Hikma has had a slow start to 2022, largely due to escalating headwinds in the Generics segments. While the update for the Injectables and Branded segment was reassuring, the negative market reaction was largely due to uncertainties surrounding Generics, thereby further weighing on share price momentum. As a result, our segment-level estimates should be revised downwards. Also, some discount on the peer-based valuation is likely to be incorporated.