1. Preferential issue funds - ₹95 crore for Varenyam Biolifesciences and BPL growth capex Delivered - At the Q1 FY25 announcement (July 2024), management stated remaining funds from the May 2024 preferential issue (\~₹95 crore) would be utilised for the new manufacturing plant of Varenyam Biolifesciences Pvt Ltd and as growth capex of BPL's existing operations. As of 31 March 2025, ₹64.8 crore had been utilised toward investment in subsidiary company (of ₹76.48 crore allocated) and ₹0 toward capital adequacy for expansion of business (₹7.17 crore allocated), with no deviation or variation reported.
2. FY25 consolidated losses to decrease substantially Missed - At the Q1 FY25 announcement (August 2024), management expected consolidated losses to decrease substantially for the remainder of FY25 as milestone payments start from the next quarter onwards. FY25 consolidated PAT was a loss of ₹43.7 crore versus a profit of ₹10.5 crore in FY24 - losses increased substantially, not decreased.
3. Innoxel EU GMP inspection by January 2025, US FDA by June 2025 Partial - At the Q2 FY25 call (October 2024), management expected EU GMP inspection of Innoxel's Vadodara facility by January 2025 and US FDA inspection by June 2025. US FDA inspection was completed April 28-May 2, 2025, slightly ahead of target; EU GMP inspection was completed November 24-28, 2025, approximately 10 months later than the January 2025 target.
4. Varenyam Healthcare acquisition completed in Q4 FY25 Partial - At the Q1 FY25 announcement (August 2024), management stated Varenyam Healthcare would be consolidated with BPL in Q2 FY25 with a positive impact on consolidated numbers; the Q2 FY25 call moved completion to Q3 FY25 and the Q3 FY25 call to Q4 FY25. Varenyam Healthcare was consolidated with BPL in the last five months of FY25, from approximately November 2024 (Q3 FY25), and the acquisition was completed in FY25 - one quarter later than the original Q2 FY25 guidance.
5. Innoxel FY25 revenue - ₹25-30 crore Delivered - At the Q3 FY25 call (February 2025), management expected Innoxel to report revenue of ₹25-30 crore in FY25, with operating cost likely to remain at ₹14-15 crore per quarter for the remainder quarter. Innoxel earned ₹26 crore in milestone and licensing income during FY25, landing within the ₹25-30 crore guided range.
6. FY25 standalone EBITDA margins - 17-18% Missed - At the Q2 FY25 filing (October 2024), management guided 18-20% EBITDA margins for FY25, later revised to 17-18% at the Q3 FY25 filing (February 2025). FY25 standalone EBITDA was ₹48.14 crore at 15.9% margin, below the 17-18% guided range.
7. FY25 standalone revenue growth - 18-20% Delivered - At the Q3 FY25 call (February 2025), management maintained guidance of standalone revenue growth of 18-20% in FY25 over FY24 with 18-20% EBITDA margins, against earlier Q1 FY25 guidance of 18-20% growth. FY25 standalone revenue was ₹318.7 crore, up 19.8% from ₹266.02 crore in FY24, landing within the guided range.
8. Varenyam Bio Phase 1 capex revised to ₹300 crore - completion Q2 2028 Pending - At the August 2026 Board approval (announced 11 August 2026), Varenyam Biolifesciences Phase 1 capex was revised up to ₹300 crore (previously ₹150 crore) with biologics/biosimilar CDMO capability added, target markets US, EU and SRA Rest-of-World, regulatory approvals to be pursued USFDA, EU-GMP and ANVISA, and expected completion Q2 2028 subject to regulatory and commissioning timelines. As of Q1 FY27, VBPL CWIP is ₹33.22 crore (20.8% of the earlier ₹160 crore budget), civil work 50% complete and 40% of equipment ordered; the revised capex and Q2 2028 target are newly set.
9. BPL capex FY27 - ₹15 crore Pending - At the Q4 FY26 PPT (May 2026), management guided BPL capex FY27 of ₹15 crore versus FY26's ₹12.84 crore, reiterated in the Q1 FY27 PPT. Q1 FY27 capex is not yet disclosed; FY26 actual capex was ₹12.84 crore.
10. Innoxel capex - \~₹250 crore cumulative, remaining commissioning through FY27 On track - At the Q4 FY26 PPT (May 2026), management stated Innoxel capex original guidance of \~₹250 crore cumulative with remaining commissioning rolling through FY27, reiterated in the Q1 FY27 PPT. Innoxel cumulative capex since inception was ₹216.65 crore as of Q1 FY27, approximately ₹33 crore short of the ₹250 crore target.
11. Innoxel first own CDMO product - Q3 FY28 Pending - At the Q4 FY26 PPT (May 2026), management guided Innoxel's first own CDMO product for Q3 FY28, reiterated in the Q1 FY27 PPT. The Q3 FY28 horizon is not reached and no disclosure has been made on progress toward this milestone.
12. Innoxel EBITDA break-even target Q1 FY27 Missed - At the Q4 FY26 PPT (May 2026), management set an Innoxel EBITDA break-even target of Q1 FY27, with the break-even quarter target reiterated among FY27 catalysts. Innoxel Q1 FY27 EBITDA was ₹(1.8) crore at -8.5% margin - break-even was not achieved in Q1 FY27.
13. \~90% of remaining $27 million tender order supplied in FY27 On track - At the Q4 FY26 call (March 2026), management stated \~90% of the remaining $27 million tender order will be covered/supplied in FY27, with smaller spillage into the start of FY28. The $27 million tender order (announced Jan '25, standalone BPL, 24-month supply) was delayed from the expected July 2025 to orders received in the first week of March 2026, and supply has started; Q1 FY27 order book includes ₹171 crore total, with no specific disclosure on tender supply progress in Q1 FY27.
14. Two 505(b)(2) assets - filings with FDA On track - At the Q4 FY26 call (March 2026), management stated the two 505(b)(2) assets (announced Nov '24) will be filed with the FDA this year: one asset with a Europe filing later that month (May 2026) and a US filing target Q3 FY27, and the 505(b)(2) oral liquid product with a US filing target Q4 FY27. Exhibit batches for both assets are completed at Innoxel and on stability, and one asset has completed the bioequivalence study for Europe with the US bio study ongoing; no confirmation yet of the May 2026 Europe filing or the Q3/Q4 FY27 US filings.
15. Standalone peak revenue ₹400-500 crore by 2030 On track - At the Q4 FY26 call (March 2026), management reiterated that standalone peak revenue of ₹400 crores to ₹500 crores is expected from a 2030 standpoint, with a 3-year to 4-year horizon. BPL standalone FY26 revenue was ₹234 crore and Q1 FY27 revenue was ₹55.5 crore; the 2030 horizon is not reached.
16. Standalone base business full recovery in FY28 On track - At the Q4 FY26 call (March 2026), management stated the standalone base business will see partial recovery in FY27 and full recovery in FY28, "going back to our FY '25 numbers, crossing our FY '25 numbers in FY '28" - a reset versus the prior 12% to 14% standalone growth outlook. BPL standalone FY25 revenue was ₹304 crore and FY26 revenue ₹234 crore, with Q1 FY27 revenue of ₹55.5 crore, down 41.2% YoY; the FY28 horizon is not reached, with FY27 partial recovery expected on an order book of ₹171 crore covering 80-85% of the remaining nine-month requirement.
17. PIC/S and EUGMP inspections at standalone facilities - FY27 Pending - At the Q4 FY26 call (March 2026), management stated PIC/S and EUGMP inspections at standalone facilities are scheduled during FY27, with some revenue disruption expected from the two audits during the preparatory and inspection phases, reiterated in the Q1 FY27 PPT; the FY26 Annual Report stated BPL's FY27 inspection programme is positioned to secure plant-level EU-GMP / PIC/S-grade accreditation. No PIC/S or EU-GMP inspection at standalone BPL facilities has been disclosed through Q1 FY27.
18. Varenyam Healthcare seven new launches including Remishot - FY27 On track - At the Q4 FY26 call (March 2026), management guided seven new product launches including Remishot (India's first made-in-India) and launch of a second division in gynecology in FY27, reiterated in the Q4 FY26 PPT and Q1 FY27 PPT. Q1 FY27 filings confirm seven launches including Remishot and the Bhuvah division are planned; no confirmation yet that all seven launches have occurred.
19. Varenyam Healthcare field force - 250 MRs in FY27 On track - At the Q4 FY26 call (March 2026), management guided the Varenyam Healthcare field force to expand upwards of 250 people in FY27, with the Q4 FY26 PPT and Q1 FY27 PPT setting a target of 250 MRs by FY27, from 211. Q1 FY27 filings state the field force is "towards \~220 medical representatives" - the 250 MR target has not yet been reached.
20. Varenyam Healthcare FY27 revenue growth - 20-25%, EBITDA margin 8-13% On track - At the Q4 FY26 call (March 2026), management guided Varenyam Healthcare FY27 revenue growth of about 20% to 25% with EBITDA margins of 8% to 13%, reiterated in the Q4 FY26 PPT and Q1 FY27 PPT. Q1 FY27 Varenyam Healthcare revenue was ₹25.1 crore, +52.2% YoY, with EBITDA of ₹3.1 crore at 12.4% margin, and management noted the business was "running ahead of guidance on both metrics".
21. Innoxel out-licensing income - ₹70-90 crore FY27 On track - At the Q4 FY26 call (March 2026), management guided Innoxel out-licensing income of ₹70 crores to ₹90 crores for FY27, reiterated in the Q4 FY26 PPT and Q1 FY27 PPT. Q1 FY27 Innoxel revenue was ₹21.4 crore; the full-year FY27 outcome is not available.
22. Innoxel first MHRA and Health Canada filings - FY27 Pending - At the Q4 FY26 call (March 2026), management guided first MHRA and Health Canada filings from Innoxel during FY27, reiterated in the Q4 FY26 PPT and Q1 FY27 PPT. No MHRA or Health Canada filing has been disclosed through Q1 FY27.
23. Innoxel 10 new filings in FY27 On track - At the Q4 FY26 call (March 2026), management guided 10 new filings from Innoxel in FY27 and 20 new partner deals targeted, of which 10 at advanced stages of discussions/due diligence; the Q4 FY26 PPT planned 10 FY27 filings (6 own + 4 CMO) versus 2 in FY26, and the Q1 FY27 PPT shows 14 filings planned (6 own + 8 CMO) on one page and ten new filings (six own, four CMO) on another. FY26 filings were 2 and Q1 FY27 filings are not yet disclosed.
24. Innoxel first commercial CMO supply - Q2 FY27 On track - At the Q4 FY26 call (March 2026), management guided first commercial CMO supply from Innoxel starting Q2 of FY27, with two to three CMO products commercializing during FY27 - first commercialization Q2 FY27 and second between Q3 and Q4 FY27, reiterated in the Q1 FY27 PPT. As of Q1 FY27, first commercial CMO supply has not yet commenced; for one CMO project all six milestones are completed including approval with commercialization expected Q2 FY27, and the Q1 FY27 PPT states first commercial CMO supply Q2 FY27 (1 asset).
25. Innoxel FY27 revenue growth - 35-45%, EBITDA margin 20-25% On track - At the Q4 FY26 call (March 2026), management guided Innoxel FY27 revenue growth of 35% to 45% with EBITDA margins of 20% to 25%, reiterated in the Q4 FY26 PPT and Q1 FY27 PPT. Q1 FY27 Innoxel revenue was ₹21.4 crore, +164.8% YoY, which management noted was "well ahead of the 35-45% full-year range"; Q1 EBITDA margin was -8.5%.
26. Standalone FY27 revenue growth - 10-15% On track - At the Q4 FY26 call (March 2026), management guided standalone (BPL) FY27 revenue growth of 10% to 15% with EBITDA margins in the same 10% to 15% range and no fresh capex needed, with growth drivers Southeast Asia, Africa, MENA, reiterated in the Q4 FY26 PPT and Q1 FY27 PPT. Q1 FY27 standalone revenue was ₹55.5 crore, down 41.2% YoY, with Q1 EBITDA margin of 12.3% "mid-band against the guided 10-15%", and an order book of ₹171 crore covering roughly 80-85% of revenue required over the remaining nine months.
27. No additional capital infusion needed at Innoxel Delivered - At the Q2 FY26 call (September 2025), management said no additional capital infusion is needed at Innoxel as of now, with promoters stepping in for shortfalls and strategic investment a possible later conversation. No additional capital infusion at Innoxel has been disclosed through Q1 FY27, with cumulative capex reaching ₹216.65 crore against \~₹250 crore original guidance.
28. Momentum to recover strongly in H2 FY26 Missed - At the Q2 FY26 call (September 2025), management expected momentum to recover strongly in H2 FY26 as capacity utilization improves and institutional orders normalize. BPL standalone H2 FY26 revenue was ₹41.4 crore (Q3) + ₹56.5 crore (Q4) = ₹97.9 crore versus H1 FY26 revenue of ₹94.4 crore (Q1) + ₹41.7 crore (Q2) = ₹136.1 crore - H2 was weaker than H1, not stronger.
29. Deferred export dispatches from Q2 to roll into Q3 Missed - At the Q2 FY26 call (September 2025), management expected most deferred export dispatches from Q2 to roll in Quarter 3. BPL standalone Q3 FY26 revenue was ₹41.4 crore, essentially flat versus Q2's ₹41.7 crore, with Q4 FY26 revenue of ₹56.5 crore, up 36.5% QoQ - the deferred dispatches did not materialize in Q3 as guided.
30. Innoxel quarterly costs stable at ₹14-16 crore Missed - At the Q2 FY26 call (September 2025), management said Innoxel quarterly costs remain stable between ₹14 crores and ₹16 crores per quarter and the cost base is fairly stabilized. Q1 FY27 Innoxel EBITDA was ₹(1.8) crore on revenue of ₹21.4 crore, implying opex of approximately ₹23 crore, and Q4 FY26 EBITDA was ₹1.4 crore on revenue of ₹37.5 crore, implying opex of approximately ₹36 crore - both above the ₹14-16 crore guided range.
31. Varenyam Healthcare H2 FY26 margins - around 45% Missed - At the Q2 FY26 call (September 2025), management expected Varenyam margins to remain around 45% levels for H2 FY26. Varenyam Healthcare Q3 FY26 EBITDA margin was 6.3% and Q4 FY26 EBITDA margin was -12.7% - far below the \~45% expectation.
32. Varenyam Healthcare - cross ₹100 crore in 18-24 months On track - At the Q2 FY26 call (September 2025), management expected Varenyam Healthcare to cross the ₹100 crore mark in the next 18 to 24 months, reaching a ₹250-300 crore top line with three to four divisions in pipeline. Varenyam Healthcare FY26 revenue was ₹58.4 crore and Q1 FY27 revenue was ₹25.1 crore, +52.2% YoY, annualising near a ₹100 crore run-rate; the 18-24 month window from September 2025 extends to approximately March-September 2027.
33. Standalone growth 10-12% over next five years On track - At the Q2 FY26 call (September 2025), management expected an overall standalone growth of 10% to 12% over the next five years, declining to give FY27 base-business guidance until Q3 as the order book was still filling; at the Q4 FY26 call, guidance moved to standalone FY27 revenue growth of 10% to 15% with EBITDA margins in the same range, alongside reiterated standalone peak revenue of ₹400-500 crores from a 2030 standpoint. BPL standalone FY26 revenue was ₹234 crore, down 23% from ₹304 crore in FY25, and Q1 FY27 standalone revenue was ₹55.5 crore, down 41.2% YoY - the five-year horizon is not reached.
34. Innoxel FY27 PAT positive On track - At the Q2 FY26 call (September 2025), management said FY27 would be the first year Innoxel is PAT positive, with consolidated FY26 expected on a clear path towards positive PAT by '27; at Q3 FY26, management expected Innoxel to move into PAT profitability in FY27. Q1 FY27 Innoxel PAT was ₹(10.4) crore; the full-year FY27 outcome is not yet available.
35. Innoxel FY27 top line - ₹110-135 crore, EBITDA ₹35-50 crore On track - At the Q2 FY26 call (September 2025), management guided Innoxel FY27 top line of ₹110 crores to ₹130-135 crores and EBITDA of ₹35 crores to ₹50 crores; at the Q4 FY26 call this became 35% to 45% revenue growth with 20% to 25% EBITDA margins, implying ₹97.7-105 crore revenue on the FY26 base of ₹72.4 crore - below the earlier absolute target - and the Q1 FY27 PPT carried the 35-45% growth, 20-25% margin guidance. Q1 FY27 Innoxel revenue was ₹21.4 crore (+164.8% YoY) with EBITDA of ₹(1.8) crore at -8.5% margin, which management noted was "well ahead of the 35-45% full-year range".
36. Innoxel FY26 revenue - ₹65-70 crore Delivered - At the Q2 FY26 call (September 2025), management guided Innoxel FY26 revenue of ₹65 crores to ₹70 crores, driven by milestone receipts, against earlier Q1 FY26 call guidance of ₹70-75 crore; at Q3 FY26 the guidance was maintained/rebased at ₹60-65 crore, contingent on milestone timing. Innoxel FY26 revenue was ₹72.4 crore, above the revised ₹60-65 crore range and within the original ₹65-70 crore range.
37. Standalone FY26 EBITDA margins - 15-17% Missed - At the Q2 FY26 call (September 2025), management guided standalone EBITDA margins of 15%-17% for FY26, against earlier guidance of 17-18% (May 2025) subsequently lowered to 15-17%. BPL standalone FY26 EBITDA was ₹21.1 crore at 9.0% margin - well below the 15-17% guided range.
38. Standalone FY26 revenue growth - 12-14% Missed - At the Q2 FY26 call (September 2025), management maintained standalone FY26 guidance of 12%-14% revenue growth year-on-year, reiterated from after Q1 results, against earlier May 2025 guidance of 15-18% growth with EBITDA margins around 16% and later communications stating 12-14% growth; at Q3 FY26 the company stated it did not expect to achieve the guidance due to PO deferment, projecting Q4 FY26 standalone revenue of approximately ₹50-55 crore. BPL standalone FY26 revenue was ₹234.1 crore, a decline of 23% from ₹304 crore in FY25 - far below the 12-14% growth guidance.
39. Varenyam Healthcare FY26 revenue - ₹60-65 crore Missed - At the Q4 FY25 call (May 2025), an analyst stated Varenyam Healthcare was being guided to around ₹60-65 crores of revenue, with management responding on the business but not explicitly restating the number; Q1 FY26 filings guided ₹62-65 crore and the Q2 FY26 call reiterated ₹60 crores to ₹65 crores in FY26 revenue, a 20%-21% growth over last year; at Q3 FY26 the internal full-year target was approximately ₹60 crore. Varenyam Healthcare FY26 revenue was ₹58.4 crore, up 13.7% from ₹51.4 crore - short of the ₹60-65 crore guided range.
40. Innoxel peak asset turnover - 3-4x on ₹250 crore, peak revenues 2030-31 On track - At the Q4 FY25 call (May 2025), management confirmed Innoxel is targeting at peak an asset turnover of three to four times the ₹250 crores invested (i.e., \~₹750 crores revenue), with peak revenues expected in 2030 to 2031 (next 5 to 6 years). Innoxel FY26 revenue was ₹72.4 crore and Q1 FY27 revenue was ₹21.4 crore; the \~₹750 crore peak target remains far off with the 2030-31 horizon not yet reached.
41. BPL EU GMP for Beta Lactam - FY26 Partial - At the Q4 FY25 call (May 2025), management stated BPL is opting for EU GMP for Beta Lactam this year (FY26); at the Q4 FY26 call, PIC/S and EUGMP inspections at standalone facilities were rescheduled to FY27 with some revenue disruption expected, and the Q1 FY27 PPT confirms the FY27 inspection programme. FY26 infrastructure work for EU-GMP prep was completed - ORABS upgrade on the General Injectable Vial Line, new Water System in the Beta-Lactam Block, and Beta-Lactam structural upgrades - with the actual EU-GMP inspection now scheduled for FY27, not FY26.
42. Interest cost to reduce significantly in FY26 Delivered - At the Q4 FY25 call (May 2025), management stated interest cost, which increased by ₹1 crore that year (to around 6.5%), would "reduce significantly" in the current year once receivables are realized and bank fund utilization falls. BPL standalone FY26 finance cost reduced 28% year-on-year, standalone borrowings fell to ₹20.1 crore, described as "almost debt-free", and Q1 FY27 borrowings were down 46% to ₹16.9 crore.
43. No fund raise or equity dilution Delivered - At the Q4 FY25 call (May 2025), management stated there was no planned fund raise or equity dilution - "there is no requirement of any fund raise at this point". No equity dilution or fund raise has been disclosed through Q1 FY27; shareholding as of 30 June 2026 shows promoter holding at 67.20%, public 31.31%, DII 1.37%, FII 0.11%, with promoter pledged at 0.00%, and the August 2026 Board approval for the ₹300 crore Varenyam Bio capex revision does not mention a fund raise.
44. Innoxel no planned capex in FY26 Missed - At the Q4 FY25 call (May 2025), management stated no planned capex at Innoxel in the coming year (FY26), except one skid installation which is part of a client deal and not counted as direct capex. Innoxel FY26 capex was ₹22.83 crore, with cumulative capex since inception reaching ₹216.65 crore against \~₹250 crore original guidance.
45. Innoxel operational break-even in FY26 Partial - At the Q4 FY25 call (May 2025), management stated Innoxel was looking to operationally break even in FY26, with ₹70 crores of top-line revenue sufficient for that first milestone; at the Q2 FY26 call management said "well on track towards operational breakeven in FY '26" and at Q3 FY26 the subsidiary was nearing EBITDA break-even. Innoxel turned EBITDA positive for the first time in Q4 FY26 with ₹1.4 crore EBITDA, but full-year FY26 EBITDA remained negative at ₹(6.9) crore and Q1 FY27 EBITDA was again negative at ₹(1.8) crore.
46. Varenyam Biolifesciences project cost - ₹120-150 crore Missed - At the Q4 FY25 call (May 2025), management projected the Varenyam Biolifesciences overall project cost at ₹120 crores to ₹150 crores; the Q2 FY26 call put total capex outlay around ₹120 crores for the entirety of the plant, and the FY25 Annual Report stated a project cost of ₹120 crore with commercial supplies to Emerging Markets expected by FY 2027-28. The budget was revised upward twice - to \~₹160 crores at Q4 FY26 and then to ₹300 crore in August 2026 with the biologics/biosimilar repositioning; as of Q1 FY27, CWIP stands at ₹33.22 crore with remaining capex of ₹126.78 crore against the ₹160 crore budget.
47. Varenyam Biolifesciences plant - operational by 2027 Partial - At the Q4 FY25 call (May 2025), management stated the Varenyam Biolifesciences plant is expected to be operational by 2027, with construction pace in line and "we are on track to meet that timeline"; the Q2 FY26 call expected the plant "completely operational by FY26 end, regulatory phase to start by early '27, commercialization anywhere in '27". At Q4 FY26 the timeline was revised - commissioning September 2027, line validation by March 2028, first EU-GMP filing Q1 FY29, first commercial supply Q4 FY29, with management acknowledging being at least one quarter behind schedule - and in August 2026 the Board approved revised Phase 1 capex of ₹300 crore with construction targeted for completion by Q2 2028. As of Q1 FY27, VBPL remains pre-revenue with CWIP at ₹33.22 crore, civil work 50% complete and 40% of equipment ordered.
48. Innoxel EU GMP audit - confirmed dates in H1 FY26 Partial - At the Q4 FY25 call (May 2025), management stated EU GMP audits at the Innoxel site were lined up for FY26 with confirmed dates in H1 of FY26; the Q1 FY26 filing pointed to preparation for the audit in Q3 FY26, and at the Q2 FY25 call management had expected EU GMP inspection of Innoxel's Vadodara facility by January 2025. At the Q2 FY26 call, management explained the confirmed Portugal inspection dates in May were cancelled due to the India-Pakistan war travel advisory, with Belgian authorities confirmed earlier and new inspections expected shortly. EU GMP inspection by Belgium's FAMHP was completed November 24-28, 2025 at the Vadodara facility with zero critical and zero major observations - H2 FY26, not H1 as originally stated.
49. Innoxel pipeline expansion - 40-45 products over 3-4 years Delivered - At the Q4 FY25 call (May 2025), management guided Innoxel's development pipeline would expand from the initial 20-22 products to around 40-45 products over the next three to four years, reiterated in Q1 FY26 filings as "on track to expand to 40-45 products over the next three to four years"; at the Q3 FY25 call, management had set a long-term target of forty programs over 3 to 5 years, with the initial fifteen molecules generating ₹100 crore in milestone revenue to cover plant running expenses. The Q2 FY26 call described "around 20 active products" with "more than 40 molecules under lifetime development", and as of Q4 FY26 Innoxel reported a pipeline of 42 assets, with Q1 FY27 PPT stages of Pre-clinical 15, Development 12, BA/BE 8, Pre-filing 5, Filed 1, Approved 1 - total 42 - substantially reached within roughly one year of the original 3-4 year horizon.