A couple points I liked;Generics;-‘As mentioned in the May...

A couple points I liked;

Generics;

-‘As mentioned in the May trading update, our generics business had also incurred a number of one-off charges in the second half of fiscal '19, such as abnormal failure-to-supply penalties from products supplied by third-party manufacturers; and shelf stock adjustments from pricing changes, which we expect to be more normalized across this fiscal year. This,together with enhanced operating efficiency and significantly greater manufacturing output, will materially improve overhead recovery benefits and the financial performance at Greenville. As noted on Slide 15 of the presentation, we have lifted batch output at Greenville by approximately 50%over the last 12 months. And across fiscal '19 and projected for fiscal '20, weexpect more than 20 product transfers into the site, further enhancing performance’.

-‘depressed margin to 44% in the second half’(margin fell from 57%)…… ‘So I mean, in short, this is a business that's been generally achieving margins at 50% or above, and I have no reason to think we can't be back in that place in across this financial year’;

-Potential for future impairment, ‘I think our for ward forecasts here that are underlying this impairment charge in our generic business, I think, are robust. I mean I can't guarantee that there wouldn't be further impairments, but as I sit here now, I think we've taken our medicine, for want of a better term. And I'm confident that we've got a carrying value for this business that's appropriate, not just for the market today, but for what we see in the future’.

Specialty products;

-Tolsura; ‘I think we're on a trajectory that's very consistent with the headline comments around 25% of a $300 million addressable market’, followed up with ‘is that assuming reasonably significant off-label and -- use as well?’ and the response ‘No, it's not’, later adding there may be benefits off-label, but it was too early to make a comment on that.

-‘Whilst marketing and distribution costs forSpecialty Brands have increased by USD 6 million or 18% year-on-year, this segment earnings, after operating expenses, are growing at a significantly faster rate than costs, highlighting the leverage we are now getting from this division. We expect this trend to continue over fiscal '20’.

Woman’s Health;

-NuvaRing (a generic of the largest U.Scontraceptive sold), ‘The other interesting thing, of course, is there's a lot of information out there from some of our competitors around the status of their programs. And you may have read with interest that there have been some delays that some of our competitors have also suffered’……. ‘And it is -- and it still remains a calendar year '20 launch opportunity’….. Before finishing up with a confident statement that MYX may be the first generic to market for this product, ‘but certainly I feel better about our order entry position into this market today than I did even 3 months ago, let alone 6 months ago’.

Political environment;

-‘probably 50% or more of its membership are Generic companies that are based in the subcontinent’ clarifying the FDA applies stringent regulations to on-shore manufacturers and ‘There is some --there is growing political pressure on this topic’.