What happened? Hikma hosted a conference call on the back of its 3Q25 update that has triggered a significant sell-off (stock down c.10% as we speak). While we see company comments on the call as broadly reassuring, and today''s shares underperformance as overdone, we acknowledge that it will likely take some time to rebuild investors'' confidence/interest in Hikma''s equity story. BNPP Exane View: When we launched on Hikma 6 months ago, we argued that after a decade of continued erosion, Injectables'' margins will stabilize thanks to renewed focus on high-margin ready-to-use forms (such as Tyzavan), continued high level of shortages in the US and extra capacity going online in the not-so-distant future. While the increase of competitive pressure on key high margin injectables and global supply challenges slowing down Bedford commercial preparations were tough to predict, we acknowledge to have underestimated both the need for further RandD investments as well as the structural tailwinds generated by the shift in product/geographic mix for the Injectables business. On the flip side, we see the acceleration of the Hikma Rx turnaround very positively with FY26 margin now expected 240bps ahead of expectations but argue that additional visibility on the CMO contract will likely be needed to turn investors more constructive and that it will not be enough to fully offset Injectables outlook revision. Beyond the implied earnings revisions following today''s update, we believe that the stock move (down c.10% as we speak) also reflects LT concerns on the Injectables profitability as well as the equity story shift towards the less attractive US generics segment. While we continue to see stock''s reaction as overdone, we are not arguing against the fact that it might takes time to get more visibility on the former while the latter might keep some investors on the sideline for now. . Injectables - new 30% MT guidance seen as a floor but concerns likely to remain for...