing of exclusive rights ($10m payment though)
No divi
Pipeline looks good, particularly toward specialty.

Downside:
Profit miss...again! (2 weeks put wtf)
Generics deflation (I dont see a 12 month sp turn arpund because of this ~ could be 3-5 years till it turns...but it will turn)
Inventory seems high / I get teva and all, but would reduction in inventory not make sense given deflation?

Overall, not great. A long term holding for sure, not sure we will see a sp turn around any time soon. I however thimk management know what needs to be done and like the emphasis diversification.
Price deflation will benefit those who can maintain proftiability.

The number of competitors myx had (top of my head more than 2/3 of the portfolio had less than 3 competitors. Is that die to the difficulty of what they are manufacturing (high tech equipment/ facilities required?) Or can we expect far more players to enter where they are?