Since issuing our Interim Management Statement on 8 November 2013, the Injectables and Generics businesses continued to perform very well and, as a result, Group revenue growth for the full year in 2013 will now be around 23%, ahead of our previous guidance of around 20%.

Injectables

Our global Injectables business has performed very well, with revenue growth of around 14%. Profitability has improved and we now expect an adjusted operating margin of around 30%. This reflects a particularly strong performance in the US, where we are focusing on higher value products, improved pricing, new product launches and tight cost control. We are confident that our Injectables business will continue to deliver strong revenue growth and an adjusted operating margin above 30% in 2014.

Generics

Our Generics business has benefited from strong doxycycline sales and we now expect Generics revenue of around $270 million for the full year. Looking ahead, we expect Generics revenue to be lower in 2014 due to increased competition in the US doxycycline market.

Branded

Our Branded business has performed in line with expectations, with revenue growth of around 5% for the full year, or 8% in constant currency. We continue to expect adjusted operating margin of around 24%, up more than 50 basis points from last year, as a result of our strategic decision to cut low margin tender sales, a focus on higher value products and greater emphasis on operational efficiencies.

We will provide our regular detailed guidance in respect of 2014, both for the business segments and the Group overall, when we announce our 2013 Preliminary Results on 12 March 2014.