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GOLDMAN SACHS ON NEULAND LABS • Reiterate Buy, target price 12,975 from Rs 11,400 • FDA approval for Cobenfy is a key event • FY26 Xanomile estimates to be up 55-60% • CDMO business multiple raised to 40x from 37x GOLDMAN SACHS ON NEULAND LABS • Reiterate Buy, target price 12,975 from Rs 11,400 • FDA approval for Cobenfy is a key event • FY26 Xanomile estimates to be up 55-60% • CDMO business multiple raised to 40x from 37x

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GOLDMAN SACHS ON NEULAND LABS

• Reiterate Buy, target price 12,975 from Rs 11,400

• FDA approval for Cobenfy is a key event

• FY26 Xanomile estimates to be up 55-60%

• CDMO business multiple raised to 40x from 37x GOLDMAN SACHS ON NEULAND LABS

• Reiterate Buy, target price 12,975 from Rs 11,400

• FDA approval for Cobenfy is a key event

• FY26 Xanomile estimates to be up 55-60%

• CDMO business multiple raised to 40x from 37x

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