2022 began on a mixed note, with COVID-19 testing sales again making up for slowly recovering Pharmas – continue to be impacted by biosimilar erosion and pandemic, and the weakness in some core drugs. While its COVID-19 solutions are expected to take a severe hit in the coming months, it should be offset by the expected recovery in the core businesses. Moreover, the unchanged long-term potential of innovative offerings in Pharmas, supports our positive recommendation on the Swiss giant.