We think the 2020 results were in line with expectations. The Company may rapidly gain market share in the potential insulin GPO. We increased our 2021/22F net profit projections by 9.8%/30.8% mainly to reflect lower finance costs, the contribution of insulin aspart, higher assumptions for insulin glargine, and a recovery in antibiotics sales. Our 2023F number doesn’t include the potential insulin GPO. Updates on the insulin GPO may provide further upside. We adjust our TP from HK$9.88 to HK$8.67 on a sum-of-the-parts valuation, mainly because of enlarged share capital from a CB conversion.