Solid FY19 Good FY19 results with an FY20 outlook that is broadly in-line vs current consensus expectations on core operating profit. FY19 group sales were $2,203m +1% vs consensus at $2,176m, Core operating profit was $508m +2% vs consensus at $498m and Core EPS was 150.4c, +2.3% versus consensus at 147.0c. The core operating profit beat was driven by the branded division. FY20 guidance by division: Management give FY20 guidance for Branded division revenue growth of mid-single digit % cc; Injectables revenue growth of low-mid single digit % cc (with a core operating margin in the range of 35-37%) and Generics revenue in the range of $700-$750m, with a core operating margin of c.20%. Divisional performance Injectables: FY19 sales of $890m,+0.6% vs consensus $884m and core operating profit of $338m, +1.3% vs consensus $334m.Performance reflects the breadth of the portfolio - strong sales of in-market products and growth from recent launches, more than offset increased competition on certain products. Generics: FY19 sales of $719m, +0.8% versus consensus $714m and core operating profit of $124m, -1.1% vs consensus $125m. The US retail generics market environment remains challenging, but price erosion was more than offset by strong demand for the portfolio, and by new product launches. Branded: FY19 sales of $583m, +3% vs consensus $568m and core operating profit of $129m, +4% vs consensus at $124m. Management flag Saudi Arabia and Egypt performing well, reflecting their strong market positions - good demand for products and new launches. They also delivered a good performance across most MENA markets, which more than offset significantly lower sales in Algeria (driven by political and economic disruption). Investor presentation A presentation for analysts and investors will be held today at 09.30 UK time at FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD. To join via conference call dial: 08006406441, access code: 442936.