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ABN AMRO Morgans - Entry into Asia

11 February 2008.

GAA has acquired Strides Arcolab for A$65m (8.8x FY08F EBITDA). This purchase appears strategically sound and should be 6%+ EPS accretive. While a step in the right direction, given the absence of clear catalysts, we remain cautious on GAA. Hold.  (Read full PDF).

ABN AMRO Morgans - Competition aplenty

30 November 2007.

GAA held its AGM earlier this week. Operations are tracking OK, despite new players entering the generic drug market in 2007. Price competition is expected to continue. We maintain our Hold recommendation. (Read full PDF).

ABN AMRO Morgans - Credit where credit is due

28 August 2007.

GAA has made solid progress towards integrating the Douglas Pharmaceutical business and setting up its cost base to handle the changes to the pricing of PBS system, set to take effect from August 2008. Hold recommendation maintained. (Read full PDF).

ABN AMRO Morgans - Repositioning the Company

20 March 2007.

GAA continues to broaden its product offering as it evolves to handle changes in the PBS. We have now made further revisions to our FY08 and FY09 forecasts. We maintain our Hold recommendation (Read full PDF).

ABN AMRO Morgans - Discounting hits result

27 February 2007.

GAA posted a 1H07 result well below our forecasts, reflecting higher levels of discounting in the generic drug market. GAA continues to broaden its product offering which should enable it to handle the changes to the PBS. We maintain our Hold rating.

(Read full PDF).