We attended IMP’s AGM on April 24, 2021. Overall, we see no material changes to our current forecasts — pending a fuller review — as we maintain our bullish view on IMP that is premised on (1) a policy backdrop that favors high-quality, locally produced drugs and (2) IMP’s advanced manufacturing technology (i.e., EU-GMP production lines) that will bolster the company to gain market share in the hospital channel — especially in terms of high-quality product tiers.