India Pharma and CRDMO — Domestic execution strong; US still mixed; CRDMO opportunity building structurally

We hosted leading pharma and CRDMO corporates as part of the J.P. Morgan India Conference and HC tour. Our view is constructive on India-facing franchises and CRDMOs, and selective on diversified generics. The strongest positive was the clear acceleration in domestic formulations, with management teams pointing to sustained outperformance led by chronic therapies, alongside a sharper strategic push into women's health as a category. GLP-1 remains early-stage, but it is shaping up as a large and fast-growing opportunity across India and select emerging markets. The US outlook is mixed: generics remains a choppy pool of opportunities, while the upside is increasingly in complex products, specialty and innovation, even if the payoff comes with higher gestation. Biosimilars are a tangible growth vector in India and emerging markets, but regulated markets remain difficult given yield, scale and pricing hurdles, which keeps the advantage with first-wave, end-to-end integrated players. On cos