government slaps ban on some fdcs… - icici...

ICICI Securities Ltd. | Retail Equity Research

March 16, 2016

Monthly Update

Government slaps ban on some FDCs… In an unprecedented move, the Health Ministry has banned 344 fixed dosage combinations (FDCs) drugs over safety concerns. In 2014, the Government of India formed a panel to review over 6,000 FDCs that were able to penetrate the market after approval from only individual state regulators and not from the central government, which is a legal necessity. Based on response assessment of products, these drugs have been prohibited. Products covered under the ban include cough syrups, analgesic & antibiotic brands and diabetic drugs, among others. As per AIOCD, the impact of this ban is ~4% (| 3,838 crore) of the IPM. The major impact will be on segments like respiratory (16.9%) followed by pain and analgesics (8.2%) and anti-diabetic (7.68%). Players that will be impacted the most in terms of value include Abbott Healthcare followed by Macleods, Pfizer, Alkem, Ipca and Glenmark. Major brands included in the ban are Corex, Phensedyl and Panderm Plus. However, the Delhi High Court has granted a stay on the government action on a plea filed by some companies. Apart from this, the National Pharmaceutical Pricing Authority (NPPA) has further added ~200 more drug formulations under the regulation. Based on this amendment, the NLEM list now covers ~820 formulations. On the USFDA front, Lupin has received nine 483 observations on aspects like inadequacy and adherence to standard operating procedures (SOPs) from the USFDA at the Goa Plant on re-inspection in March 2016. In mid-2015 it had received nine USFDA observations for the same plant. Sun Pharma has recalled ~3.8 lakh cartons of an osteoporosis drug Alendronate Sodium tablets in the US under class II. The drug is manufactured at its Halol facility in Gujarat. Dr Reddy's has also recalled 24661 bottles of Paracalcitol tablets from the US under class III. Finally, the Indian pharmaceutical market (IPM) grew 12.0% YoY to | 8139 crore in February. The growth was driven by price hikes – 5.4%, volume growth – 3.7%, and new product launches – 3.0%. Among our covered companies, Dr Reddy’s registered highest growth of 32.5% YoY followed by Glenmark, Sun, Lupin and Alembic that registered growth of 19.6%, 19.3%, 18.6% and 13.7%, respectively. USFDA observations, government actions likely to weigh in near future The government’s action of suddenly banning the 344 combinations on safety ground now poses a new threat to domestic formulations, not to mention the expansion the NLEM list and the negative price hike for NLEM products in sync with negative WPI. Although affected players have succeeded in getting a stay order from the Delhi High Court at the time of writing this note, the fact remains that pricing and safety issues are on the highest priority list for the government. In the worst case scenario, the domestic growth trajectory may come down to 8-12% from 12-14% per annum for the industry, as a whole. Secondly, the USFDA inspection and subsequent observations for Lupin’s Goa plant is a negative surprise as well given the re-inspection took place within eight months. In between this period, the company received three approvals from the same plant. This indicates a higher frequency of USFDA inspections as a trend. Although we continue to maintain a positive view on the sector on the back of long term earnings visibility, consistent cash flows, healthy margins, relatively low leverage and strong return ratios, negative surprises like these two are likely to weigh on sentiments in the near term.

Health CheckSector View

Outperformer

Index Performance as on March 16, 2016

Return (%) 1M 3M YTD 1Y

CNX 500 6 -5 -7 -12

Nifty 6 -4 -6 -14

NSE Pharma 3 -3 -6 -10

Return (%)

Stocks Performance Mcap

Company 1M 3M YTD 1Y 15-Mar

Sun Pharma.Inds. 1 7 2 -19 201571

Lupin -2 -6 -6 -8 77645

Dr Reddy's Labs 8 3 -1 -7 52732

Cipla 0 -18 -19 -24 42101

Aurobindo Pharma 14 -12 -18 20 42015

Cadila Health. 9 -14 3 7 34618

Glenmark Pharma. 15 -6 -12 0 22914

Divi's Lab. -1 -14 -16 8 25611

Glaxosmit Pharma 2 -1 -2 -1 27589

Torrent Pharma. -1 -10 -13 11 21319

Apollo Hospitals -6 -3 -9 -6 18603

Wockhardt 24 -38 -36 -48 10851

Alembic Pharma 3 -7 -11 38 11669

Ajanta Pharma 13 10 5 15 12320

Pfizer -13 -27 -27 -17 7869

Ipca Labs. -11 -28 -28 -27 6775

Natco Pharma 7 -10 -16 16 8493

Biocon 6 1 -8 12 9548

Strides Arcolab 19 -18 -19 -5 9306

Jubilant Life 23 -13 -10 127 5907

Indoco Remedies 5 -11 -15 -24 2562

Unichem Labs. 6 -19 -18 5 1991

Return (%)

MMarket cap in | crore

Price movement

50006000700080009000

100001100012000130001400015000

Mar-15 Jun-15 Sep-15 Dec-15 Mar-16

4000

6000

8000

10000

12000

CNX Pharma Nifty (RHS)

Research Analyst

Siddhant Khandekar [email protected] Mitesh Shah [email protected]

Nandan Kamat [email protected]


Regulatory approvals

Exhibit 1: Summary of USFDA approvals for February, 2016

[5

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeAurobindo Pharma Levetiracetam Anti-epileptic UCB Inc Keppra US$ 1.2 billionAurobindo Pharma Celecoxib Anti-Inflammatory GD Searle Celebrex US$ 2.44 billionAurobindo Pharma Isosulfan Blue Diagnostic Agent Covidien Lymphazurin NAAurobindo Pharma Levofloxacin Anti-infective Janssen Pharma Levaquin US$1.45 billionAurobindo Pharma Acetylcysteine CVS Cumberland Pharma Acetadote NACadila Healthcare Doxycycline Anti-Infective Aqua Pharma Monodox US$ 181 millionCadila Healthcare Glyburide; Metformin Hydrochloride Anti-diabetic Bristol Myers Squibb Glucovance NAGlenmark Pharma Norgestimate; Ethinyl Estradiol Oral Contraceptives Sandoz Tri-lo-estarylla US$ 420 millionInvaGen Pharma Bupropion Hydrochloride Anti-depressant GSK Wellbutrin US$ 268 millionSun Pharma Nitrofurantoin Antibiotic Alvogen Macrodantin NA

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeAurobindo Pharma Pitavastatin CVS Kowa Livalo NAAurobindo Pharma Ritonavir HIV Abbvie Norvir US$ 400 millionGlenmark Pharma Azelaic Acid Dermatology Allergan Azelex NATorrent Pharma Amlodipine; Olmesartan Medoxomil Bloodpressure Daiichi Sankyo Azor US$ 174 million

Final Approvals

Tentative Approvals

CNS: Central Nervous System; CVS: Cardiovascular, GI: Gastro Intestinal, NA: Not available; Source: USFDA, ICICIdirect.com Research

M&As, demergers and JVs

Strides to acquire Moberg Pharma Strides Shasun has agreed to acquire three brands from Sweden-based Moberg Pharma for US$10 million plus inventory value at closing to build its portfolio of over-the-counter (OTC) products. The three brands–JointFlex, Fergon and Vanquish–are marketed in the US, Australia and the Middle East. The deal will add ~US$6.1 million (~| 41 crore) to Stride’s revenue. Cipla completes InvaGen acquisition Cipla has completed the acquisition of InvaGen Pharma and Exelan Pharma. The combined revenue of the two companies for FY15 was over US$230 million. The acquisition is expected to further strengthen Cipla’s presence in the US pharmaceutical market. Lupin completes Gavis acquisition Lupin has completed the acquisition of US-based Gavis Pharma and Novel Labs (Gavis). Lupin had announced the acquisition on July 23, 2015. The acquisition enhances the company's scale in the US generic market and also broadens its pipeline in dermatology, controlled substance products and other high-value and niche generics. Apollo Hospitals completes acquisition of Assam Hospitals Apollo Hospitals has completed the acquisition of a majority stake in Guwahati-based Assam Hospitals. It had last year announced plans to acquire a majority stake in Assam Hospitals for a cash consideration of up to | 57.25 crore. Price cuts, new launches, recalls/tie-ups

DRL to commercialise biosimilars in Turkey Dr Reddy’s has entered into a strategic collaboration agreement with TR-Pharm to commercialise three biosimilars in Turkey. TR-Pharm will also manufacture the drug substance and drug product upon completion of its facility investment. DRL recalls Paracalcitol tablets Dr Reddy's has recalled 24661 bottles of Paracalcitol tablets from the US since November, 2015. These capsules are manufactured at DRL's Bachupally unit in Hyderabad. The recall has been classified under Class III.


Sun Pharma launches consumer healthcare product in India Sun Pharma has launched an ayurvedic digestive remedy Pepmelt in India. It would join competition with Eno (GSK Consumer Healthcare), Digene (Abbott India), Pudin Hara (Dabur) and Gelusil (Pfizer). Sun Pharma recalls osteoporosis drug in US Sun Pharma has recalled ~3.8 lakh cartons of an osteoporosis drug Alendronate Sodium tablets in the US. The drug is manufactured at its Halol facility in Gujarat. The cartons are being recalled under Class II on account of observed levels of highest unknown impurity exceeding specification limit at the three month stability time point. Lawsuits, court rulings, settlements, USFDA regulations

Government bans 344 fixed dosage combinations The Health Ministry has banned 344 fixed dosage combinations (FDCs) drugs over safety concerns. In 2014, the Government of India formed a panel to review over 6,000 FDCs that were able to penetrate the market after approval only from individual state regulators and not from the central government, which is a legal necessity. Based on response assessment of products, these drugs have been prohibited. Products covered under the ban include cough syrups, analgesic and antibiotic brands and diabetic drugs among others. As per AIOCD, the impact of this ban is ~4% (| 3,838 crore) of the IPM. The major impact will be on segments like respiratory (16.9%) followed by pain & analgesics (8.2%) and anti-diabetic (7.68%). Players that will be impacted the most in terms of value include Abbott Healthcare followed by Macleods, Pfizer, Alkem, Ipca and Glenmark. Major brands included in the ban are Corex, Phensedyl and Panderm Plus. However, the Delhi High Court has already granted a stay on the government action on a plea filed by some of the affected companies. Exhibit 2: Companies impacted by ban in March, 2016 Company MAT (| crore) Impact (| crore) % Impact

IPM 98042 3838 3.9

Abbott Healthcare 3149 485 15.4

Macleods Pharma 2829 370 13.1

Pfizer 2872 368 12.8

Mankind 3635 253 7.0

Alkem 3045 161 5.3

Ipca Labs 1260 130 10.3

Medley 384 116 30.2

Glenmark 2347 110 4.7

Franco 630 104 16.5

Wockhardt 1325 102 7.7

Aristo 2425 102 4.2

Intas 2771 96 3.5

Micro 1842 96 5.2

Sun Pharma 5426 78 1.4

Lupin 3405 72 2.1

Source: AIOCD data base, ICICIdirect.com Research NPPA adds ~200 more drugs under price control The National Pharmaceutical Pricing Authority (NPPA) has issued a new drug pricing control order, which effectively brings close to 200 more drug formulations under regulation. Based on this amendment, the NLEM list has reached ~820 formulations. Lupin receives 483 observations at Goa plant Lupin has received nine 483 observations on aspects like inadequacy and adherence to standard operating procedures (SOPs) from the USFDA at its Goa plant on re-inspection in March 2016. In mid-2015 it had received nine USFDA observations on the same plant.


Capex, investments, fund raising

Lupin to set up plant in Japan Lupin's wholly-owned Japanese subsidiary Kyowa is planning to set up a plant with two billion tablets capacity at Tottori, Japan, as part of its expansion plans in the country.


Exhibit 3: Patent litigations YTD FY16 [5

Month Innovator ANDA Filer Brand Name API Used for

Apr-15 Eli Lilly Lupin Effient Prasugrel CVS

Apr-15 Horizon Pharma Lupin Pennsaid Diclofenac Osteoporosis

May-15 Apotex Inc. Lupin Paxil CR Paroxitine Hydrochloride Anti-Anxiety

May-15 Galderma Labs Glenmark Epiduo Adapalene; Benzoyl Peroxide Acne

May-15 Horizon Pharma Dr. Reddy's Labs Vimovo Esmoprazole Magnesium; Naproxen Osteoporosis

May-15 Merz Pharma Taro Pharma Naftin Naftifine Hydrochloride Fungal Infection

May-15 Takeda Zydus Pharma Daliresp Roflumilast CVS

May-15 Takeda Strides Daliresp Roflumilast CVS

May-15 Acorda Therapeutics Inc. Sun Pharma Ampyra Dalframpridine Multiple Sclerosis

May-15 Merck Lupin Safyral Drospiranone; Ethinyl Estradiol; Levomefolate CaBirth Control

May-15 Kowa Lupin Livalo Pitavastatin Calcium High Cholestrol

Jun-15 Millenium Pharmaceuticals Dr. Reddy's Labs Valcade Bortezomib Anti-Cancer

Jun-15 Millenium Pharmaceuticals Sun Pharma Valcade Bortezomib Anti-Cancer

Jun-15 Reckitt Benckiser LLC Dr. Reddy's Labs Mucinex Guaifenesin; Pseudoephedrine HCl Bronchial Conjestion

Jul-15 Eli Lilly Lupin Axiron Hypogonadism Testosterone

Jul-15 Fresenius Medical Gavis Pharma Phoslo Calcium Acetate Kidney Disease

Jul-15 Alcon Research Lupin TravatanZ Travoprost Ophthalmic solution Elevated Intraocular pressure

Aug-15 Allergan Lupin Namenda Memantine Hydrochoride Alzheimer's Disease

Aug-15 Galderma Labs Taro Pharma Epiduo Adapalene & Benzoyl peroxide Acne

Sep-15 Jazz Pharma Lupin Xyrem Sodium Oxybate Narcolepsy

Sep-15 Gilead Sciences Inc. Lupin Tamiflu Oseltamivir Influenza

Sep-15 Horizon Pharma Lupin Pennsaid Diclofenac Osteoarthritis

Sep-15 Bayer Pharma Alembic Pharma Staxyn Vardenafil Hydrochloride Sex Stimulant

Oct-15 Merck Lupin Beyaz Drospirenone Birth control

Oct-15 Salix Pharmaceuticals, Inc. Taro Pharma Moviprep Polyethylene glycol electrolyte soln Gastro Intestinal

Oct-15 Takeda Pharma Aurobindo Prevacid lansoprazole Stomach ulcers

Oct-15 Janssen Pharma Aurobindo Xarelto Rivaroxaban Blood Thinner

Oct-15 Novartis Pharma Natco Pharma Gleevec Matinib Mesylate Anti-cancer

Oct-15 Otsuka Pharma Zydus Pharma Abilify Aripiprazole Schizophrenia

Oct-15 AstraZeneca Alembic Pharma Brilinta Ticagrelor CVS

Nov-15 AstraZeneca InvaGen Pharma Brilinta Ticagrelor CVS

Nov-15 Novartis Pharma Dr. Reddy's Labs Exelon Patch Rivastigmine Dementia

Nov-15 Allergan Aurobindo Pharma Acular LS Ketorolactromethamine Ocular Pain

Nov-15 Shire Pharma Lupin Lialda Mesalamine Ulcerative Colitis

Nov-15 Dexcel Pharma Sun Pharma Omeprazole Omeprazole GI

Nov-15 Dexcel Pharma Dr. Reddy's Labs Omeprazole Omeprazole GI

Nov-15 Cephalon Inc. Aurobindo Pharma Nuvigili Modafinil CNS

Nov-15 Cosmo Techs Lupin Uceris Budesonide GI

Nov-15 Pfizer Dr. Reddy's Labs Toviaz Fesoterodine Urotherapy

Nov-15 Vanda Pharma Lupin Fanapt Iloperidone Schizophrenia

Nov-15 Forest Labs InvaGen Pharma Viibryd Vilazodone Anti-depressant

Nov-15 Jazz Pharma Sun Pharma Xyrem Gamma-hydroxybutyric acid CNS

Nov-15 Otsuka Pharma Alkem Labs Abilify Aripiprazole Schizophrenia

Nov-15 Symed Labs Glenmark Pharma Zyvox Linezolid Anti-Infective

Dec-15 UCB Inc. InvaGen Pharma Zyrtec-D Cetirizine Respiratory

Dec-15 Unimed Pharma Dr. Reddy's Labs Androgel Testosterone Low Testosterone

Dec-15 Helsinn Healthcare Dr. Reddy's Labs Aloxi Palanosetron Nausea

Dec-15 Sanofi-Aventis Glenmark Pharma Multaq Dronedarone Atrial Fibrillation

Dec-15 Otsuka Pharma Ajanta Pharma Abilify Aripiprazole Schizophrenia

Dec-15 Merz Pharma Taro Pharma Naftin Naftifine Hydrochloride Fungal Infection

Jan-16 Dow Pharma Taro Pharma Onexton Cindamycin Phosphate and Benzoyl Peroxide Acne

Jan-16 Cubist Pharma Dr. Reddy's Labs Cubicin Daptomycin Antibiotic

Feb-16 Bayer Pharma InvaGen Pharma Xarelto Rivaroxaban Blood Thinner

Feb-16 Bristol Myers Squibb Cipla Reyataz Atazanavir HIV

Feb-16 Janssen Products LP Lupin Prezista Darunavir HIV

Mar-16 Shire Canada Lupin Daliresp Roflumilast Respiratory

Mar-16 Daiichi Sankyo Torrent Pharma Benicar Olmesartan Anti-depressant

Source: Bloomberg, ICICIdirect.com Research


IPM grows 12.0% in February 2016 • The Indian pharmaceutical market (IPM) grew 12.0% YoY to | 8139 crore

for February. Growth was mainly driven by price hikes – 5.4%, volume growth – 3.7% and new product launches – 3.0%

• Drugs under the NLEM list witnessed growth of 6.9% YoY to | 1276 crore while non-NLEM drugs posted growth of 12.9% to | 6553 crore. Volume growth in NLEM, non-NLEM was 3.4%, 3.3%, respectively

• Among our covered companies, Dr Reddy’s registered highest growth of 32.5% YoY followed by Glenmark, Sun, Lupin and Alembic that registered growth of 19.6%, 19.3%, 18.6% and 13.7%, respectively

• Therapy wise, 14 therapies have outpaced IPM growth. Notable among them with growth rates: CNS – 18.9%, anti-diabetic – 18.1%, CVS – 17.3%, dermatology – 16.8%, gastrointestinal – 16.4% and urology – 17.3%

• In all, 224 new brands were launched in February 2016 • On a MAT basis, IPM growth was at 13.8% YoY to | 98042 crore • Domestic companies have grown 14.0% while MNC companies have

grown a mere 5.0% in February 2016 Exhibit 4: Domestic formulations - growth trend

20.1 21

.9

18.7

12.8 15

.7

13.5

12.3

13.8

10.5

20

9.5

9.4 12

.0

-5

0

5

10

15

20

25

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market[

Source: AIOCD data base, ICICIdirect.com Research

Exhibit 5: Companies growth in domestic market in February, 2016

11.3 9.55.4 5.1 5.810.5

13.711.6

32.5

19.6

3.8

11.518.6 16.7 19.3

10.2

-15

-5

5

15

25

35

Ajan

ta

Alem

bic

Bioc

on

Cadi

la

Cipl

a

DRL

Glen

mar

k

GSK

Phar

ma

Indo

co

Ipca

Lab

s

Lupi

n

Nov

artis

Pfize

r

Sun

Phar

ma

Torre

nt

Unic

hem

(%)


Therapy wise performance (| crore) Therapy Feb' 16 Feb' 15 YoY (%) Jan' 16 MoM (%)Anti-Infectives 1213 1151 5.3 1200 1.1Cardiac 1060 904 17.3 1044 1.6Gastro Intestinal 941 808 16.4 905 4.0Vitamins / Minerals / 690 625 10.3 658 4.9Anti Diabetic 670 567 18.1 670 0.1Respiratory 702 663 5.8 745 -5.9Pain / Analgesics 535 487 9.7 532 0.5NEURO / CNS 519 437 18.9 516 0.7Derma 488 418 16.8 491 -0.5Gynaecological 409 359 14.1 386 5.9Vaccines 119 137 -12.7 125 -4.8Hormones 141 124 13.7 142 -0.9Anti-Neoplastics 121 122 -1.0 114 5.6Ophthal 119 104 13.8 111 7.3Blood Related 88 77 13.7 90 -2.3Others 87 75 17.0 84 4.3Urology 97 74 31.0 93 4.8Anti Malarials 31 34 -10.5 29 6.9Sex Stimulants 50 44 13.0 50 0.7Stomatologicals 33 30 12.7 33 1.2 Source: AIOCD data base

Top brands in Indian pharma market Brand Company Therapy Feb' 16 Feb' 15 Gr. (%)Augmentin GSK Anti-Infectives 323.5 310.1 4.3Corex Pfizer Respiratory 307.5 226.8 35.6Spasmo Prox Wockhardt GI 306.7 164.1 86.8Lantus Sanofi Anti Diabetic 265.3 217.2 22.1Galvus Met Novartis Anti Diabetic 263.7 183.4 43.8Clavam Alkem Anti-Infectives 240.4 222.4 8.1Becosules Pfizer Vitamins 230.9 239.9 -3.7Volini Sun Pharma Pain 215.4 212.4 1.4Foracort Cipla Respiratory 195.5 165.4 18.2Shelcal Torrent Vitamins 193.0 143.3 34.7

Source: AIOCD data base; Date as per MAT Feb 16 & Feb 15 Industry acute to chronic therapy ratio percentage

Acute, 47385.24,

48.3%

Chronic, 30751.78,

31.4%

Sub-Chronic, 19905.16,

20.3%

Source: AIOCD data base ; As per AIOCD MAT Feb 2016


Sun Pharmaceuticals

Stock Performance

507090

110130150

Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16

CNX Pharma Sun Pharma

Source: NSE, ICICIdirect.com Research Exhibit 6: Company growth vis-à-vis Indian pharma market growth

20.1 21

.9

18.7

12.8

15.7

13.5

13.8

10.5

22.7

9.5

12.3

9.4

12.0

10.7

14.4

18.4

16.0

23.2

17.3

11.3 12.0

17.7

4.0

9.2

7.6

19.3

0

5

10

15

20

25

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Sun Pharmaceutical Industries


Exhibit 7: Market share in Indian formulations market

8.48.7 8.9

9.3 9.29.0

8.4 8.4 8.48.8 8.8

9.0 9.0

6.0

6.6

7.2

7.8

8.4

9.0

9.6

10.2

10.8

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Sun Pharmaceutical Industries

Source: AIOCD data base, ICICIdirect.com Research * Included Ranbaxy’s sales

Exhibit 8: Top 10 brands performance (| crore) Brand Therapy Feb' 16 Feb' 15 Var. (%) Jan' 16 Var. (%)

Volini Pain 17.3 14.2 21.2 18.2 -5.5

Rosuvas Cardiac 15.3 11.5 33.4 14.7 4.2

Istamet Anti Diabetic 14.0 10.8 29.9 13.2 6.4

Susten Gynaecological 13.5 10.9 23.7 12.5 7.9

Gemer Anti Diabetic 13.3 10.6 25.5 13.3 0.0

Levipil Neuro 13.0 10.1 29.3 13.3 -1.9

Pantocid Gastro Intestinal 11.5 10.3 10.9 11.6 -1.2

Storvas Cardiac 10.4 8.8 18.1 10.2 2.3

Pantocid Dsr Gastro Intestinal 9.8 8.2 19.2 9.8 -0.2

Aztor Cardiac 9.8 8.1 20.5 9.9 -1.8


Exhibit 9: Contribution of therapies to domestic sales (MAT Feb’16) z

Neuro 30%

Cardiac29%

Gastro Intestinal20%

Anti-Infectives13%

Anti Diabetic8%


Exhibit 10: Therapy wise performance (| crore)

Therapy Feb' 16 Feb' 15 YoY (%) Jan' 16 QoQ (%)Neuro 130.9 125.4 4.4 131.9 -0.8

Cardiac 132.7 120.8 9.8 132.3 0.3

Gastro Intestinal 83.0 77.8 6.8 84.2 -1.4

Anti-Infectives 60.5 55.5 8.9 59.2 2.2

Anti Diabetic 33.0 33.8 -2.5 33.2 -0.7

Pain 51.5 46.7 10.4 56.7 -9.1

Derma 18.3 16.6 9.8 18.3 -0.3

Vitamins 36.5 34.1 7.1 36.4 0.3

Gynaecological 16.0 13.9 15.2 16.0 -0.1

Respiratory 13.7 18.8 -27.3 14.0 -2.1


Acute : Chronic contribution (MAT Feb’16)

Acute, 3541.28,

41.0%

Chronic, 3938.71,

45.6%

Sub-Chronic, 1163.79,

13.5%

Source: AIOCD data base

Brands contribution to domestic sales (MAT Feb ’16)

17%

9%

7%

9%58%

Top 10 11 to 20 21 to 30 31 to 50 Others



Cipla

Stock Performance

6080

100120140


CNX Pharma Cipla

Source: NSE, ICICIdirect.com Research

Exhibit 11: Company growth vis-à-vis Indian pharma market growth

20.1 21

.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5

12.3

9.4 12

.0

24.1

24.8

25.4

15.9

16.7

11.6

11.1

4.6

21.0

15.9 16.7

10.0 11

.6

0

5

10

15

20

25

30

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Cipla



5.2

5.1

5.3

4.8

4.6 4.6

4.85.0 4.9

5.15.2

5.15.2

4.2

4.4

4.6

4.8

5.0

5.2

5.4

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Cipla



Foracort Respiratory 16.8 15.5 8.0 17.3 -3.1

Budecort Respiratory 15.8 13.4 18.2 17.7 -10.8

Duolin Respiratory 12.5 10.8 15.3 13.0 -4.1

Asthalin Respiratory 12.1 13.0 -7.1 12.9 -6.6

Seroflo Respiratory 11.1 12.1 -8.1 11.7 -4.7

Aerocort Respiratory 8.2 8.3 -0.2 8.3 -0.8

Azee Anti-Infectives 8.2 8.5 -4.0 8.1 0.8

Montair Lc Respiratory 7.5 6.9 9.1 7.6 -1.9

Novamox Anti-Infectives 7.2 8.0 -10.4 6.8 6.6

Advent Anti-Infectives 7.1 6.2 14.8 6.4 10.8


Exhibit 14: Contribution of therapies to domestic sales (MAT Feb’16)

Respiratory30%

Anti-Infectives27%

Cardiac12%

Gastro Intestinal8%

Urology5%

Other18%



Therapy Feb' 16 Feb' 15 YoY (%) Jan' 16 QoQ (%)Respir at ory 142.5 125.4 13.6 145.8 -2.3

Anti-Infect ives 108.4 94.6 14.6 118.1 -8.2

Cardiac 46.7 48.2 -3.1 48.7 -3.9

Gast ro Intes tina l 32.5 24.8 31.0 31.4 3.7Urology 17.6 18.0 -1.8 19.1 -7.6

Neuro 13.2 13.4 -1.6 14.5 -8.9

Pain 11.3 8.9 28.2 12.5 -9.1

Derma 9.8 8.6 13.7 10.2 -4.0

Ophtha l 8.9 7.9 12.8 9.7 -8.6

Vitamins 6.2 6.5 -4.7 6.6 -6.8



Acute, 2295.05,

47.0%

Chronic, 1997.00,

40.9%

Sub-Chronic, 594.31, 12.2%


Brands contribution to domestic sales (MAT Feb’16)

24%

12%

9%12%

43%




Dr Reddy’s Laboratories (DRL)

Stock Performance

60

80

100

120

140

Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16CNX Pharma Dr. Reddys



20.1 21.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5 12

.3

9.4 12

.024.2

34.4

35.0

22.9

32.2 38

.2

30.5

15.5

30.4

23.2 27

.1

27.1 32

.5

-10

0

10

20

30

40

50

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Dr. Reddys Laboratories



2.22.3 2.3 2.3

2.4

2.6

2.3

2.5

2.72.6

2.5

2.4

2.6

2.02.12.22.32.42.52.62.72.8

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Dr. Reddys Laboratories



Omez Gastro Intestinal 11.6 9.0 28.1 10.7 8.3

Omez D Gastro Intestinal 9.1 5.6 63.1 7.9 15.9

Econorm Gastro Intestinal 7.4 4.7 58.4 6.1 21.9

Razo D Gastro Intestinal 7.0 3.9 80.2 6.7 5.1

Stamlo Cardiac 6.8 5.2 31.2 6.0 13.2

Mintop Derma 5.3 4.1 28.5 5.1 4.6

Grafeel Anti-Neoplastics 5.1 3.9 30.2 4.9 4.4

Nise Pain 5.0 5.0 0.7 4.8 5.1

Clamp Anti-Infectives 4.4 4.5 -2.9 4.1 6.2

Razo Gastro Intestinal 4.2 3.4 23.1 4.0 4.8




Cardiac15%

Anti-Neoplastics

11%Respiratory9%

Anti-Infectives8%

Other35%



Therapy Feb' 16 Feb' 15 YoY (%) Jan' 16 QoQ (%)Gastro Intestinal 38.0 34.4 10.5 41.4 -8.1

Cardiac 24.9 26.3 -5.3 27.6 -9.8

Anti-Neoplastics 23.3 13.5 72.3 25.8 -9.6

Respiratory 16.6 17.5 -5.2 18.2 -8.9

Anti-Infectives 14.4 12.5 15.1 16.5 -12.3

Pain 12.5 10.9 14.6 13.5 -7.4

Anti Diabetic 11.5 12.0 -4.7 13.5 -15.1

Derma 13.3 12.1 9.6 14.9 -11.1

Urology 7.1 6.9 3.0 8.5 -16.1

Stomatologicals 5.6 5.3 5.8 6.3 -11.0



Acute, 1213.06,

50.1%

Chronic, 721.55, 29.8%

Sub-Chronic, 486.07, 20.1%



30%

16%

9%12%

33%




Lupin

Stock Performance

6080

100120140


CNX Pharma Lupin



20.1 21

.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5

9.4

22.7

19.1

16.0 18

.4

25.1

21.2

12.4

22.2

7.5

15.0

13.4

18.6

12.3

12.0

-4

4

12

20

28

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Lupin



3.23.0

3.63.8 3.8 3.7

3.4 3.4 3.3 3.43.5 3.5 3.4

2.3

2.52.7

2.9

3.1

3.33.5

3.7

3.9

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Lupin



Gluconorm-G Anti Diabetic 12.0 9.6 24.8 12.2 -1.3

Budamate Respiratory 8.0 6.0 34.3 8.6 -7.3

Tonact Cardiac 7.8 7.3 6.6 7.5 3.3

Rablet-D Gastro Intestinal 4.7 3.7 24.7 4.6 1.9

Ramistar Cardiac 4.3 4.0 7.9 4.1 3.8

R-Cinex Anti-Infectives 4.1 3.4 18.7 3.7 10.2

Esiflo Respiratory 4.0 4.3 -7.6 4.6 -13.5

Rablet Gastro Intestinal 3.8 3.3 13.4 3.8 -0.8

Cetil Anti-Infectives 3.7 3.0 24.3 3.5 8.0

Telekast-L Respiratory 3.5 3.4 4.0 3.8 -7.0



Cardiac25%

Anti-Infectives22%

Respiratory12%

Anti Diabetic11%

Gastro Intestinal8%

Other22%



Therapy Feb' 16 Feb' 15 YoY (%) Jan' 16 QoQ (%)Cardiac 69.9 64.1 9.0 71.4 -2.2

Anti-Infectives 56.8 51.0 11.2 60.9 -6.8

Respiratory 39.4 32.2 22.4 42.8 -7.8

Anti Diabetic 31.7 27.0 17.5 31.9 -0.5


Vitamins 13.4 13.6 -1.1 14.3 -6.2

Neuro 14.2 13.5 5.2 14.5 -2.3

Pain 11.7 10.9 7.9 12.3 -4.6

Gynaecological 9.7 6.8 41.8 9.5 1.6

Ophthal 1.7 1.4 25.5 1.8 -5.3



Acute, 1077.39,

31.6%

Chronic, 1652.69,

48.5%Sub-

Chronic, 675.37, 19.8%



20%

11%

9%13%

47%




Cadila Healthcare

Stock Performance

60

80

100

120

140


CNX Pharma Cadila Healthcare



20.1 21

.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5

12.3

9.4

12.0

13.1

16.8

17.2

13.3

17.0

15.6

15.7 16

.9

25.2

6.5

9.2

4.8

9.5

0

5

10

15

20

25

30

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Cadila Healthcare



4.04.0 4.0

3.93.9

3.8

3.9

3.83.8

3.9

3.83.8

3.9

3.7

3.73.8

3.8

3.93.9

4.04.0

4.1

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Cadila Healthcare



Skinlite Derma 17.7 16.6 6.8 16.8 5.5

Mifegest Kit Gynaecological 11.6 9.0 29.5 8.5 36.8

Atorva Cardiac 11.5 9.4 22.4 11.2 3.2

Deriphyllin Respiratory 10.0 8.2 21.2 9.8 2.2

Pantodac Gastro Intestinal 8.7 7.3 19.1 6.8 28.0

Ocid Gastro Intestinal 6.5 2.3 183.9 7.4 -13.3

Dexona Hormones 5.9 3.9 51.2 5.4 9.7

Amlodac Cardiac 5.6 6.3 -9.8 5.6 0.9

Clopitorva Cardiac 5.4 3.9 35.9 5.7 -5.9

Thrombophob Cardiac 4.9 3.4 42.1 5.0 -1.9



Cardiac18%


Gynaecological12%

Respiratory11%

Derma8%

Other37%





Gynaecological 33.0 36.4 -9.2 34.4 -4.0

Respiratory 37.7 30.9 22.3 38.4 -1.8

Derma 27.4 28.6 -4.1 28.2 -2.9

Pain 20.7 22.1 -6.5 20.8 -0.5

Anti-Infectives 20.6 14.5 42.6 21.5 -4.1

Anti-Neoplastics 14.6 15.4 -5.4 16.8 -13.3

Vitamins 12.7 11.7 9.3 12.6 0.8

Anti Malarials 3.1 6.4 -52.1 4.1 -25.8



Acute, 1687.10,

44.3%

Chronic, 1336.20,

35.1%Sub-

Chronic, 787.60, 20.7%



25%

13%

8%11%

43%




GlaxoSmithKline Pharmaceuticals

Stock Performance

6080

100120140


CNX Pharma GSK Pharma



20.1 21

.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5 12

.3

9.4 12

.0

6.6 10

.8 12.9

0.7

2.1

-1.7

-0.3

2.6

23.9

7.2 8.

2 6.1

3.8

-5

0

5

10

15

20

25

30

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Glaxosmithkline Pharmaceuticals



3.3

3.43.4

3.2 3.2

3.1

3.2

3.3

3.5

3.4

3.3

3.2

3.13.0

3.2

3.4

3.6

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Glaxosmithkline Pharmaceuticals



Augmentin Anti-Infectives 27.8 30.8 -9.8 27.6 0.6

Synflorix Vaccines 15.8 13.4 18.0 15.6 1.8

Betnovate C Derma 14.1 9.7 45.2 15.3 -8.0

Calpol Pain 13.8 12.5 10.0 12.3 12.0

Zinetac Gastro Intestinal 13.4 12.2 10.0 12.5 7.1

Betnovate N Derma 12.8 9.7 31.5 13.5 -5.3

Eltroxin Hormones 11.5 9.2 24.4 11.3 1.4

Ceftum Anti-Infectives 10.1 9.6 5.4 9.9 2.2

Rotarix Vaccines 8.7 6.9 27.3 9.9 -11.5

Betnesol Hormones 8.4 7.8 8.8 11.9 -29.2



Anti-Infectives24%

Derma21%

Vaccines13%

Pain 9%

Hormones8%

Other25%



Therapy Feb' 16 Feb' 15 YoY (%) Jan' 16 QoQ (%)Anti-Infectives 64.1 57.2 12.1 64.7 -1.0

Derma 51.1 52.9 -3.4 56.5 -9.5

Vaccines 35.9 29.6 21.3 42.1 -14.9

Pain 21.7 20.2 7.7 24.1 -9.9

Hormones 24.1 19.6 23.0 24.2 -0.3

Vitamins 17.3 16.9 2.1 18.5 -6.5

Respiratory 17.3 14.7 17.6 18.5 -6.4

Gastro Intestinal 14.2 14.5 -2.0 13.3 7.1

Cardiac 5.2 6.8 -22.7 5.6 -6.5

Gynaecological 2.6 2.9 -9.9 3.0 -13.0


Acute : Chronic contribution (MAT Feb 16)

Acute, 2067.54,

64.7%

Chronic, 440.35, 13.8%Sub-

Chronic, 689.96, 21.6%



52%

15%

9%

10%

14%




Wockhardt

Stock Performance

050

100150200250300350400


CNX Pharma Wockhardt


20.1 21.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5 12

.3

9.4 12

.0

31.9

22.2

42.2

44.8

29.1

36.0

29.2

24.4

50.4

38.3

29.7

9.9

5.5

0

10

20

30

40

50

60

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Wockhardt



1.47

1.40

1.281.24

1.28

1.36 1.351.39

1.421.39

1.341.381.38

1.01.11.11.21.21.31.31.41.41.51.5

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Wockhardt



Spasmo Proxyvon PluGastro Intestinal 23.6 18.7 26.3 24.1 -2.3

Practin Vitamins 6.0 6.4 -5.6 6.6 -8.3

Tryptomer Neuro 5.1 4.4 NA 5.1 0.6

Bro Zedex Respiratory 5.0 5.3 -4.9 5.2 -2.8

Methycobal Vitamins 3.6 3.0 20.9 3.9 -7.7

Zedex Respiratory 3.5 4.2 -16.4 3.9 -8.0

Biovac V Vaccines 3.5 11.4 NA 3.5 0.6

Ace Proxyvon Pain 2.9 2.7 11.2 3.0 -1.3

Wosulin Anti Diabetic 2.7 1.7 52.3 2.0 32.5

Biovac A Vaccines 2.5 2.4 4.2 2.8 -8.6


Exhibit 39: Contribution of therapies to domestic sales (MAT Feb’16) Gastro Intestinal

25%

Vitamins 15%

Respiratory12%Vaccines

9%

Neuro 7%

Other32%



Therapy Feb' 16 Feb' 15 YoY (%) Jan' 16 QoQ (%)Gastro Intestinal 26.4 16.4 60.5 26.8 -1.6

Vitamins 16.4 16.3 0.4 16.5 -0.5

Respiratory 17.0 14.5 16.6 17.4 -2.6

Vaccines 6.3 13.3 -52.7 6.5 -3.4

Neuro 8.6 7.4 17.0 8.7 -1.3

Anti-Infectives 7.8 6.9 12.0 8.0 -2.6

Derma 6.8 8.0 -14.7 7.0 -2.7

Pain 7.4 5.9 24.6 7.1 4.1

Anti Diabetic 6.8 6.2 9.0 6.8 -1.1

Hormones 2.3 1.7 33.7 2.4 -4.3



Acute, 937.56, 70.7%

Chronic, 247.26, 18.7%

Sub-Chronic, 140.50, 10.6%



56%

14%

8%

8%

14%




Glenmark Pharmaceuticals

Stock Performance

6080

100120140160180200

Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16CNX Pharma Glenmark



20.1 21

.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5 12

.3

9.4 12

.024.2 28

.2 30.3

29.9 34

.6

30.9

28.0

13.1

43.6

11.5

18.6

16.3 19

.6

05

101520253035404550

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Glenmark Pharmaceuticals



2.3 2.3 2.32.2

2.32.4 2.3

2.42.5 2.5

2.62.5

2.5

1.9

2.1

2.3

2.5

2.7

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Glenmark Pharmaceuticals



Telma Cardiac 16.5 12.2 34.7 16.7 -0.9

Telma H Cardiac 11.8 9.8 20.3 12.3 -4.7

Ascoril Plus Respiratory 9.5 9.5 0.2 10.9 -13.0

Candid-B Derma 6.9 5.5 26.5 6.9 0.2

Telma Am Cardiac 6.5 4.9 33.1 6.8 -3.6

Candid Derma 5.5 4.2 31.5 5.2 6.7

Ascoril Ls Respiratory 5.1 4.2 20.8 5.5 -6.2

Ascoril D Respiratory 3.5 1.9 86.8 2.5 41.1

Onabet Derma 3.3 1.9 73.7 3.1 6.9

Dubagest Gynaecological 2.9 1.9 46.9 2.8 1.9



Derma28%

Cardiac22%

Respiratory16%

Anti-Infectives14%

Anti Diabetic9%

Other11%



Therapy Feb' 16 Feb' 15 YoY (%) Jan' 16 QoQ (%)Derma 55.7 47.7 16.7 59.4 -6.3

Cardiac 47.7 40.8 17.1 48.2 -0.9

Respiratory 37.8 29.0 30.2 41.2 -8.4

Anti-Infectives 24.2 23.8 1.5 26.4 -8.4

Anti Diabetic 13.8 15.0 -7.4 16.4 -15.6

Vitamins 5.2 4.0 30.2 5.3 -1.8

Gastro Intestinal 4.2 4.4 -4.5 4.4 -5.4

Pain 4.1 3.8 9.1 4.3 -5.2

Gynaecological 3.5 3.1 14.6 3.6 -1.3

Otologicals 2.8 2.3 18.5 3.4 -19.6



Acute, 947.09, 40.4%

Chronic, 873.61, 37.2%

Sub-Chronic, 525.97, 22.4%



36%

13%10%

12%

29%




Torrent Pharmaceuticals

Stock Performance

80100120140160180200


CNX Pharma Torrent Pharma



20.1 21

.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5 12

.3

9.4 12

.0

30.9

30.5

28.8

27.4

28.3

18.3 21

.7

16.0

19.9

5.4

3.8 7.

4 10.2

0

5

10

15

20

25

30

35

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Torrent Pharmaceuticals



2.392.32

2.432.48 2.50

2.35

2.24 2.232.18 2.21 2.24

2.302.35

2.0

2.4

2.8

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Torrent Pharmaceuticals



Shelcal Vitamins 15.5 16.8 -7.5 14.1 10.2

Chymoral Forte Pain 8.8 9.5 -7.4 8.7 1.5

Nikoran Cardiac 7.4 6.5 13.1 7.3 1.3

Dilzem Cardiac 5.6 5.1 9.8 5.4 2.8

Nebicard Cardiac 5.5 4.2 30.3 5.4 2.6

Azulix-Mf Anti Diabetic 4.9 3.8 29.8 4.7 3.3

Nexpro Rd Gastro Intestinal 4.8 4.1 18.5 4.3 13.0

Shelcal Ct Vitamins 4.3 2.6 65.2 3.6 20.5

Nexpro Gastro Intestinal 4.0 3.6 10.6 3.9 4.2

Alprax Neuro 3.4 2.8 20.8 3.4 0.3



Cardiac29%

Neuro 16%

Vitamins 15%


Pain 8%

Other17%




Neuro 31.4 27.9 12.6 31.6 -0.7

Vitamins 27.5 24.5 12.5 26.8 2.8


Pain 13.7 12.5 9.8 13.5 1.3

Anti Diabetic 11.1 10.0 11.1 11.3 -1.1

Anti-Infectives 7.7 10.5 -26.9 8.0 -3.9

Derma 4.4 3.8 17.6 4.6 -2.8

Gynaecological 3.0 3.5 -14.3 3.0 -1.8

Anti-Neoplastics 0.5 0.0 #DIV/0! 1.0 -50.7


Acute : Chronic contribution (MAT Feb ‘16)

Acute, 566.43, 24.9%

Chronic, 1148.85,

50.6%Sub-

Chronic, 556.40, 24.5%



33%

13%9%

12%

33%




Ipca Laboratories

Stock Performance

6080

100120140


CNX Pharma Ipca



20.1 21

.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5 12

.3

9.4 12

.0

35.9

12.2 14

.5

-5.8

-5.5

3.0

6.3 11

.8

9.1

-0.1 3.

6

25.8

11.5

-10-505

10152025303540

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Ipca Laboratories



1.2 1.2 1.2 1.3 1.2 1.31.3

1.5 1.4

1.3 1.2 1.2 1.2

1.0

1.2

1.4

1.6

1.8

2.0

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Ipca Laboratories



Zerodol Sp Pain 8.4 5.3 59.3 8.2 2.8

Zerodol P Pain 5.7 3.9 46.7 6.2 -8.2

Hcqs Anti Malarials 5.3 4.9 9.6 5.1 5.3

Glycinorm M Anti Diabetic 2.9 2.2 30.4 2.9 1.0

Folitrax Anti-Neoplastics 2.7 2.2 22.3 2.6 5.5

Rapither-Ab Anti Malarials 2.5 2.6 -2.9 2.1 18.4

Lariago Anti Malarials 2.3 2.5 -6.1 1.7 36.0

Ctd Cardiac 2.1 1.3 62.9 2.2 -6.3

Larinate Anti Malarials 2.0 2.2 -10.6 1.9 4.7

Zerodol Pain 2.0 1.8 9.0 2.0 1.0



Pain 25%

Anti Malarials20%

Cardiac17%

Gastro Intestinal8%

Anti-Infectives6%

Other24%



Therapy Feb' 16 Feb' 15 YoY (%) Jan' 16 QoQ (%)Pain 26.4 20.2 30.9 28.2 -6.3

Anti Malarials 13.7 17.3 -20.9 16.3 -16.0

Cardiac 18.5 16.7 11.1 17.8 4.0


Anti-Infectives 6.3 6.2 2.1 6.5 -2.7

Anti Diabetic 5.5 5.1 9.0 5.8 -4.5

Respiratory 5.6 4.1 36.3 5.7 -0.9


Neuro 3.7 3.6 3.2 3.8 -2.6

Derma 3.1 3.4 -10.3 3.3 -6.3



Acute, 842.90, 66.9%

Chronic, 342.73, 27.2%

Sub-Chronic,

74.12, 5.9%



36%

16%11%

13%

24%




Biocon

Stock Performance

60

80

100

120

140

Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16CNX Pharma Biocon



20.1 21

.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

12.3

9.4 12

.0

17.5

11.6 9.

511.7

3.7 4.8

6.0 7.

3

-11.

2

10.0

-0.8

5.2

5.3

11.3

-15

-10

-5

0

5

10

15

20

25

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Biocon



0.350.36

0.330.34

0.36

0.340.33

0.31

0.330.32

0.34 0.34

0.36

0.27

0.29

0.31

0.33

0.35

0.37

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Biocon



Insugen Anti Diabetic 6.9 6.2 11.6 6.9 0.2

Basalog Anti Diabetic 4.7 3.9 22.2 5.0 -6.4

Canmab Anti-Neoplastics 1.6 1.8 -9.5 1.6 4.0

Insugen R Anti Diabetic 1.4 1.2 15.8 1.4 3.2

Biomab Egfr Anti-Neoplastics 1.4 0.3 309.8 1.5 -7.3

Blisto Mf Anti Diabetic 1.4 1.5 -8.4 1.5 -9.5

Erypro Blood Related 1.4 1.0 37.2 1.6 -15.7

Abraxane Anti-Neoplastics 1.1 1.3 -12.4 2.0 -43.6

Insugen N Anti Diabetic 0.6 0.7 -10.7 0.6 1.8

Psorid Anti-Neoplastics 0.6 0.3 121.8 0.6 8.9



Anti Diabetic60%

Anti-Neoplastics

20%

Cardiac6%

Blood Related6%

Derma3%

Other 5%



Therapy Feb' 16 Feb' 15 YoY (%) Jan' 16 QoQ (%)Anti Diabetic 16.2 15.0 8.0 16.7 -3.3


Cardiac 1.4 1.9 -27.4 1.5 -4.3

Blood Related 1.4 1.0 37.3 1.7 -16.0

Derma 0.8 0.7 8.9 0.7 18.0

Anti-Infectives 0.7 0.8 -7.3 0.6 30.1

Others 0.2 0.3 -4.3 0.2 0.8

Gastro Intestinal 0.2 0.1 274.3 0.1 36.7

Vitamins 0.2 0.2 -28.3 0.1 17.7

Pain 0.0 0.0 143.4 0.0 -31.7



Acute, 65.16, 19.6%

Chronic, 240.91, 72.5%

Sub-Chronic,

26.18, 7.9%



76% 11%

6%

5%

2%




Pfizer

Stock Performance

80110140170200230


CNX Pharma Pfizer


20.1 21

.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5 12

.3

9.4 12

.023.1

18.2

18.8

11.8

20.3

17.3 19

.7

9.9

25.4

3.5

0.9

-3.4

5.1

-10

-5

0

5

10

15

20

25

30

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Pfizer



3.042.98 3.00

2.872.93 2.96 2.94 2.91

2.952.91 2.92 2.94

2.85

2.4

2.6

2.8

3.0

3.2

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Pfizer



Corex Respiratory 24.0 20.4 17.6 28.6 -16.4

Becosules Vitamins 16.0 19.9 -19.4 14.7 9.4

Magnex Anti-Infectives 11.5 14.2 -18.9 10.7 8.2

Gelusil Mps Gastro Intestinal 11.5 11.2 2.7 11.9 -3.4

Dolonex Pain 10.0 9.6 4.1 9.8 1.8

Minipress Xl Cardiac 8.8 9.8 -10.0 10.9 -19.4

Mucaine Gastro Intestinal 8.7 7.1 22.2 8.4 3.3

Wysolone Hormones 6.8 7.3 -5.9 7.6 -10.1

Folvite Blood Related 6.5 5.3 23.6 6.1 6.2

Dalacin C Anti-Infectives 6.0 5.4 10.4 5.9 2.0



Anti-Infectives17%

Respiratory13%


Vitamins 10%

Hormones9%

Other41%



Therapy Feb' 16 Feb' 15 YoY (%) Jan' 16 QoQ (%)Anti-Infectives 39.2 42.7 -8.4 42.0 -6.7

Respiratory 37.3 30.4 22.8 39.7 -6.2


Vitamins 19.3 24.6 -21.6 19.9 -3.3

Hormones 20.4 21.4 -4.9 21.2 -4.0

Gynaecological 18.4 18.0 2.3 19.2 -3.8

Neuro 17.9 15.9 12.4 18.8 -4.7

Cardiac 16.0 20.3 -21.3 16.3 -1.7

Pain 14.4 16.0 -10.1 14.8 -2.9

Vaccines 8.4 7.4 14.6 7.2 17.0



Acute, 1866.72,

65.0%

Chronic, 443.28, 15.4%

Sub-Chronic, 561.87, 19.6%



50%

19%

10%

10%

11%


Source: AIOCD data base l


Novartis India

Stock Performance

80

130

180


CNX Pharma Novartis India



20.1 21

.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5

12.3

9.4

12.0

2.6 5.

9

0.0

2.7

9.3

14.1 16

.0

9.7

19.0

10.1

10.0

16.7

10.2

0

5

10

15

20

25

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Novartis India



1.26 1.251.23 1.23

1.28

1.341.31

1.33

1.37

1.331.35 1.34

1.31

1.2

1.2

1.3

1.3

1.4

1.4

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Novartis India



Galvus Met Anti Diabetic 23.7 15.1 56.5 23.7 -0.2

Voveran Pain 15.7 11.2 40.3 15.3 2.3

Rabipur (Novartis) Vaccines 11.2 8.2 37.1 10.2 10.0

Galvus Anti Diabetic 8.9 7.7 16.0 9.1 -2.0

Otrivin Respiratory 5.3 6.4 -17.9 7.0 -24.6

Tegrital Neuro 5.1 4.3 19.3 4.9 5.5

Voveran Pain 2.8 2.4 16.6 3.1 -9.5

Regestrone Gynaecological 2.6 4.0 -34.5 2.6 2.8

Syntocinon Gynaecological 2.3 1.8 23.7 2.1 10.4

Methergin Gynaecological 2.3 2.3 -2.8 2.3 -2.8



Anti Diabetic30%

Pain 20%

Vitamins 9%

Respiratory9%

Vaccines8%

Other24%



Therapy Feb' 16 Feb' 15 YoY (%) Jan' 16 QoQ (%)Anti Diabetic 33.4 25.9 28.9 36.2 -7.8

Pain 21.1 17.6 19.7 21.8 -3.2

Vitamins 9.6 8.1 18.2 9.1 5.0

Respiratory 11.2 12.9 -12.8 10.9 2.5

Vaccines 10.3 7.8 32.4 9.6 7.1

Gynaecological 7.2 7.9 -9.5 7.7 -7.5

Neuro 6.8 7.6 -10.9 7.3 -7.7

Anti-Infectives 4.2 4.3 -1.1 4.3 -2.0

Ophthal 2.3 2.9 -20.7 3.0 -23.1

Cardiac 1.0 1.1 -9.2 1.0 -5.5



Acute, 605.82, 47.2%

Chronic, 500.04, 39.0%

Sub-Chronic, 176.81, 13.8%



71%

14%

6%5%4%




Unichem Laboratories

Stock Performance

70100130160


CNX Pharma Unichem Labs



20.1 21

.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5

12.3

9.4 12

.0

16.8

12.9

12.4

20.5

2.7

11.1

0.6

26.6

2.5

11.0

5.3

13.7

5.8

0

5

10

15

20

25

30

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Unichem Laboratories



0.940.96

0.94

1.000.97

0.88 0.87 0.86 0.88 0.890.89

0.92

0.94

0.80

0.90

1.00

1.10

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Unichem Laboratories



Losar H Cardiac 7.0 9.4 -25.4 7.2 -3.1

Losar Cardiac 5.5 4.9 12.2 5.6 -1.6

Ampoxin Anti-Infectives 5.5 5.7 -3.1 6.1 -9.6

Unienzyme Gastro Intestinal 3.8 4.6 -16.9 4.1 -7.2

Vizylac Gastro Intestinal 2.3 2.1 6.4 2.4 -4.2

Trika Neuro 2.0 3.1 -36.1 2.1 -6.0

Serta Neuro 1.9 1.5 28.1 1.9 -3.2

Telsar Cardiac 1.5 1.2 24.3 1.6 -1.4

Unistar (Unichem) Cardiac 1.5 1.3 12.3 1.7 -9.6

Arkamin Cardiac 1.4 0.9 57.7 1.4 -0.5



Cardiac41%

Anti-Infectives18%


Neuro 13%

Pain 4% Other

11%




Anti-Infectives 13.1 11.8 10.8 13.5 -3.1


Neuro 10.3 10.2 0.9 10.5 -2.1

Pain 3.1 2.5 20.6 3.1 -2.0

Anti Diabetic 3.0 2.4 26.6 3.0 2.4

Vitamins 1.6 1.6 2.9 2.0 -17.0

Respiratory 2.1 1.9 8.7 2.0 2.8

Derma 1.4 1.2 20.8 1.5 -5.4

Gynaecological 0.4 0.5 -6.9 0.4 20.4



Acute, 335.52, 37.4%

Chronic, 506.76, 56.5%

Sub-Chronic,

54.65, 6.1%



47%

13%9%

11%

20%




Indoco Remedies

Stock Performance

6080

100120140


CNX Pharma Indoco



20.1 21

.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5 12

.3

9.4 12

.018.9 22

.0

2.4

2.6

1.2

3.7

-1.3

5.4

-6.4

16.3

10.3

11.0

5.6

-10

-5

0

5

10

15

20

25

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Indoco Remedies



0.8

0.7

0.70.7

0.7

0.7 0.7 0.7

0.7 0.7

0.7 0.7 0.7

0.60.60.60.70.70.70.70.70.80.8

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indoco Remedies



Febrex Plus Respiratory 5.6 6.5 -14.9 6.0 -7.7

Oxipod Anti-Infectives 3.5 2.4 42.3 3.1 12.4

Cyclopam Gastro Intestinal 3.1 3.2 -2.1 3.2 -1.4

Cital Urology 2.8 2.3 22.4 2.1 33.3

Sensodent-K Stomatologicals 2.7 3.4 -18.8 3.0 -8.4

Atm Anti-Infectives 2.4 2.3 5.6 2.5 -3.1

Karvol Plus Respiratory 2.2 1.9 13.2 2.6 -15.1

Sensodent-Kf Stomatologicals 1.6 1.7 -3.4 1.7 -2.8

Cyclopam Gastro Intestinal 1.6 1.5 9.4 1.6 1.2

Cloben G Derma 1.6 1.3 20.0 1.6 2.5


Exhibit 79: Contribution of therapies to domestic sales (MAT Feb’16) Respiratory

19%

Anti-Infectives17%

Stomatologicals16%


Vitamins 7%

Other27%



Therapy Feb' 16 Feb' 15 YoY (%) Jan' 16 QoQ (%)Respiratory 12.3 11.2 9.2 12.8 -3.9

Anti-Infectives 10.3 7.7 33.9 10.8 -4.3

Stomatologicals 9.4 10.3 -8.4 9.5 -1.2


Vitamins 3.7 3.9 -4.5 3.9 -3.6

Urology 2.4 2.1 12.1 2.6 -8.0

Derma 2.3 2.0 16.0 2.4 -6.3

Pain 2.2 2.1 6.3 2.5 -12.1

Ophthal 1.9 1.9 1.2 2.2 -14.0

Anti Diabetic 1.9 2.1 -12.9 1.8 1.9



Acute, 567.36, 82.2%

Chronic, 41.23, 6.0%

Sub-Chronic, 81.41, 11.8%



48%

16%

8%

10%

18%




Ajanta Pharma

Stock Performance

80

130

180230

280


CNX Pharma Ajanta



20.1 21

.9

18.7

12.8

15.7

13.5

13.8

10.5

22.7

9.5

12.3

9.4

12.0

16.2

10.4

9.5

12.6

15.4

10.9

10.0

18.3

9.9

6.5

14.3

6.9

10.5

0

5

10

15

20

25

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Ajanta Pharma



0.51

0.470.46

0.49 0.48 0.470.48

0.460.45

0.51 0.52

0.490.51

0.4

0.4

0.4

0.5

0.5

0.5

0.5

0.5

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Ajanta Pharma



Melacare Derma 4.6 3.0 52.3 4.1 11.5

Met Xl Cardiac 3.9 3.6 6.5 3.7 4.9

Atorfit Cv Cardiac 2.7 2.6 4.3 2.7 1.5

Soft Drops Ophthal 1.4 1.0 43.5 1.4 -0.2

Feburic Pain 1.2 0.9 41.0 1.1 17.7

Rosufit Cv Cardiac 1.1 0.8 38.4 1.1 6.9

Met Xl Am Cardiac 1.0 1.1 -3.6 1.1 -2.6

Rosutor Gold Cardiac 0.8 0.3 126.7 0.7 3.8

Cinod Cardiac 0.8 0.6 20.5 0.7 4.9

Olopat Ophthal 0.7 0.6 36.3 0.6 21.4



Cardiac33%

Derma23%

Ophthal23%

Vitamins 6%

Pain 5%

Others10%




Derma 9.5 9.6 -1.2 10.8 -12.5

Ophthal 9.1 8.2 11.2 8.9 1.8

Vitamins 2.1 2.1 -0.1 2.5 -14.9

Pain 1.8 1.7 1.2 2.1 -16.6


Neuro 0.7 0.8 -15.6 0.9 -26.6

Ophthal 0.7 0.5 42.8 0.6 4.2

Anti-Infectives 0.6 0.3 127.9 0.7 -13.5

Respiratory 0.2 0.3 -29.0 0.3 -20.9



Acute, 186.96, 39.5%

Chronic, 230.27, 48.6%

Sub-Chronic, 56.13, 11.9%



43%

13%9%

12%

23%




Alembic Pharma

Stock Performance

80100120140160180200


CNX Pharma Alembic Pharma



20.1 21

.9

18.7

12.8 15

.7

13.5

13.8

10.5

22.7

9.5 12

.3

9.4 12

.019.4

19.1

19.7

15.2

6.0

18.1

17.0

21.2

31.4

18.8

24.0

23.0

13.7

0

5

10

15

20

25

30

35

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Indian Pharma Market Alembic Pharma



1.42

1.35

1.291.27 1.26

1.32

1.411.43 1.44

1.49 1.50 1.49

1.44

1.11.21.21.31.31.41.41.51.51.6

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

(%)

Alembic Pharma


Exhibit 88: Top 10 brands performance (| crore)

Brand Therapy Feb' 16 Feb' 15 Var. (%) Jan' 16 Var. (%)

Azithral Anti-Infectives 12.1 12.6 -4.1 12.9 -6.4

Althrocin Anti-Infectives 5.5 7.1 -22.5 7.0 -21.5

Roxid Anti-Infectives 4.9 5.0 -1.5 5.5 -10.2

Gestofit Gynaecological 4.6 3.8 22.0 4.5 3.8

Wikoryl Respiratory 4.0 3.3 20.7 4.1 -1.8

Ulgel Gastro Intestinal 2.7 2.4 12.7 2.5 7.4

Rekool D Gastro Intestinal 2.6 2.1 22.8 2.7 -1.2

Zeet Respiratory 2.2 2.4 -9.0 2.6 -16.8

Rekool Gastro Intestinal 2.1 1.6 29.5 2.1 1.9

Rekool L Gastro Intestinal 2.0 1.7 18.2 1.9 2.5



Anti-Infectives26%


Respiratory13%

Cardiac13%

Gynaecological10%

Other24%



Anti-Infectives 30.3 26.9 12.4 31.0 -2.2


Respiratory 18.6 13.4 38.4 20.9 -11.2

Cardiac 16.4 11.8 39.3 16.5 -0.8

Gynaecological 12.0 9.3 29.6 12.5 -3.6

Vitamins 7.5 5.8 27.4 7.2 3.3

Anti Diabetic 7.0 5.0 39.7 7.2 -2.7

Pain 4.2 3.2 29.8 4.2 -1.1

Derma 2.1 2.1 0.5 2.4 -12.4

Urology 2.1 2.3 -10.9 2.4 -13.2

Jan' 16 QoQ (%)Therapy Feb' 16 Feb' 15 YoY (%)



Acute, 834.55, 61.2%

Chronic, 285.17, 20.9%

Sub-Chronic, 244.94, 17.9%



37%

14%9%

13%

27%



Exhibit 91: One year forward P/E of CNX Pharma vs. Sensex

0

5

10

15

20

25

30

35

40

Mar

-06

Dec-

06

Sep-

07

Jun-

08

Mar

-09

Dec-

09

Sep-

10

Jun-

11

Mar

-12

Dec-

12

Sep-

13

Jun-

14

Mar

-15

Dec-

15

x

CNX Pharma Sensex

58.8% Premium

[

Source: Company, ICICIdirect.com Research

ICICIdirect.com coverage universe (Healthcare) Company I-Direct CMP TP Rating M Cap

Code (|) (|) (| Cr) FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E

Ajanta Pharma AJAPHA 1429 1,780 Buy 12574.5 36.0 44.1 49.3 39.7 32.4 29.0 24.3 20.8 18.3 50.3 45.5 40.2 37.8 33.8 29.0

Apollo Hospitals APOHOS 1415 1,420 Hold 19682.7 23.7 28.0 34.6 59.6 50.5 40.8 28.7 24.7 19.7 9.9 11.3 13.0 10.4 11.2 12.5

Aurobindo Pharma AURPHA 733 990 Buy 42881.2 28.1 33.0 37.7 26.1 22.2 19.4 30.7 25.5 21.8 23.4 24.4 25.4 31.7 28.1 24.8

Alembic Pharma ALEMPHA 617 790 Buy 11633.3 15.1 39.0 28.5 40.9 15.8 21.6 32.2 12.8 17.5 30.7 56.7 33.0 32.1 52.2 30.1

Biocon BIOCON 485 510 Hold 9696.0 20.4 23.5 26.3 23.7 20.6 18.4 7.1 6.2 5.3 10.4 11.7 13.1 12.5 12.6 12.8

Cadila Healthcare CADHEA 344 405 Buy 35247.5 11.2 14.3 15.3 30.7 24.0 22.4 21.0 15.8 15.1 20.7 25.8 24.6 27.0 27.4 24.1Cipla CIPLA 535 690 Buy 42957.0 14.7 21.7 24.4 36.4 24.7 22.0 20.4 16.3 14.4 13.8 14.9 15.8 10.9 14.2 14.1

Divi's Laboratories DIVLAB 1005 1,320 Buy 26666.3 32.1 40.2 46.7 31.3 25.0 21.5 22.4 18.8 15.9 29.4 31.3 31.1 24.4 25.6 25.1

Dr Reddy's Labs DRREDD 3212 3,880 Buy 54797.5 129.0 142.2 142.1 24.9 22.6 22.6 15.8 13.2 12.8 16.7 17.4 16.5 22.3 19.8 16.5

Glenmark Pharma GLEPHA 822 975 Buy 23190.6 23.1 30.0 40.1 35.6 27.4 20.5 21.1 15.7 13.0 13.3 17.8 21.2 21.7 22.3 23.3

Indoco Remedies INDREM 280 390 Buy 2582.5 9.0 9.6 15.4 31.2 29.2 18.2 15.7 14.4 10.6 16.4 15.9 22.0 16.0 15.1 20.5

Ipca Laboratories IPCLAB 540 735 Buy 6816.1 19.9 12.0 30.3 27.1 45.2 17.8 15.3 20.9 12.0 11.5 6.6 13.9 11.4 6.6 14.6

Jubilant Life Sciences VAMORG 364 375 Hold 5799.3 -0.6 31.0 41.3 NA 11.8 8.8 14.8 7.5 6.2 5.8 13.3 15.4 NA 17.1 18.9

Lupin LUPIN 1858 2,200 Buy 83693.5 53.6 47.9 69.8 34.7 38.8 26.6 21.7 24.1 16.5 35.1 21.9 28.4 27.1 20.3 23.8

Natco Pharma NATPHA 500 630 Buy 8708.7 8.3 7.3 11.3 60.2 68.3 44.2 40.8 34.4 25.8 15.4 12.9 16.1 17.9 9.8 13.5

Sun Pharma SUNPHA 868 845 Hold 208843.9 19.8 22.7 28.2 43.8 38.3 30.8 25.7 23.1 18.9 18.8 19.6 21.1 18.6 18.2 19.1

Syngene International SYNINT 399 445 Buy 7971.0 8.8 11.3 14.9 44.2 34.1 26.0 27.1 21.4 16.7 19.5 21.3 24.1 20.7 21.8 23.0

Torrent Pharma TORPHA 1288 1,650 Buy 21803.2 44.4 112.3 66.8 29.0 11.5 19.3 23.8 8.4 13.0 20.1 42.8 24.4 30.2 49.4 24.1

Unichem Laboratories UNILAB 229 310 Buy 2075.8 8.3 11.0 15.7 27.5 20.8 14.6 19.3 12.5 9.8 8.5 13.1 16.6 8.7 10.6 13.7

RoE (%)EPS (|) PE(x) EV/EBITDA (x) RoCE (%)


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