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Calling these established uses overstates it
So to conclude, With these we have covered almost all the companies that have reported Q4 earnings in these theme and in the process we figured out few of the very interesting trends that are playing out across the sector which is driving these earnings - 1) Chronic shift in India is accelerating 2) US Market is graduating from generics to complexity 3) CDMO is structural theme but be ready for the lumpiness to be there 4) Margin expansion is real but its not just op leverage hitting but also the product mix change that is driving this change in mix 5) Capital allocation across the board is improving in the sector be it buybacks, M&A, Write offs, organic capex, or something else 6) API pricing which started to stabilise around Q2 is now starting to turn back up a little
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