We forecast revenue growth of about 11% in 2012, from the $6.1 billion that we estimate for 2011, with projected strength in generics sales in North America and Asia/Pacific more than offsetting expected ongoing weakness in European markets.We see new products such as generic versions of Zyprexa, Provigil, Plavix, Singulair and Diovan as key growth drivers. In all, MYL has some 165 ANDAs awaiting FDA review, of which 43 represent potential firstto- file opportunities with six months of marketing exclusivity. Volume should also be bolstered by expansion into new treatments for respiratory ailments. ä We look for gross margins to show modest expansion from the 47.5% that we forecast for 2011, reflecting projected higher volume and productivity enhancements.We also see tight control of SG&A costs and R&D spending, helped by ongoing merger synergies. Interest expense should also decline, in our view. ä After an indicated adjusted tax rate slightly higher than the 27.0% that we see for 2011, we forecast operating EPS of $2.35 for 2012, up from the $2.00 that we estimate for 2011. Investment Rationale/Risk ä We believe MYL's efforts to expand through acquisitions and internal growth has led to its present status as the world's third largest generics and specialty pharmaceutical company. Key acquisitions made in recent years include Bioniche Pharma, an Ireland-based maker of injectable drugs; Matrix Laboratories, a leading producer of active pharmaceutical ingredients; and Merck KGaA's generic business. The latter has especially broadened Mylan's geographic reach and provided access to inhouse raw materials and generic biologics.We see MYL as uniquely positioned to benefit from the robust growth that we forecast for the overall global generics market. ä Risks to our recommendation and target price include problems integrating acquisitions, as well as cash flow risks that could threaten MYL's ability to manage its heavy debt load. ä Our 12-month target price of $29 applies a modest premium to peers multiple of 12.3X to our 2012 EPS estimate. Our discounted cash flow model, which assumes aWACC of 8% and perpetuity growth of 1%, also indicates intrinsic value of about $29.