Zentiva posted strong operational performance in first-half 2021, underpinned by solid execution of its commercial plans, product launches, new customers, and tight cost control. Furthermore, we expect the group to continue benefiting from its healthy pipeline of products, stabilization of the market following the pandemic, and growth opportunities in 2022 due to the large amount of molecules and biologics exposed to loss of exclusivities (LOE). We therefore revised our outlook to stable from negative and affirmed our 'B' long-term rating on Zentiva. The stable outlook reflects the group's positive business momentum and solid product pipeline, which will likely improve the group's credit metrics over the next 24 months, with adjusted EBIDTA margin around 23% and adjusted debt to EBITDA within
