idirect healthcheck may16

ICICI Securities Ltd. | Retail Equity Research

May 17, 2016

Monthly Update

Sun enters new orbit; reports positive phase III Sun Pharma reported positive results for Phase III trials of psoriasis treatment novel biological molecule MK3222 (Tildrakizumab) in the US. Total ~1,800 patients were enrolled across 200 sites for MK3222. Tildrakizumab is the first IL-23 inhibitor to demonstrate positive results in Phase III clinical trials for treatment of moderate-to-severe plaque psoriasis. Note that Sun Pharma acquired worldwide rights to Tildrakizumab from Merck in 2014 for an upfront payment of US$80 million. Funded by Sun Pharma, Merck is responsible for completion of Phase III trials and submission of a biologics license application to the USFDA. Merck is also responsible for manufacturing finished goods to support Sun’s initial product launch. Merck is eligible to receive milestone payments and royalties on sales of Tildrakizumab. This is one of the rare instances of a US-based pharma MNC out-licensing the development work of a new molecular entity (NME) to an Indian company. This NME is being targeted to demonstrate superior treatment outcome vis-à-vis Enbrel (etanercept; US size ~US$4 billion), the existing blockbuster in this category. On the other hand, Sun Pharma’s Subsidiary Taro has ceased commercial sales and related promotional activities for its novel periodic paralysis drug Keveyis owing to high cost and difficulty in reaching patients more than anticipated. According to the company, among the 5,000 people estimated to be living with periodic paralysis, less than 1,500 are believed to have been diagnosed. In August 2015, USFDA approved Taro’s novel drug Keveyis (dichlorphenamide) for treatment of primary hyperkalemic and hypokalemic periodic paralysis, a group of rare hereditary disorders that cause episodes of muscle weakness or paralysis. This development is unprecedented as there are very few instances of drugs being discontinued due to lack of response. Finally, the Indian pharmaceutical market (IPM) grew just 3.5% in April 2016. The growth was mainly driven by price hikes – 5.0% and new product launches – 2.9% while volumes declined 4.4%. The lower growth in April and March can mainly be attributed to channel disturbances on account of 1) fixed dosage combinations (FDC) ban imposed by the government on 344 drugs as despite the stay by the Delhi HC, some state governments continued the order, 2) new price list for NLEM drugs based on WPI, which was negative in FY16 and 3) new additions in NLEM 2015 list. Accelerating approvals, plant resolution, low base to drive FY17 After outperforming the broader indices for five fiscals, the Nifty Pharma Index underperformed in FY16, thanks to scores of USFDA related cGMP issues that weighed on sentiments. Paradoxically, the fiscal witnessed highest number of USFDA product approvals in the last five years. Companies like Sun, DRL, Cadila and Ipca received warning letters. Scores of others received Form 483 observations for different facilities. What came as a surprise even for industry players was the frequency of inspections and random nature of issues flagged in the scrutiny. This, we believe, is likely to be the ‘’new normal’’ for generic players and can be a blessings in disguise as they will be inclined to focus more rigorously on quality aspects. We expect some spillover effect in the first half of FY17 as well. However, accelerated USFDA approvals (180 ANDA approvals in FY16 against 92 in FY15), plant resolution or at least key product site transfers from H2FY17 and low base, especially in emerging markets, will support FY17 growth. We expect the I-direct Pharma universe sales, EBITDA and PAT to grow at a CAGR of 15%, 16% and 19%, respectively, in FY16E-18E.

Health CheckSector View

Outperformer

Index Performance as on May 17, 2016

Return (%) 1M 3M YTD 1Y

CNX 500 1 12 -1 -3

Nifty 1 11 0 -4

NSE Pharma 0 1 -6 -8

Return (%)

Stocks Performance Mcap

Company 1M 3M YTD 1Y 16-May

Sun Pharma.Inds. -4 -6 -2 -15 192608

Lupin 4 -7 -12 -4 72506

Dr Reddy's Labs -3 2 -3 -14 51509

Aurobindo Pharma 0 19 -10 16 46024

Cipla 2 1 -19 -23 42150

Cadila Health. 0 2 -2 -5 32821

Glaxosmit Pharma -9 6 3 6 28965

Divi's Lab. 5 9 -7 20 28631

Glenmark Pharma. 10 19 -7 -4 24294

Torrent Pharma. -6 6 -4 11 23419

Apollo Hospitals 1 -4 -7 9 18899

Ajanta Pharma 8 29 20 23 14092

Biocon 12 34 19 40 12375

Alembic Pharma 2 -6 -18 15 10801

Strides Arcolab 6 32 -9 9 10430

Wockhardt -9 18 -38 -28 10404

Pfizer 3 -9 -24 -17 8214

Natco Pharma 2 -1 -21 -2 7925

Syngene Int. 9 2 -6 NA 7805

Jubilant Life 0 27 -4 137 6304

Ipca Labs. -8 -26 -39 -32 5720

Indoco Remedies -4 2 -20 -28 2414

Unichem Labs. 11 27 -5 26 2296

Return (%)

MSource: Bloomberg, ICICIdirect.com Research; Market cap in | crore

Price movement

50006000700080009000

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May-15 Aug-15 Nov-15 Feb-16 May-16

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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 April, 2016

[5

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeAurobindo Pharma Polymyxin B Sulphate Anti-bacterial Eurohealth Int Polymyxin B US$ 7.6 millionAurobindo Pharma Esomeprazole Magnesium GI Astrazeneca Nexium US$ 4.2 billionAurobindo Pharma Amlodipine Besylate; Valsartan CVS Novartis Exforge US$ 123 millionAurobindo Pharma Oxymorphone Hydrochloride Pain Management Endo Pharma Opana US$ 55.5 millionAurobindo Pharma Famotidine GI McNeil Consumer Pharma Pepcid US$ 31 millionAurobindo Pharma Lacosamide Partial-onset Seizures UCB Vimpat US$ 782 millionAlembic Pharma Lacosamide Partial-onset Seizures UCB Vimpat US$ 782 millionDr. Reddy's Labs Palonosetron Hydrochloride Oncology Helsinn Hlthcare Aloxi US$ 416 millionSun Pharma Liothyronine Sodium Hormones King Pharma Cytomel NASun Pharma Lacosamide Partial-onset Seizures UCB Vimpat US$ 782 millionTaro Pharma Diclofenac Sodium Anti-inflammatory Fougera Pharma Solaraze US$ 413 million

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeAurobindo Pharma Olmesartan Medoxomil CVS Daiichi Sankyo Benicar NAAurobindo Pharma Tadalafil CVS Eli Lilly Adcirca NAAurobindo Pharma Fesoterodine Fumarate Urology Pfizer Toviaz US$ 159 millionDr. Reddy's Labs Rosiglitazone Anti-diabetic SB Pharma Avandia NAGlenmark Pharma Norethindrone Acetate; Ethinyl Estradiol; Ferrous Fumarate Oral Contraceptive Warner Chloctt Loestrin 24 FE US$ 390 millionGlenmark Pharma Adapalene; Benzoyl Peroxide Anti-bacterial Galderma Labs Epiduo NALupin Diclofenac Sodium Anti-inflammatory Fougera Pharma Solaraze US$ 413 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, Tie-ups and JVs

Sun Pharma enters into partnership for malaria-free India Sun Pharma entered into a public private partnership (PPP) with the Union and Madhya Pradesh governments for a campaign to ensure a malaria-free India. In this partnership, the three stakeholders will establish a phased malaria eradication project for most endemic districts of Madhya Pradesh. Moreover, the company and the Indian Council of Medical Research (ICMR) may enter a joint drug development programme to manufacture new patented drugs. ICMR comes under the Union Ministry of Health & Family Welfare. Sun Pharma enters into agreement with ICGEB (non-profit organisation) Sun Pharma has entered into an agreement to test a novel botanical dengue drug recently developed by an international non-profit research organisation, hoping to bring it to the market in the next four years. The drug, Cipa, was developed through a joint project started in 2007 by the Delhi arm of International Centre for Genetic Engineering and Biotechnology (ICGEB) along with Department of Biotechnology (DBT) and Ranbaxy Research Laboratory. As part of the May 4 agreement between Sun Pharma and ICGEB, the pharma company will now see the drug, which has completed pre-clinical work, through all phases of clinical studies. Apollo signs MoU with William Osler Health system Apollo Hospitals signed a memorandum of understanding (MoU) with William Osler Health System (Osler). The partnership focuses on two unique areas including research and continuity of patient care. Through the research collaboration, scientists at the two organisations will begin by identifying areas of cooperation, collaboration and innovation, particularly around a range of therapies like diabetes, CVS and cancer, which are highly prevalent among the population in regions served by both Osler and Apollo.


Cipla partners with Soho Square to handle brand duties for Nicotex Cipla has partnered with Soho Square to handle the brand duties for Nicotex – Cipla Health’s smoking cessation gum. Nicotex is the market leader in the category, and Soho has been entrusted with strengthening this position. Price cuts, new launches, recalls, approvals

DRL gets USFDA approval for branded migraine drug DRL's acute migraine treatment injection ZembraceSymTouch was launched in the US market. The company received approval from the USFDA for ZembraceSymTouch injection in January, 2016. ZembraceSymTouch is available as a prefilled, ready to use, single dose disposable injector. It is the first branded product in the company's neurology portfolio. Torrent recalls 20592 cartons of Telmisartan tablets Torrent Pharma recalled 20952 cartons of Telmisartan tablets used for treatment of hypertension in the US manufactured at its Indrad facility due to the presence of foreign substance in them. Torrent is recalling the tablets in a firm-initiated ongoing nationwide Class III recall on account of presence of foreign substance, product complaint for the presence of foreign matter identified as silicone within the tablet, as per USFDA. Taro stops sales of paralysis drug Keveyis Sun Pharma's subsidiary Taro Pharmaceutical stopped commercial sales of Keveyis, a drug used in treatment of periodic paralysis. Taro will cease commercial sales and related promotional activities for Keveyis and bear all costs associated with its manufacture. Keveyis was launched about six months ago and sales so far have been less than US$1 million. Biocon recalls Simvastatin tablets Biocon recalled in the US 5,505 bottles of cholesterol lowering Simvastatin tablets for being sub-potent, according to the USFDA. The Class III recall for 5 mg tablets of Simvastatin pertains to a specific lot manufactured by Blu Caribe (Puerto Rico, US) for Blu Pharmaceuticals (Kentucky, US) long before Biocon acquired the Simvastatin ANDA from Blu. Blu has successfully initiated and completed the recall. Biocon has not manufactured and supplied any Simvastatin tablets to date. Jubilant recalls 90 vials of sodium iodide Jubilant Life Sciences recalled 90 vials of sodium iodide I 131 capsules used for treatment of hyperthyroidism made at its Kirkland, Canada, facility due to label error. As per USFDA, the ongoing class III nationwide voluntary recall is for 90 vials (450 capsules). Lawsuits, court rulings, settlements, regulatory issues

Delhi High Court sanctions sale of CANMAb by Biocon The Delhi High Court has allowed Biocon and Mylan Pharma to continue with manufacture and marketing of their breast cancer drug under their brand names CANMAb and Hertraz. The companies would not call their product biosimilar to Herceptin, Herclon, Biceltis, the brand names of products by firm Roche Products (India) Pvt Ltd. Glenmark receives three USFDA observations for Pithampur plant Glenmark's Indore (Pithampur) plant was inspected by USFDA in February. The facility received three observations from them, to which they responded in March. Subsequently, it received two product approvals from this plant and has no outstanding items with USFDA regarding this plant. NPPA added 54 more drugs under price control National Pharmaceutical Pricing Authority (NPPA) has fixed the ceiling price of 54 drug formulations used for treatment of cancer, diabetes rheumatoid arthritis, bacterial infections and hypertension. It has also fixed the retail price of 11 drugs.


Others

Sun Pharma’s psoriasis drug completes phase III trials Sun Pharma's two pivotal phase-III clinical trials evaluating the efficacy and safety of the investigational anti-plaque psoriasis drug Tildrakizumab have met their primary endpoints. Tildrakizumab (MK-3222) is used to treat moderate-to-severe plaque psoriasis, a chronic immune disease that affects the skin. Sun Pharma acquired worldwide rights to Tildrakizumab from Merck in 2014 for an upfront payment of US$80 million. Merck is eligible to receive milestone payments and royalties on sales of Tildrakizumab. Jubilant plans to raise US$200 million Jubilant Life Sciences is seeking stakeholders' approval to raise up to US$200 million (~| 1,330 crore) and issue Indian securities and/or foreign securities to fund expansion including acquisition and additional working capital needs, among others. Q4FY16 results

Syngene, biosimilars drive growth for Biocon Biocon’s Q4FY16 revenues grew 16.9% YoY to | 978.8 crore mainly due to 32.8% growth in the research segment (Syngene) to | 316 crore. Due to biosimilar launches in emerging markets, biopharma segment grew 8.6% YoY to | 531 crore. EBITDA margins declined 31 bps YoY to 21.8% mainly due to higher R&D expenses. EBITDA grew 15.3% YoY to | 213.3 crore. Adjusted net profit declined 54% to | 92.5 crore due to higher taxation. Syngene delivers well-rounded growth Syngene’s Q4FY16 revenues grew 31.7% YoY to | 331.5 crore on account of expansion in services for dedicated clients, strong biological services growth and growth in chemical development group. EBITDA margins declined 202 bps YoY to 31.1% due to lower gross margin and higher employee expenses as percentage of sales. EBITDA grew 23.6% to | 103.1crore. Net profit increased 19.6% to | 66.5 crore. During the quarter, the company raised a debt of US$ 100 million by way of ECB to finance the upcoming Mangaluru facility as well as other capex plans. Ajanta Pharma’s growth driven by export sales Ajanta Pharma’s revenues grew 14.6% YoY to | 425.7 on the back of 20.5% growth in exports to | 300 crore in Q4FY16. Domestic sales grew 7.6% to | 122.7 crore. EBITDA margins declined 210 bps YoY to 33% mainly on account of an increase in employee cost and higher R&D. R&D as a percentage of sales increased to 8.5% from 6.4% in Q4FY15. EBITDA increased 7.7% YoY to | 140.5 crore. Adjusted net profit increased 33% YoY to | 106.3 crore on the back of lower taxation. Exports drive Alembic numbers Alembic Pharma’s Q4FY16 revenues grew 24.6% YoY to | 626.6 crore. Export sales grew 21.2% to | 190.2 crore while domestic branded formulation sales grew 11.8% to | 259.6 crore owing to 13% growth in the speciality and 11% growth in acute portfolio. EBITDA margins grew 325 bps YoY to 22.9% due to higher R&D expenses. R&D expenses as percentage of sales increased to 17.7% from 6.1% YoY. EBITDA grew 45.2% YoY to | 143.3 crore. PAT grew 28.5% YoY to | 91.2 crore. Structural issues affect DRL financials Dr Reddy’s revenues for Q4FY16 de-grew 3% YoY to | 3756.2 crore on the back of Venezuela dent, delayed European tenders, remedial impact in PSAI segment and seasonality & currency impact in Russia. EBITDA margins were muted at 21.6% mainly due to translation losses/adjustments pertaining to Venezuela. EBITDA de-grew 1.8% to | 810.4 crore. Adjusting for Venezuela, margins were at 24%. Adjusted PAT de-grew 2.9% to | 499.6 crore due to weak operational performance & higher taxation.


Glenmark shows strong performance across geographies Glenmark’s Q4FY16 revenues grew 28.5% YoY to | 2281.3 crore mainly on account of robust growth across geographies. The company witnessed 21.6% YoY growth in the US to | 652.0 crore, 22.5% YoY growth in India to | 539.8 crore, 33.5% YoY growth in Latin America to | 241.6 crore and 35.6% growth in RoW markets to | 298.0 crore. EBITDA margins declined 258 bps YoY to 13.3% due to lower gross margin and one-offs. Ex one-off the EBITDA was ~| 460 crore i.e. 20% of revenues. Adjusted net profit declined 13.2% YoY to | 171.5 crore due to lower EBITDA performance. Cadila Q4FY16 numbers show strong operational performance Cadila Healthcare’s revenues for Q4FY16 grew 7% YoY to | 2449.1 crore. The growth of 12.9% YoY in India to | 767.4 crore was partially offset by 1.8% YoY de-growth in US to | 961.0 crore. EBITDA margins improved 207 bps to 23.7% on account of better gross margins and low other expenditure. EBITDA grew 17.2% YoY to | 581.4 crore. PAT grew 10.9% YoY to | 388.7 crore boosted mainly by a strong operational performance.


Exhibit 2: Patent litigations (12 months) [5

Month Innovator ANDA Filer Brand Name API Used for

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

Apr-16 Daiichi Sankyo Alembic Pharma Benicar Olmesartan Anti-depressant Source: Bloomberg, ICICIdirect.com Research


IPM grows mere 3.5% in April–lowest in last two years • The Indian pharmaceutical market (IPM) grew 3.5% YoY to | 8446 crore

in April. The growth was mainly driven by price hikes - 5.0%, and new product launches - 2.9% while volumes declined 4.4%

• The fixed dosage combination (FDCs) related market de-grew 20.7% to | 199 crore

• Drugs under NLEM list registered decline of 2.7% to | 1007 crore while non-NLEM drugs posted growth of 4.3% to | 7032 crore. Volume decline in NLEM and non-NLEM was 3.2% and 6.5%, respectively

• Among companies under I-direct coverage, Ajanta registered highest YoY growth of 7.6% followed by Alembic, Sun and Glenmark registering growth of 5.7%, 5.2% and 4.5% respectively. Lupin, Torrent Pharma and DRL de-grew 4.4%, 3% and 1.5%, respectively

• Therapy wise, 12 therapies have outpaced IPM growth. Notable among them with growth rates- diabetic – 12.1%, CNS– 9.0%, CVS – 7.4% and Derma – 7.1%, while respiratory and anti-infective segments de-grew 6.0% and 3.5%, respectively

• In all, 306 new brands were launched in April 2016 • On a MAT basis, IPM growth was at 11.5% YoY to | 98857 crore.

Domestic companies have grown 3.6% while MNC companies have grown 3.4% in April 2016

Exhibit 3: Domestic formulations - growth trend

18.8

13.0 15

.8

13.4

13.6

10.4 12

.2

22.9

9.6

20

9.6

6.6

3.5

-5

0

5

10

15

20

25

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market

[

Source: AIOCD data base, ICICIdirect.com Research

Exhibit 4: Companies growth in domestic market in April, 2016

14.5

6.5

0.73.5 2.0

7.6 8.1 3.5 7.0

10.4

-6.1

1.5

20.514.1

12.3

2.4

-15

-5

5

15

25

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

Torr

ent

Unic

hem

(%)


Therapy wise performance (| crore) Therapy Apr' 16 Apr' 15 YoY (%) Mar' 16 MoM (%)Anti-Infectives 1162 1204 -3.5 1133 2.5Cardiac 1103 1027 7.4 1036 6.5Gastro Intestinal 1045 996 5.0 929 12.5Vitamins 772 732 5.4 695 11.0Anti Diabetic 727 648 12.1 670 8.5Respiratory 576 613 -6.0 610 -5.6Pain / Analgesics 569 565 0.7 527 8.0Cns 540 496 9.0 511 5.8Derma 523 489 7.1 484 8.1Gynaecological 442 425 4.0 412 7.3Hormones 139 137 2.1 135 3.0Ophthal 137 128 6.8 128 6.8Vaccines 132 135 -2.3 127 4.0Anti-Neoplastics 122 146 -16.3 123 -0.6Others 114 87 30.5 100 14.5Others 100 91 10.4 89 13.3Urology 99 97 2.1 92 7.8Sex Stimulants 49 45 8.4 46 7.5Stomatologicals 36 34 6.6 32 11.0Anti Malarials 32 38 -14.7 30 9.1 Source: AIOCD data base

Top brands in Indian pharma market Brand Company Therapy Apr' 16 Apr' 15 Gr. (%)Augmentin GSK Anti-Infectives 317.5 319.0 -0.5Corex Pfizer Respiratory 310.9 228.6 36.0Spasmo Prox Wockhardt GI 309.3 178.2 73.5Lantus Sanofi Anti Diabetic 273.0 220.8 23.6Galvus Met Novartis Anti Diabetic 272.1 187.5 45.1Clavam Alkem Anti-Infectives 239.9 225.4 6.4Becosules Pfizer Vitamins 228.6 243.8 -6.2Volini Sun Pharma Pain 217.0 212.1 2.3Foracort Cipla Respiratory 196.1 169.1 16.0Synflorix GSK Vaccines 195.1 151.9 28.5

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

Acute, 47401.09,

48.2%

Chronic, 30989.65,

31.5%Sub-

Chronic, 20023.62,

20.3%

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


Sun Pharmaceuticals

Stock Performance

507090

110130150

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

CNX Pharma Sun Pharma

Source: NSE, ICICIdirect.com Research Exhibit 5: Company growth vis-à-vis Indian pharma market growth

18.8

13.0

15.8

13.4

13.6

10.4

22.9

9.6

12.5

9.6

12.2

6.6

3.5

16.9

14.5

21.7

15.9

10.0 10.8

16.5

3.0

8.2

6.7

18.7

12.3

5.2

0

5

10

15

20

25

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Sun Pharmaceutical Industries


Exhibit 6: Market share in Indian formulations market

8.79.1 9.1 8.9

8.4 8.3 8.38.7 8.7

8.9 8.9 9.0 8.9

6.0

6.6

7.2

7.8

8.4

9.0

9.6

10.2

10.8

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

Mar

-16

Apr-1

6

(%)

Sun Pharmaceutical Industries

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

Exhibit 7: Top 10 brands performance (| crore) Brand Therapy Apr' 16 Apr' 15 Var. (%) Mar' 16 Var. (%)

Volini Pain 20.5 16.9 21.2 17.2 19.4

Rosuvas Cardiac 16.4 12.7 28.7 15.9 3.1

Istamet Anti Diabetic 14.8 12.6 17.5 14.0 5.5

Gemer Anti Diabetic 14.2 12.8 11.0 12.8 10.4

Susten Gynaecological 13.9 12.6 10.3 13.5 2.6

Levipil Neuro 12.9 11.6 11.1 12.7 1.7

Pantocid Gastro Intestinal 12.0 11.9 0.9 11.2 6.8

Revital H Vitamins 11.7 0.7 1509.9 9.1 28.4

Storvas Cardiac 10.5 10.4 1.4 11.4 -7.4

Pantocid Dsr Gastro Intestinal 10.3 9.8 4.7 9.7 6.7


Exhibit 8: Contribution of therapies to domestic sales (MAT Apr’16)

z

Cardiac28%

Neuro 27%

Gastro Intestinal19%

Anti-Infectives19%

Derma7%


Exhibit 9: Therapy wise performance (| crore)

Therapy Apr' 16 Apr' 15 YoY (%) Mar' 16 QoQ (%)Cardiac 141.7 128.6 10.2 136.2 4.0

Neuro 129.5 123.9 4.4 123.1 5.2

Gastro Intestinal 91.4 89.4 2.2 84.0 8.9

Anti-Infectives 77.8 80.3 -3.1 84.3 -7.7

Derma 36.3 32.9 10.4 33.5 8.5

Anti Diabetic 68.0 64.9 4.8 64.1 6.2

Gynaecological 30.3 30.2 0.6 30.0 1.0

Pain 54.2 52.3 3.6 50.2 8.0

Respiratory 24.8 25.5 -2.8 26.3 -5.7

Vitamins 32.7 19.5 67.5 28.9 13.2


Acute : Chronic contribution (MAT Apr’16)

Acute, 3562.32,

41.1%

Chronic, 3915.49,

45.2%

Sub-Chronic, 1190.45,

13.7%

Source: AIOCD data base

Brands contribution to domestic sales (MAT Apr ’16)

17%

9%

7%

10%

57%

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



Acute, 3562.32,

41.1%

Chronic, 3915.49,

45.2%

Sub-Chronic, 1190.45,

13.7%



17%

9%

7%

10%

57%




Cipla

Stock Performance

6080

100120140


CNX Pharma Cipla

Source: NSE, ICICIdirect.com Research

Exhibit 10: Company growth vis-à-vis Indian pharma market growth

18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6

12.5

9.6 12

.2

6.6

3.5

25.4

15.9

16.7

11.6

11.1

4.6

21.0

15.9 16.7

10.0 11

.6

3.5

2.10

5

10

15

20

25

30

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Cipla



5.3

4.8

4.6 4.6

4.85.0 4.9

5.15.2

5.15.2

4.9

5.2

4.2

4.4

4.6

4.8

5.0

5.2

5.4

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

Mar

-16

Apr-1

6

(%)

Cipla



Foracort Respiratory 18.3 17.5 4.6 16.1 13.8

Budecort Respiratory 14.1 13.0 8.1 13.0 8.1

Asthalin Respiratory 11.4 12.2 -6.8 11.2 2.1

Seroflo Respiratory 11.3 12.5 -9.9 10.2 10.4

Duolin Respiratory 10.7 10.6 1.6 10.1 6.0

Aerocort Respiratory 9.0 9.8 -9.0 7.7 16.1

Azee Anti-Infectives 7.8 7.2 7.8 6.5 20.0

Montair Lc Respiratory 7.1 6.7 7.5 7.2 -0.6

Dytor Cardiac 6.5 6.7 -3.3 6.0 8.1

Emeset Gastro Intestinal 6.3 6.9 -7.9 5.3 18.8



Respiratory29%

Anti-Infectives27%

Cardiac12%

Gastro Intestinal8%

Urology5%

Other19%



Therapy Apr ' 16 Apr' 15 YoY (%) Mar' 16 QoQ (%)Respir at ory 128.0 129.2 -0.9 122.0 4.9

Anti-Infect ives 113.7 109.6 3.8 100.4 13.3

Cardiac 54.7 56.0 -2.4 47.5 15.0

Gast ro Intes tina l 37.2 33.1 12.4 29.2 27.3Urology 20.0 20.6 -3.0 17.8 12.3

Neuro 15.2 15.6 -2.7 13.7 10.6

Pain 13.7 12.7 8.1 11.5 19.2

Derma 11.5 10.3 12.0 9.9 16.5

Ophtha l 11.4 10.8 5.7 9.6 18.7

Vitamins 8.9 8.3 7.7 7.0 27.6



Acute, 2312.44,

47.1%

Chronic, 1990.55,

40.6%

Sub-Chronic, 605.82, 12.3%



24%

12%

8%12%

44%




Dr Reddy’s Labs

Stock Performance) Stock Performance

60

80

100

120

140


CNX Pharma Dr. Reddys


18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6 12

.5

9.6 12

.2

6.6

3.5

35.0

22.9

32.2

27.0

14.9

7.6

30.4

23.2 27

.1

27.1 32

.5

7.0

-1.5

-10

0

10

20

30

40

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Dr. Reddys Laboratories



2.3 2.32.4

2.3 2.3 2.3

2.72.6 2.6

2.3

2.2

2.5

2.2

1.7

1.9

2.1

2.3

2.5

2.7

2.9

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

Mar

-16

Apr-1

6

(%)

Dr. Reddys Laboratories



Omez Gastro Intestinal 10.3 10.3 0.4 10.0 3.2

Omez D Gastro Intestinal 7.4 7.1 4.0 7.7 -3.4

Econorm Gastro Intestinal 6.4 6.1 3.5 5.9 8.5

Razo D Gastro Intestinal 5.9 4.2 41.5 6.6 -9.3

Stamlo Cardiac 5.1 5.3 -3.9 5.7 -9.8

Nise Pain 4.9 5.5 -9.5 4.3 14.0

Stamlo Beta Cardiac 4.3 4.3 0.6 3.6 19.2

Grafeel Anti-Neoplastics 3.9 4.3 -8.9 5.7 -31.8

Mintop Derma 3.7 4.6 -19.0 4.4 -15.3

Atarax Respiratory 3.7 3.6 1.7 3.6 2.8




Cardiac15%

Anti-Neoplastics

11%Respiratory8%

Anti-Infectives8%

Other35%



Therapy Apr' 16 Apr' 15 YoY (%) Mar' 16 QoQ (%)Gastro Intestinal 42.7 42.2 1.3 43.1 -0.8

Cardiac 27.9 28.9 -3.5 28.6 -2.6

Anti-Neoplastics 18.3 21.7 -15.5 18.4 -0.7

Respiratory 14.1 15.6 -9.9 15.6 -10.0

Anti-Infectives 14.3 13.8 4.1 13.1 9.8

Pain 12.0 12.9 -6.9 11.6 3.5

Derma 12.5 12.1 4.0 13.6 -8.0

Anti Diabetic 13.1 12.6 3.9 12.3 6.7

Urology 8.1 6.5 25.2 8.0 1.3

Stomatologicals 6.4 6.2 2.8 6.1 5.8



Acute, 1182.21,

49.8%

Chronic, 706.40, 29.8%

Sub-Chronic, 484.32, 20.4%



30%

16%

9%12%

33%




Lupin

Stock Performance

6080

100120140


CNX Pharma Lupin



18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6 12

.5

9.6

6.6

19.1

16.0 18

.0

24.7

20.8

12.0

21.7

7.1

14.4

13.0

18.4 20

.5

-4.4

12.2

3.5

-12

-4

4

12

20

28

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Lupin



3.63.8 3.8 3.7

3.4 3.3 3.3 3.33.4 3.5 3.4 3.4 3.4

2.32.52.72.93.13.33.53.73.9

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

Mar

-16

Apr-1

6

(%)

Lupin



Gluconorm-G Anti Diabetic 13.3 12.8 3.2 11.8 12.1

Tonact Cardiac 8.7 9.1 -3.8 8.2 5.6

Budamate Respiratory 7.4 7.0 6.4 7.2 3.4

Rablet-D Gastro Intestinal 5.0 4.8 5.0 4.2 20.6

Ramistar Cardiac 4.6 4.9 -6.3 4.3 6.5

Rablet Gastro Intestinal 4.5 4.7 -5.2 4.0 10.7

Esiflo Respiratory 4.0 4.0 0.0 4.0 -0.1

R-Cinex Anti-Infectives 3.9 4.7 -16.8 3.8 2.2

Telekast-L Respiratory 3.5 3.5 0.1 3.2 8.1

Clopitab-A Cardiac 3.5 3.2 7.3 3.2 9.5



Cardiac26%

Anti-Infectives21%

Respiratory12%

Anti Diabetic11%

Gastro Intestinal8%

Other22%



Therapy Apr' 16 Apr' 15 YoY (%) Mar' 16 QoQ (%)Cardiac 73.8 75.8 -2.6 70.3 5.0

Anti-Infectives 55.4 64.3 -13.9 56.1 -1.3

Respiratory 33.3 33.4 -0.2 34.3 -2.7

Anti Diabetic 34.1 32.2 6.1 30.8 10.9

Gastro Intestinal 23.3 24.1 -3.3 20.8 12.2

Vitamins 15.4 18.3 -15.8 13.9 10.7

Neuro 14.9 14.7 1.6 14.0 6.2

Pain 12.2 14.9 -18.4 11.1 9.2

Gynaecological 9.8 9.2 6.4 9.8 -0.2

Ophthal 2.1 2.1 0.1 1.9 10.7



Acute, 1082.02,

31.6%

Chronic, 1672.82,

48.8%Sub-

Chronic, 674.51, 19.7%


Brands contribution to domestic sales (MAT Apr’16)

20%

11%

9%13%

47%




Cadila Healthcare

Stock Performance

60

80

100

120

140


CNX Pharma Cadila Healthcare


18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6

12.5

9.6

12.2

6.6

3.5

18.1

14.9 17

.5

16.7

16.6 18

.6

27.0

7.1

11.0

6.6

11.1

6.5

1.5

0

5

10

15

20

25

30

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Cadila Healthcare



4.0

4.0 4.0

3.9

4.0

3.93.9

3.93.9

3.9

3.9

4.04.0

3.8

3.8

3.9

3.9

4.0

4.0

4.1

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

Mar

-16

Apr-1

6

(%)

Cadila Healthcare



Skinlite Derma 16.7 16.3 2.1 14.7 13.3

Mifegest Kit Gynaecological 12.9 16.1 -19.6 10.2 26.3

Atorva Cardiac 11.6 10.4 11.7 11.2 3.5

Pantodac Gastro Intestinal 8.9 7.8 14.7 9.2 -2.4

Deriphyllin Respiratory 8.6 8.8 -2.8 8.7 -1.2

Thrombophob Derma 5.8 4.4 33.6 4.5 29.9

Dexona Hormones 5.8 4.8 19.9 5.2 11.9

Amlodac Cardiac 5.8 6.6 -13.3 5.6 2.4

Clopitorva Cardiac 5.1 4.5 12.1 5.3 -4.2

Aten Cardiac 5.1 5.6 -9.0 6.1 -16.3



Cardiac17%


Gynaecological11%

Respiratory10%Derma

10%

Other39%





Gynaecological 38.0 44.5 -14.7 34.8 9.1

Respiratory 32.3 31.9 1.2 34.1 -5.3

Derma 32.8 30.5 7.4 29.2 12.5

Pain 25.7 23.9 7.5 25.8 -0.4

Anti-Infectives 25.4 19.4 30.9 26.5 -4.0

Anti-Neoplastics 20.3 22.8 -11.2 16.1 26.1

Vitamins 14.0 12.5 11.6 13.5 3.4

Anti Malarials 3.9 5.4 -27.7 3.7 5.5



Acute, 1082.02,

31.6%

Chronic, 1672.82,

48.8%Sub-

Chronic, 674.51, 19.7%



20%

11%

9%13%

47%




GlaxoSmithKline

Stock Performance

6080

100120140


CNX Pharma GSK Pharma



18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6 12

.5

9.6 12

.2

6.6

3.512

.9

0.7

2.1

-1.7

-0.3

2.6

23.9

7.2

8.2

6.1

3.8

-6.1

-8.6

-15

-10

-5

0

510

15

20

25

30Ap

r-15

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Glaxosmithkline Pharmaceuticals



3.43.2 3.2

3.13.2

3.3

3.53.4

3.33.2

3.1 3.0 3.0

2.4

2.6

2.8

3.0

3.2

3.4

3.6

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

Mar

-16

Apr-1

6

(%)

Glaxosmithkline Pharmaceuticals



Augmentin Anti-Infectives 23.2 26.6 -12.9 24.3 -4.5

Synflorix Vaccines 17.9 15.8 13.1 19.0 -5.9

Calpol Pain 14.9 13.9 6.9 13.3 12.0

Zinetac Gastro Intestinal 14.0 14.4 -2.4 11.6 21.4

Betnovate N Derma 12.2 12.2 0.0 13.1 -6.4

Eltroxin Hormones 11.0 11.9 -7.3 10.6 4.4

Betnovate C Derma 10.7 14.5 -25.9 11.0 -2.2

Ceftum Anti-Infectives 10.1 10.2 -1.3 9.7 4.3

Rotarix Vaccines 9.6 6.2 55.8 9.3 3.4

Betnesol Hormones 7.8 10.0 -22.2 7.5 3.1


Exhibit 33: Contribution of therapies to domestic sales (MAT Apr’16) Anti-Infectives

25%

Derma20%

Vaccines14%

Pain 9%

Hormones8%

Other24%



Therapy Apr' 16 Apr' 15 YoY (%) Mar' 16 QoQ (%)Anti-Infectives 59.0 63.2 -6.7 58.3 1.2

Derma 43.5 61.7 -29.4 42.0 3.5

Vaccines 42.0 30.9 35.6 41.7 0.5

Pain 24.4 24.9 -1.9 22.8 7.0

Hormones 19.4 22.7 -14.7 18.7 3.8

Vitamins 19.8 20.2 -2.1 17.1 15.3


Respiratory 13.7 14.9 -8.1 14.0 -2.2

Cardiac 4.1 6.3 -34.6 4.2 -2.1

Gynaecological 3.3 2.9 15.0 2.9 11.7


Acute : Chronic contribution (MAT Apr’ 16)

Acute, 2037.00,

64.5%

Chronic, 431.08, 13.6%

Sub-Chronic, 690.31, 21.9%



52%

15%

9%

10%

14%




Wockhardt

Stock Performance

050

100150200250300350400


CNX Pharma Wockhardt


18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6 12

.5

9.6 12

.2

6.6

3.5

29.1

29.2

38.3

22.2

36.0

24.4

42.2

50.4

29.7

9.9

5.5

2.5 4.

8

0

10

20

30

40

50

60Ap

r-15

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Wockhardt



1.27 1.24 1.281.37 1.35

1.39 1.42 1.391.34 1.37 1.38

1.29

1.35

1.01.11.21.31.4

1.51.61.71.8

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

Mar

-16

Apr-1

6

(%)

Wockhardt



Spasmo Proxyvon PluGastro Intestinal 23.8 23.4 1.7 25.0 -4.8

Practin Vitamins 8.0 6.9 14.9 6.1 30.3

Tryptomer Neuro 6.1 4.1 NA 5.2 18.3

Methycobal Vitamins 4.6 3.3 39.3 4.2 7.2

Bro Zedex Respiratory 3.4 4.4 -22.9 4.0 -14.9

Biovac V Vaccines 2.9 6.3 -52.9 3.0 -3.0

Wosulin Anti Diabetic 2.9 1.6 NA 2.7 9.4

Butaproxyvon Pain 2.5 1.7 46.6 2.0 21.3

Biovac A Vaccines 2.5 3.2 -22.4 2.4 4.7

Libotryp Neuro 2.3 2.0 11.6 2.1 6.6




Vitamins 15%

Respiratory12%

Neuro 8%

Vaccines7%

Other33%



Therapy Apr' 16 Apr' 15 YoY (%) Mar' 16 QoQ (%)Gastro Intestinal 25.7 25.3 1.3 27.2 -5.6

Vitamins 19.0 16.7 14.1 16.5 15.8

Respiratory 10.0 13.2 -24.7 12.1 -17.6

Neuro 10.6 7.9 34.6 9.4 13.3

Vaccines 5.5 9.5 -42.3 5.4 0.4

Anti-Infectives 7.0 6.1 14.4 6.5 6.7

Pain 6.8 6.2 10.0 7.1 -4.4

Derma 7.3 6.9 6.7 6.6 10.6

Anti Diabetic 8.4 5.7 46.0 7.8 7.4

Hormones 2.7 2.1 28.3 2.3 16.1



Acute, 930.06, 69.8%

Chronic, 257.30, 19.3%

Sub-Chronic, 145.57, 10.9%



56%

14%

8%

8%

14%




Glenmark Pharmaceuticals

Stock Performance

6080

100120140160180200


CNX Pharma Glenmark



18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6 12

.5

9.6 12

.2

6.6

3.5

30.3

29.9 34

.6

30.9

28.0

13.1

43.6

11.5

18.6

16.3 19

.6

10.4

4.5

05

101520253035404550

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Glenmark Pharmaceuticals



2.32.2

2.32.4 2.3

2.42.5 2.5

2.62.5

2.42.3

2.3

1.9

2.1

2.3

2.5

2.7

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

Mar

-16

Apr-1

6

(%)

Glenmark Pharmaceuticals



Telma H Cardiac 13.1 10.8 21.0 11.5 13.7

Telma Cardiac 12.7 13.6 -6.1 16.2 -21.4

Candid Derma 11.2 6.1 83.0 6.5 73.5

Ascoril Plus Respiratory 8.6 7.9 8.6 6.9 24.1

Candid-B Derma 8.3 7.4 13.1 6.4 29.2

Telma Am Cardiac 7.1 5.5 29.0 6.5 9.5

Ascoril Ls Respiratory 3.6 3.2 14.5 4.0 -9.9

Onabet Derma 3.2 2.3 37.3 3.2 0.4

Zitamet Plus Anti Diabetic 2.9 0.0 #DIV/0! 2.3 23.2

Dubagest Gynaecological 2.8 2.1 32.5 2.7 4.8



Derma29%

Cardiac23%

Respiratory15%

Anti-Infectives13%

Anti Diabetic9%

Other11%



Therapy Apr' 16 Apr' 15 YoY (%) Mar' 16 QoQ (%)Derma 61.2 52.4 16.7 53.7 14.0

Cardiac 46.2 43.0 7.4 46.6 -0.9

Respiratory 26.4 26.5 -0.2 27.8 -5.1

Anti-Infectives 22.9 27.1 -15.5 22.9 0.2

Anti Diabetic 14.5 15.9 -8.9 13.6 6.6

Vitamins 5.6 4.4 28.3 5.0 12.0


Pain 4.0 4.0 -1.5 4.1 -1.7

Gynaecological 3.8 3.2 18.7 3.4 9.4

Otologicals 2.3 2.9 -20.7 2.2 6.9



Acute, 932.89, 39.3%

Chronic, 896.04, 37.8%

Sub-Chronic, 543.62, 22.9%



36%

13%10%

13%

28%




Torrent Pharmaceuticals

Stock Performance

4080

120160200


CNX Pharma Torrent Pharma


18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6 12

.5

9.6 12

.2

6.6

3.5

28.8

27.3

28.3

18.3 21

.7

16.0 19

.9

5.3

3.8 7.

4 10.2

2.4

-3.0

-5

0

5

10

15

20

25

30

35

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Torrent Pharmaceuticals



2.42 2.48 2.50

2.352.25 2.23 2.17 2.21 2.23

2.30 2.35

2.23 2.27

1.6

2.0

2.4

2.8

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

Mar

-16

Apr-1

6

(%)

Torrent Pharmaceuticals



Shelcal Vitamins 16.0 19.8 -19.0 13.9 15.0

Chymoral Forte Pain 9.9 9.9 -0.5 8.4 17.8

Nikoran Cardiac 7.3 6.8 6.7 6.9 5.0

Nebicard Cardiac 5.5 5.1 6.9 4.9 10.5

Dilzem Cardiac 5.3 5.7 -6.7 5.2 2.2

Azulix-Mf Anti Diabetic 5.1 4.7 9.5 4.5 15.5

Nexpro Rd Gastro Intestinal 4.4 4.2 5.9 4.0 9.7

Shelcal Ct Vitamins 4.4 2.6 65.7 3.9 12.4

Nexpro Gastro Intestinal 3.8 4.1 -7.0 3.6 6.3

Alprax Neuro 3.3 3.4 -4.1 2.9 12.3



Cardiac29%

Neuro 16%

Vitamins 15%


Pain 8%

Other17%



Therapy Apr' 16 Apr' 15 YoY (%) Mar' 16 QoQ (%)Cardiac 56.5 57.5 -1.8 52.1 8.4

Neuro 31.2 31.3 -0.1 29.6 5.6

Vitamins 31.5 31.3 0.5 28.1 12.1


Pain 15.5 14.6 6.2 14.0 10.3

Anti Diabetic 11.6 11.1 4.1 10.6 9.1

Anti-Infectives 6.4 10.5 -39.4 6.6 -2.9

Derma 5.6 4.4 27.0 5.1 9.9

Gynaecological 2.7 3.8 -28.1 2.6 4.1

Anti-Neoplastics 0.7 1.1 NA 0.4 54.1


Acute : Chronic contribution (MAT Apr ‘ 16)

Acute, 556.45, 24.5%

Chronic, 1152.63,

50.8%Sub-

Chronic, 560.40, 24.7%



33%

13%9%

12%

33%




Ipca Laboratories

Stock Performance

5075

100125150


CNX Pharma Ipca


18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6 12

.5

9.6 12

.2

6.6

3.514

.5

-5.8

-5.5

-0.1

3.0

25.8

9.1 11

.5

1.5

3.6 6.3

11.8 3.3

-10

-5

0

5

10

15

20

25

30

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Ipca Laboratories



1.2 1.3 1.2 1.3 1.31.5 1.4

1.3 1.2 1.2 1.2 1.2 1.2

0.6

0.81.0

1.2

1.4

1.61.8

2.0

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

Mar

-16

Apr-1

6

(%)

Ipca Laboratories



Zerodol P Pain 7.9 5.2 51.6 4.4 80.5

Zerodol Sp Pain 7.8 6.7 15.7 7.2 7.5

Hcqs Anti Malarials 5.9 5.9 -0.9 5.4 9.4

Glycinorm M Anti Diabetic 3.1 2.3 34.5 2.9 10.1

Rapither-Ab Anti Malarials 2.9 3.4 -12.7 2.0 48.7

Folitrax Anti-Neoplastics 2.7 2.8 -1.6 2.8 -2.4

Zerodol Pain 2.5 2.0 27.0 2.0 30.0

Larinate Anti Malarials 2.5 2.1 19.0 1.6 53.9

Lariago Anti Malarials 2.1 2.6 -21.7 2.1 -3.6

Ctd Cardiac 2.0 1.4 51.1 2.0 1.2



Pain 27%

Anti Malarials19%

Cardiac17%

Gastro Intestinal8%

Anti-Infectives6%

Other23%



Therapy Apr' 16 Apr' 15 YoY (%) Mar' 16 QoQ (%)Pain 30.0 24.8 20.9 24.2 24.1

Anti Malarials 16.4 17.6 -7.1 13.9 18.3

Cardiac 18.5 17.8 3.9 18.6 -0.3


Anti-Infectives 5.7 6.6 -13.9 5.1 11.1

Anti Diabetic 5.7 4.9 15.3 5.3 7.3

Respiratory 3.5 3.7 -4.3 3.8 -9.1

Anti-Neoplastics 4.6 4.9 -5.7 4.8 -4.1

Neuro 3.6 4.9 -26.9 3.6 0.5

Derma 2.8 2.8 -0.9 2.8 -1.8



Acute, 843.26, 66.7%

Chronic, 346.55, 27.4%

Sub-Chronic,

74.59, 5.9%



37%

16%11%

13%

23%




Biocon

Stock Performance

60

80

100

120

140

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



18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6 12

.5

12.2

6.6

3.511

.7

3.7

9.6

4.8 6.

0 7.3

-11.

2

10.0

-0.8

5.2 5.3

11.3 14

.5

7.7

-15

-10

-5

0

5

10

15

20

25

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Biocon



0.330.34

0.36

0.34 0.33

0.31

0.330.32

0.34

0.36

0.34 0.35

0.38

0.27

0.29

0.31

0.33

0.35

0.37

0.39

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

Mar

-16

Apr-1

6

(%)

Biocon



Insugen Anti Diabetic 7.5 6.7 12.9 7.1 5.8

Basalog Anti Diabetic 5.1 4.7 8.0 4.9 4.1

Canmab Anti-Neoplastics 2.2 1.6 37.5 2.2 -1.3

Erypro Blood Related 1.9 1.4 29.0 1.4 36.5

Abraxane Anti-Neoplastics 1.7 1.0 74.5 2.1 -21.7

Insugen R Anti Diabetic 1.4 1.4 1.6 1.4 2.7

Blisto Mf Anti Diabetic 1.2 1.7 -28.4 1.4 -13.5

Biomab Egfr Anti-Neoplastics 1.0 0.1 782.1 2.4 -57.3

Psorid Anti-Neoplastics 0.6 0.6 2.9 0.7 -13.2

Insugen N Anti Diabetic 0.6 0.9 -34.4 0.6 -3.8



Anti Diabetic59%

Anti-Neoplastics

22%

Blood Related6%

Cardiac5%

Derma3%

Other 5%



Therapy Apr' 16 Apr' 15 YoY (%) Mar' 16 QoQ (%)Anti Diabetic 17.0 16.9 0.3 16.7 1.8

Anti-Neoplastics 7.2 5.0 44.7 9.0 -19.9

Blood Related 1.9 1.5 31.0 1.4 36.9

Cardiac 1.5 1.9 -23.0 1.5 -3.1

Derma 0.7 0.8 -5.8 0.7 13.0

Anti-Infectives 0.6 0.6 -3.1 0.7 -15.6

Gastro Intestinal 0.0 0.1 -43.6 0.1 -50.8

Others 0.2 0.2 -11.9 0.3 -24.3

Vitamins 0.1 0.2 -31.3 0.1 -22.8

Pain 0.0 0.0 47.4 0.0 -40.0



Acute, 69.72, 20.6%

Chronic, 240.75, 71.2%

Sub-Chronic,

27.74, 8.2%



76% 11%

6%

5%

2%




Pfizer

Stock Performance

4080

120160200


CNX Pharma Pfizer


18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6 12

.5

9.6 12

.2

6.6

3.5

18.8

11.8

20.3

17.3 19

.7

9.9

25.4

3.5

0.9

-3.4

5.1

3.5 2.

8

-10

-5

0

5

10

15

20

25

30

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Pfizer



2.99

2.872.93 2.96 2.94 2.91 2.95 2.91 2.92 2.93

2.852.90

2.97

2.4

2.6

2.8

3.0

3.2

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

Mar

-16

Apr-1

6

(%)

Pfizer



Corex Respiratory 27.6 21.5 28.5 26.0 6.3

Becosules Vitamins 18.8 23.4 -19.7 17.9 5.0

Minipress Xl Cardiac 15.4 10.9 41.7 6.3 144.0

Dolonex Pain 10.8 11.2 -3.2 10.2 6.6

Gelusil Mps Gastro Intestinal 10.6 11.5 -8.2 10.3 2.3

Mucaine Gastro Intestinal 9.7 8.5 14.0 8.7 11.8

Magnex Anti-Infectives 9.4 14.4 -34.7 10.9 -14.1

Wysolone Hormones 7.8 7.5 4.4 6.6 18.2

Folvite Blood Related 7.3 6.4 14.2 6.4 12.6

Ativan Neuro 6.3 4.7 33.7 5.5 15.4



Anti-Infectives16%

Respiratory14%


Vitamins 10%Hormones

9%

Other41%



Therapy Apr' 16 Apr' 15 YoY (%) Mar' 16 QoQ (%)Anti-Infectives 34.6 41.6 -16.7 37.1 -6.7

Respiratory 34.3 27.6 24.4 33.5 2.5


Vitamins 24.2 29.2 -17.3 22.6 6.9

Hormones 20.9 19.9 5.0 19.9 5.4

Gynaecological 21.0 18.7 12.7 17.8 18.0

Neuro 19.6 17.1 14.8 18.1 8.2

Cardiac 21.2 17.6 20.5 11.5 84.5

Pain 15.0 16.2 -7.2 14.6 3.4

Vaccines 7.4 7.6 -2.2 8.2 -9.5



Acute, 1875.61,

65.0%

Chronic, 451.45, 15.6%

Sub-Chronic, 559.45, 19.4%



50%

19%

10%

10%

11%




Novartis

Stock Performance

40

90

140

190


CNX Pharma Novartis India



18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6

12.5

9.6

12.2

6.6

3.5

0.0

2.7

9.3

14.1 16

.0

9.7

19.0

10.2

10.1

16.7

14.1

12.110

.0

0

5

10

15

20

25

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Novartis India



1.23 1.23

1.28

1.351.32

1.33

1.37

1.321.35 1.34

1.311.341.33

1.2

1.2

1.3

1.3

1.4

1.4

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

Mar

-16

Apr-1

6

(%)

Novartis India



Galvus Met Anti Diabetic 25.2 17.3 45.7 24.4 3.2

Voveran Pain 19.5 15.2 28.0 16.6 17.7

Rabipur (Novartis) Vaccines 11.0 8.4 32.1 10.5 4.8

Galvus Anti Diabetic 10.1 8.3 20.7 9.4 6.7

Tegrital Neuro 5.0 4.5 11.7 4.8 5.8

Otrivin Respiratory 4.3 5.5 -22.3 4.8 -11.4

Voveran Pain 3.4 2.6 30.4 3.2 7.2

Regestrone Gynaecological 3.0 3.2 -5.3 2.6 13.8

Genteal Ophthal 2.5 2.9 -12.4 2.1 22.1

Methergin Gynaecological 2.5 3.0 -14.7 2.0 23.6



Anti Diabetic32%

Pain 20%Vitamins

9%

Vaccines8%

Respiratory8%

Other23%



Therapy Apr' 16 Apr' 15 YoY (%) Mar' 16 QoQ (%)Anti Diabetic 35.9 26.3 36.4 34.5 4.1

Pain 25.2 21.1 19.6 22.3 13.3

Vitamins 10.2 9.5 7.6 9.2 10.4

Vaccines 11.0 8.4 31.5 10.6 4.3

Respiratory 7.5 9.8 -23.3 8.3 -9.4

Gynaecological 7.8 8.1 -4.0 6.9 14.0

Neuro 6.4 7.3 -11.9 6.2 3.4

Anti-Infectives 3.6 4.4 -19.3 3.6 0.3

Ophthal 3.1 3.4 -8.0 2.7 17.2

Cardiac 0.8 1.1 -24.7 0.9 -4.9



Acute, 614.07, 46.9%

Chronic, 516.94, 39.5%

Sub-Chronic, 176.96, 13.5%



73%

14%

5%5%3%




Unichem Laboratories

Stock Performance

70100130160


CNX Pharma Unichem Labs



18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6

12.5

9.6 12

.2

6.6

3.5

12.4

20.5

2.7

11.1

0.6

26.6

2.5

11.0

5.3 5.8

2.0 1.

2

12.90

5

10

15

20

25

30

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Unichem Laboratories



0.93

0.990.97

0.88 0.88 0.86 0.87 0.880.92 0.910.89

0.89

0.94

0.80

0.90

1.00

1.10

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

Mar

-16

Apr-1

6

(%)

Unichem Laboratories



Losar H Cardiac 7.9 7.5 6.3 6.9 14.5

Losar Cardiac 5.8 5.8 0.8 5.4 8.1

Unienzyme Gastro Intestinal 5.2 6.4 -19.3 4.4 18.6

Ampoxin Anti-Infectives 5.1 6.9 -26.0 4.9 5.5

Vizylac Gastro Intestinal 2.8 3.3 -13.6 2.0 39.4

Trika Neuro 2.0 2.5 -20.1 1.9 5.2

Serta Neuro 2.0 1.7 17.1 1.9 6.2

Unistar (Unichem) Cardiac 1.6 1.5 6.8 1.5 4.2

Ranx Cardiac 1.4 1.0 44.3 1.2 21.0

Arkamin Cardiac 1.4 1.2 12.2 1.3 2.7



Cardiac43%

Anti-Infectives17%

Neuro 13%


Pain 4% Other

11%




Anti-Infectives 11.0 13.4 -17.6 10.5 5.6

Neuro 11.2 9.4 18.7 10.3 8.9


Pain 3.0 2.8 6.9 3.0 -1.7

Anti Diabetic 3.3 2.4 36.5 2.9 14.5

Vitamins 1.8 1.9 -7.5 1.8 0.6

Respiratory 1.6 1.9 -14.7 1.4 10.7

Derma 1.9 1.1 71.8 1.8 5.0

Gynaecological 0.4 0.4 -15.2 0.4 -15.4



Acute, 327.65, 36.5%

Chronic, 513.94, 57.3%

Sub-Chronic,

55.28, 6.2%



46%

13%9%

11%

21%




Indoco Remedies

Stock Performance

6080

100120140


CNX Pharma Indoco



18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6 12

.5

9.6 12

.2

6.6

3.5

2.4

2.6

1.2

3.7

-1.3

-6.4

16.2

-1.0

10.3 11

.0

5.6

5.4

0.7-10

-5

0

5

10

15

20

25

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Indoco Remedies



0.70.7

0.7

0.7 0.7 0.7

0.70.7

0.7 0.7 0.7

0.7

0.6

0.60.60.60.70.70.70.70.70.8

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

Mar

-16

Apr-1

6

(%)

Indoco Remedies



Febrex Plus Respiratory 4.3 5.8 -25.8 4.8 -11.9

Cital Urology 3.9 3.0 29.4 3.4 14.0

Cyclopam Gastro Intestinal 3.6 3.5 3.3 3.3 11.7

Sensodent-K Stomatologicals 3.2 3.1 3.6 2.7 16.2

Oxipod Anti-Infectives 2.6 2.5 7.8 3.1 -14.8

Atm Anti-Infectives 1.9 2.1 -9.6 2.2 -12.9

Cloben G Derma 1.8 1.7 5.7 1.6 11.7

Sensodent-Kf Stomatologicals 1.7 1.8 -2.0 1.7 0.8

Cyclopam Gastro Intestinal 1.7 1.7 1.6 1.7 1.4

Sensoform Stomatologicals 1.7 1.7 -0.7 1.6 4.3


Exhibit 78: Contribution of therapies to domestic sales (MAT Apr’16) Respiratory

18%

Anti-Infectives18%

Stomatologicals16%


Vitamins 7%

Other27%



Therapy Apr' 16 Apr' 15 YoY (%) Mar' 16 QoQ (%)Respiratory 7.5 9.1 -17.3 9.1 -17.4

Anti-Infectives 8.5 8.4 0.7 9.5 -10.8

Stomatologicals 9.8 9.4 4.4 9.1 7.7


Vitamins 4.0 4.1 -2.4 4.0 0.9

Urology 4.2 3.2 32.3 3.7 13.4

Derma 2.3 2.3 3.0 2.2 6.6

Pain 2.3 2.1 9.6 2.3 2.3

Ophthal 2.1 2.2 -7.4 2.0 2.3

Anti Diabetic 1.7 1.9 -12.7 1.8 -5.1



Acute, 567.41, 82.3%

Chronic, 40.80, 5.9%

Sub-Chronic, 81.64, 11.8%



47%

16%

9%

10%

18%




Ajanta Pharmaceuticals

Stock Performance

4090

140190240290


CNX Pharma Ajanta



18.8

13.0

15.8

13.4

13.6

10.4

22.9

9.6

12.5

9.6

12.2

6.6

3.5

10.4

10.9

10.0

6.5

9.5

18.3

12.6

9.9

14.3

6.9

10.5

7.6

7.6

0

5

10

15

20

25

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Ajanta Pharma



0.46

0.48 0.48 0.470.48

0.460.45

0.51 0.52

0.490.51

0.480.48

0.4

0.4

0.4

0.5

0.5

0.5

0.5

0.5

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

Mar

-16

Apr-1

6

(%)

Ajanta Pharma



Met Xl Cardiac 3.4 3.2 5.8 3.3 1.3

Melacare Derma 3.2 3.7 -14.4 3.3 -4.2

Atorfit Cv Cardiac 2.9 2.8 3.9 2.7 8.0

Rosufit Cv Cardiac 1.3 0.9 47.0 1.0 25.3

Soft Drops Ophthal 1.2 1.1 10.0 1.3 -8.6

Feburic Pain 1.2 0.9 35.2 1.1 10.1

Met Xl Am Cardiac 1.2 0.9 30.0 1.0 19.1

Rosutor Gold Cardiac 0.8 0.4 91.7 0.8 9.0

Cinod Cardiac 0.8 0.7 24.1 0.8 9.0

Olopat Ophthal 0.8 0.6 30.3 0.7 14.7



Cardiac34%

Ophthal23%

Derma22%

Vitamins 6%

Pain 5%

Others10%




Ophthal 9.8 8.9 10.9 9.4 5.0

Derma 8.6 9.1 -5.4 8.1 5.5

Vitamins 2.2 2.2 -2.0 2.1 6.3

Pain 2.0 1.8 7.0 1.8 8.9


Neuro 0.7 0.8 -9.1 0.8 -3.9

Anti-Infectives 0.7 0.4 67.9 0.6 17.5

Ophthal 0.7 0.6 30.8 0.7 8.2

Anti Diabetic 0.5 0.0 #DIV/0! 0.4 23.6



Acute, 189.53, 39.6%

Chronic, 232.87, 48.6%

Sub-Chronic, 56.54, 11.8%



42%

13%10%

12%

23%




Alembic Pharmaceuticals

Stock Performance

406080

100120140160180200


CNX Pharma Alembic Pharma



18.8

13.0 15

.8

13.4

13.6

10.4

22.9

9.6 12

.5

9.6 12

.2

6.6

3.5

19.7

15.2 18

.1

17.0 18

.8

21.2

6.0

31.4

24.0

23.0

13.7

8.1

5.7

0

5

10

15

20

25

30

35

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

Mar

-16

Apr-1

6

(%)

Indian Pharma Market Alembic Pharma



1.291.26 1.26

1.32

1.41 1.43 1.441.49 1.50 1.49

1.44

1.371.32

1.11.21.21.31.31.41.41.51.51.6

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

Mar

-16

Apr-1

6

(%)

Alembic Pharma


Exhibit 87: Top 10 brands performance (| crore)

Brand Therapy Apr' 16 Apr' 15 Var. (%) Mar' 16 Var. (%)

Azithral Anti-Infectives 9.0 10.8 -17.2 10.1 -11.2

Althrocin Anti-Infectives 5.8 6.8 -15.1 5.8 0.0

Gestofit Gynaecological 5.3 4.3 22.1 4.5 17.1

Roxid Anti-Infectives 4.3 4.5 -6.6 4.4 -3.8

Ulgel Gastro Intestinal 2.7 3.1 -12.6 2.3 20.5

Wikoryl Respiratory 2.7 2.7 -0.9 3.2 -15.8

Rekool D Gastro Intestinal 2.5 2.2 11.4 2.4 4.5

Glisen Mf Anti Diabetic 2.1 2.0 4.7 1.8 14.9

Richar Gynaecological 2.0 1.3 57.7 1.6 27.4

Rekool Gastro Intestinal 2.0 1.8 10.4 1.9 4.6



Anti-Infectives24%


Cardiac14%

Respiratory13%

Gynaecological11%

Other24%



Anti-Infectives 22.5 26.1 -14.0 24.3 -7.5


Cardiac 17.6 14.3 23.3 15.8 11.8

Respiratory 11.2 12.7 -11.8 13.6 -17.3

Gynaecological 13.4 10.9 23.5 11.8 14.3

Vitamins 8.4 6.5 29.6 7.5 11.5

Anti Diabetic 7.7 6.1 26.2 7.2 7.6

Pain 4.5 4.0 12.3 4.3 5.1

Derma 2.1 2.1 -1.6 1.9 8.3

Urology 2.3 2.0 15.9 2.4 -1.5

Mar' 16 QoQ (%)Therapy Apr' 16 Apr' 15 YoY (%)



Acute, 830.01, 60.2%

Chronic, 295.71, 21.4%

Sub-Chronic, 253.03, 18.4%



37%

14%9%

13%

27%



Exhibit 90: One year forward P/E of CNX Pharma vs. Sensex

0

5

10

15

20

25

30

35

40

45

Mar

-06

Mar

-07

Mar

-08

Mar

-09

Mar

-10

Mar

-11

Mar

-12

Mar

-13

Mar

-14

Mar

-15

Mar

-16

x

CNX Pharma Sensex [

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 1537 1,780 Buy 13525.9 36.0 45.7 52.4 42.7 33.7 29.4 26.8 23.3 19.9 50.3 43.7 37.9 37.8 34.4 30.0

Apollo Hospitals APOHOS 1324 1,420 Hold 18419.5 23.7 27.6 34.6 55.8 48.0 38.2 27.6 23.9 18.9 9.9 11.2 13.0 10.4 11.1 12.5

Aurobindo Pharma AURPHA 786.1 990 Buy 45997.3 28.1 33.9 37.7 28.0 23.2 20.9 30.7 25.1 22.0 23.4 24.7 25.0 31.7 28.7 24.7

Alembic Pharma ALEMPHA 582 620 Hold 10966.9 15.1 38.2 19.6 38.6 15.2 29.7 32.2 12.6 23.9 30.7 58.0 24.8 32.1 51.5 22.3

Biocon BIOCON 628.5 560 Hold 12569.0 20.4 22.1 28.3 30.8 28.5 22.2 8.3 7.6 6.4 10.4 9.1 10.9 12.5 10.9 12.7

Cadila Healthcare CADHEA 327 390 Buy 33471.3 11.2 15.0 15.5 29.2 21.9 21.1 20.3 14.5 14.4 20.7 27.9 24.6 27.0 28.6 24.4Cipla CIPLA 531.3 690 Buy 42683.6 14.7 21.5 25.7 36.1 24.7 20.7 19.4 15.6 13.1 13.8 14.8 16.5 10.9 14.1 14.8

Divi's Laboratories DIVLAB 1077 1,320 Buy 28596.3 32.1 40.2 46.7 33.6 26.8 23.1 22.3 18.7 15.9 29.4 31.3 31.1 24.4 25.6 25.1

Dr Reddy's Labs DRREDD 2974 3,480 Buy 49682.7 129.0 142.1 139.2 23.0 20.9 21.4 14.4 12.6 12.3 16.7 15.1 15.1 22.3 18.9 16.1

Glenmark Pharma GLEPHA 858 1,000 Buy 24512.5 23.1 32.2 41.4 37.1 26.7 20.7 22.2 16.8 13.8 13.3 16.2 18.8 21.7 21.2 21.7

Indoco Remedies INDREM 260.7 390 Buy 2401.9 9.0 9.3 15.6 29.0 28.1 16.7 15.9 14.8 10.7 16.4 15.4 22.2 16.0 14.7 20.8

Ipca Laboratories IPCLAB 468 515 Hold 5908.7 19.9 12.1 24.7 23.5 38.7 18.9 13.5 18.2 12.2 11.5 6.7 11.7 11.4 6.6 12.2

Jubilant Life Sciences VAMORG 391.9 375 Hold 6242.2 -0.6 31.0 43.0 NA 12.6 9.1 15.9 8.1 6.5 5.8 13.4 15.8 NA 17.1 19.5

Lupin LUPIN 1588 2,200 Buy 71568.4 53.6 50.5 71.2 29.6 31.5 22.3 17.8 19.6 13.3 35.1 22.4 28.7 27.1 21.2 24.0

Natco Pharma NATPHA 453.2 630 Buy 7893.6 8.3 7.5 11.6 54.5 60.8 38.9 35.3 29.3 21.6 15.4 13.0 16.5 17.9 10.0 13.8

Sun Pharma SUNPHA 795 845 Hold 191336.9 19.8 23.6 28.4 40.1 33.7 28.0 24.1 21.2 17.7 18.8 20.0 21.1 18.6 18.8 19.1

Syngene International SYNINT 399 445 Buy 7971.0 8.8 11.1 15.6 43.3 34.2 24.3 26.6 20.9 17.0 19.5 13.3 16.7 20.7 21.2 23.5

Torrent Pharma TORPHA 1391 1,650 Buy 23536.8 44.4 115.3 67.1 31.3 12.1 20.7 24.4 8.4 13.3 20.1 43.7 24.4 30.2 50.3 24.0

Unichem Laboratories UNILAB 249.7 310 Buy 2267.9 8.3 11.5 15.9 30.1 21.8 15.7 19.5 12.1 9.8 8.5 13.6 16.7 8.7 11.0 13.8

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

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