Stada is worried about losing its licence in Ukraine. Stada generates 15% of its revenue in Russia and is concerned that Ukraine will remove its Ukrainian operations licence in retaliation. Russian

Stada’s Q422 results were strong, beating our top-line expectations. Gross margin was in line with our model, but higher operating costs in Q4 crimped EBITDA margins relative to our forecast. We will raise the reasons for the

Buying a generics business for €3bn seems a stretch unless Bain is willing to put a lot of equity into the deal. The new issue market is thawing, but