2021 began on an encouraging note, with Diagnostics again lending support to the lynchpin Pharmas division – continued to be impacted by biosimilar erosion and/or pandemic disruption. While the group’s near-term outlook still remains jittery – amid the current backdrop of resurfacing COVID-19 risks, growing Diagnostics dominance – backed by near-term tailwinds and long-term potential of innovative offerings in Pharmas – lend ample support to our investment case.