some usfda respite for sun; not yet for...

ICICI Securities Ltd. | Retail Equity Research

March 16, 2017

Monthly Update

Some USFDA respite for Sun; not yet for DRL… The USFDA has lifted the import alert from Sun’s Mohali (erstwhile Ranbaxy facility) facility and removed the same from the Official Action Initiated (OAI) status. This proposed action will clear the path for Sun Pharma to supply approved products from the Mohali facility to the US market, subject to normal USFDA regulatory requirements. The USFDA had taken action against the Mohali facility in 2013 when it ordered the facility to be fully subject to Ranbaxy’s consent decree of permanent injunction. On the other hand, Dr Reddy's received 13 Form-483 observations from the USFDA for Duvvada (Vizag) oncology formulation unit. The company has to respond with a corrective action plan. Duvvada was one of the three plants, which received a warning letter on November 2015, of which Srikakulam (API unit) is the major contributor to US revenues. In an important development, Syngene has tied up with HerbalLife Nutrition, to develop nutrition based products that can be sold by the company in India. This is the fifth dedicated centre for Syngene. Biocon’s partner Mylan has settled Herceptin patent dispute with Roche. As per the terms, Roche will grant the partners a global license (excluding Japan, Brazil and Mexico) for Herceptin in return for Mylan's promise to back off of two challenges pending at the US Patent and Trademark Office. On the innovative pipeline front, Glenmark has received USFDA clearance of IND for GSP 304. It plans to initiate clinical development with a Phase II study in subjects with mild to moderate COPD. Finally, the Indian pharmaceutical market (IPM) grew 7.1% YoY to | 8980 crore for in February. IPM growth was mainly driven by volumes increase – 2.1%, new product launches – 3.3% and price hikes- 1.4%. On a MAT basis, IPM growth was at 10.2% YoY to | 110149 crore. Positive news on cGMP front yet to outweigh other apprehensions Almost all players with US franchisee from the I-direct universe have witnessed USFDA inspection/re-inspection in the past six months with higher number of positive outcomes. However, this has done little to lift sentiments as the pricing pressure in the US base business, ranging from high single digit to low double digit continues will weigh. Similarly, the strengthening of the rupee vis-à-vis the US dollar after recent events is also likely to weigh in the near term. Apart from this, other issues/uncertainty in the US like pricing probe by the Department of Justice (DoJ), adapting to the bidding process and imposition of border tax on imported drugs are other near term overhangs. Front loading of investments, although useful for long term growth strategy, is also likely to impact near term profitability. For the time being, attractive valuations and decent growth expectations for FY18, FY19 are likely to be on the backburner due to these apprehensions. In the long run, however, we expect the earnings momentum to pick up on the back of incremental product launches largely on speciality, biosimilar and injectables front in the US besides normalising of Indian formulations growth. We expect healthcare universe revenues, EBITDA and PAT to grow at a CAGR of 11%, 11% and 13%, respectively, in FY16-19E. The growth will be steered by US (~10% CAGR over FY16-19E) and Indian formulations (~13% CAGR over FY16-19E).

Health CheckSector View

Neutral

Index Performance as on March 15, 2017

Return (%) 1M 3M YTD 1Y

CNX 500 4 13 13 27

Nifty 4 12 12 22

NSE Pharma 3 1 4 -6

Return (%)

Stocks Performance Mcap

Company 1M 3M YTD 1Y 15-Mar

Sun Pharma.Inds. 9 10 13 -15 170345

Lupin 1 -1 -2 -17 65551

Cipla 3 6 6 13 48429

Dr Reddy's Labs -6 -11 -10 -13 45697

Cadila Health. 3 18 24 31 45398

Aurobindo Pharma 4 -1 3 -5 40175

Glenmark Pharma. -3 -3 1 9 25385

Torrent Pharma. 9 5 4 9 23160

Glaxosmit Pharma 1 0 -1 -19 22904

Biocon 2 14 18 137 22420

Divi's Lab. 6 -33 -1 -20 20599

Apollo Hospitals -2 1 4 -10 17050

Ajanta Pharma 0 -3 -1 27 15524

Natco Pharma 3 33 37 66 13816

Jubilant Life 15 27 27 113 12755

Alembic Pharma 12 -2 3 -1 11596

Strides Arcolab -4 4 8 8 10251

Syngene Int. 3 -13 -9 30 10227

Wockhardt 10 10 14 -22 8325

Pfizer -1 -7 -6 2 7873

Ipca Labs. 6 2 4 4 7015

Unichem Labs. 5 6 11 30 2583

Indoco Remedies -2 -2 -1 -6 2368

Return (%)

Market cap in | crore

Global Index Performance

Company 1M 3M YTD 1Y 3Y 5Y

S&P 500 Pharm Index (US) 4 9 10 14 9 16

NASDAQ Biotechnology (US) 3 11 14 21 6 21

S&P Pharmaceuticals (US) 0 6 8 9 -1 13

DJ Pharma and Biotech (US) 4 10 11 17 8 17

DJ STOXX Healthcare (EU) 3 8 7 10 11 15

TOPIX Pharma Index (Japan) 1 5 3 3 16 18

MSCI World Pharm & Biotech 3 10 10 10 5 14

Bl World Pharma index 3 9 9 8 4 12

BI Global Spectalty-Generic Pharm -10 -6 -7 -32 -12 4

NSE Pharma 3 1 4 -5 12 18

Return (%)

Research Analyst

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


Regulatory approvals

Exhibit 1: Summary of USFDA approvals for Feb, 2017 [5

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeLupin Triamcinolone Acetonide Derma Mylan NA US$ 55.7 millionAurobindo Pharma Pravastatin Sodium CVS Bristol Myers Squibb Pravachol NAAurobindo Pharma Nexesta Fe (norethindrone and ethinyl estradiol) OC APIL Femcon FE NACipla Oxaliplatin injection Anti-Cancer Sanofi Eloxatin NALupin Moxifloxacin Hydrochloride Anti-Infective Bayer Avelox NALupin Hydrocodone Bitartrate and Homatropine Methylbromide Respiratory Endo Pharma Hycodan NACadila Healthcare Clobetasol Propionate Spray Dermatology Galderma labs Clobex NACadila Healthcare Fluconazole Tablets Anti-Infective Pfizer Diflucan NAAurobindo Pharma Fesoterodine Fumarate Urology Pfizer Toviaz NAAurobindo Pharma Rabeprazole Sodium tablets Anti-ulcerant J&J Aciphex NACadila Healthcare Linezolid Anti-Bacterial Harmacia Zyvox NALupin Sodium Sulfate, Potassium Sulfate, and Magnesium Sulfate GI Braintree Lab Suprep Bowel Prep Kit US$ 207.2 millionJubilant life Itraconazole Anti- fungal Janssen Pharma Sporanox US$ 42 millionLupin Oxycodone and Acetaminophen Tablets Pain Management Vintage Pharma Percocet US$ 838.7 millionAurobindo Pharma Etomidate Injection Anesthesia Hospira Amidate NATaro Brompheniramine; Dextromethorphan; Pseudoephedrine Cough Syrup Wockhardt Bromfed DM NAAurobindo Pharma Nevirapine Anti-retroviral Boehringer Ingelheim Viramune NADr Reddy's Lab Progesterone OC Virtus Pharma Prometrium NA

Tentative ApprovalsCompany Drug Name Therapeutic Area Innovator company Generic Version of Market SizeTaro Pharma Diclofenac Sodium 2% Anti-Inflammatory Nuvo Res Pennsaid US$ 13.3 millionAurobindo Pharma Tadalafil CVS Eli Lilly Adcirca NATaro Pharma Clobetasol Propionate Spray Dermatology Galderma labs Clobex NA

Final Approvals

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

M&As, demergers, tie-ups and JVs

Dr Reddy’s acquires Kolkata based NBFC Dr Reddy's has completed the acquisition of 100% stake in Imperial Credit Pvt Ltd, a non-banking finance company, based in Kolkata for a consideration of | 2.05 crore. The acquisition was consummated on receipt of regulatory approvals. The company has proposed to undertake the group's captive financial activities through this entity. Cipla divests animal health business in South Africa Cipla has entered into agreements for divesting its animal health business in South Africa and Sub-Saharan Africa (subject to CCI SA approval) for ZAR 375 million (~| 192 crore) with potential revision linked to FY17 performance along with customary adjustment. Price cuts, new launches, recalls, approvals

NPPA caps prices of 18 drugs National Pharmaceutical Pricing Authority (NPPA) has capped the prices of four essential drugs and revised 14 more, including ones used for treatment of fungal infections and hypertension.

NPPA lowers prices of cancer drugs NPPA has slashed prices of some cancer drugs by up to 86%. From the I-direct coverage universe perspective, the list includes two drugs of Dr Reddy’s (Grafeel and Levin) and Natco Pharma (Veenat). Lawsuits, court rulings, settlements, regulatory issues

USFDA clears Alembic Pharma Baroda facility USFDA has cleared the Alembic Pharma bioequivalence facility at Baroda without any observations. The USFDA inspected this facility from March 6 to March 10, 2017.


Glenmark’s Ankaleshwar plant receives EIR from USFDA Glenmark’s Ankaleshwar API facility has received an Establishment inspection report (EIR) from USFDA. The USFDA had issued four form 483 observations after the inspection of the facility in December 2016. Mylan, Biocon settle Herceptin patent challenge with Roche Biocon’s partner Mylan has settled its Herceptin patent dispute with Roche. As per the terms, Roche will grant the partners a global license (excluding Japan, Brazil and Mexico) for Herceptin in return for Mylan's promise to back off of two challenges pending at the US Patent and Trademark Office. Dr Reddy’s receives 13 observations for Duvvada formulation unit Dr Reddy’s Labs has got 13 observations from USFDA for Duvvada oncology formulation unit. The company has to respond with a corrective action plan and implement it quickly Cadila Healthcare gets marketing rights for Trokendi XR Cadila Healthcare has finalised an agreement with Supernus Pharma to settle all outstanding patent litigation related to Trokendi XR (extended-release capsules) and granted Cadila a license to market the drug from 2023. Lupin to acquire Pulmojet As per media sources, Lupin is in talks with Sanofi arm Zentiva to acquire Pulmojet, its dry powder inhalation brand. Pulmojet was acquired by Zentiva from Siegfried in 2010 Unichem gets two observations for its Ghaziabad facility Unichem Lab’s formulation manufacturing facility in Ghaziabad has received two form 483 observations USFDA. USFDA has inspected this facility between February 24, 2016 and March 3, 2016. Syngene enters into R&D partnership with Herbalife Syngene has tied up with HerbalLife Nutrition, to develop nutrition based products that can be sold by the company in India. This is the fifth dedicated centre and second for nutrition research by Syngene. USFDA to lift import ban on Sun’s Mohali plant USFDA has lifted the import alert from Sun’s Mohali facility (erstwhile Ranbaxy facility) and removed the facility from the Official Action Initiated (OAI) status. This proposed action will clear the path for Sun Pharma to supply approved products from the Mohali facility to the US market, subject to normal USFDA regulatory requirements. The Mohali facility was inherited by Sun as part of its acquisition of Ranbaxy in 2015. The USFDA had taken action against the Mohali facility in 2013 when it ordered the facility to be fully subject to Ranbaxy’s consent decree of permanent injunction. However, certain conditions of the consent decree will continue to be applicable to the Mohali facility. This development illustrates Sun Pharma’s commitment to work closely with the USFDA and strive for 100% cGMP compliance at its manufacturing facilities.

Others

Glenmark clears phase 2 trials for its NCE Glenmark has received USFDA clearance of IND for GSP 304. It plans to initiate clinical development with a Phase 2 study of GSP 304 in subjects with mild to moderate COPD.


Exhibit 2: Patent litigations (12 months) [5

Month Innovator ANDA Filer Brand Name API Used for Mar-16 Shire Canada Lupin Daliresp Roflumilast RespiratoryMar-16 Daiichi Sankyo Torrent Pharma Benicar Olmesartan Anti-depressantApr-16 Daiichi Sankyo Alembic Pharma Benicar Olmesartan Anti-depressantMay-16 Daiichi Sankyo Aurobindo Pharma Benicar Olmesartan Anti-depressantJun-16 Apicore Aurobindo Pharma Lymphazurin isosulfan blue lymphatic imaging agentJun-16 UCB, Inc. Aurobindo Pharma Vimpat lacosamide partial-onset seizuresJun-16 Gilead Aurobindo Pharma Emtriva emtricitabine HIVJun-16 Janssen Biotech Glenmark Pharma Zytiga abiraterone OncologyJun-16 Sanofi-Aventis Cadila Healthcare Mozobil plerixafor non-Hodgkin's lymphomaJul-16 Sanofi-Aventis Cadila Healthcare Mozobil plerixafor non-Hodgkin's lymphomaJul-16 Roche Cadila Aloxi palonosetron hydrochloride prevention of acute nausea Jul-16 AstraZeneca AB Aurobindo Nexium 24HR esomeprazole magnesium treatment of acid refluxJul-16 Hyperion Therapeutics Lupin Ravicti Glycerol Phenylbutyrate urea cycle disordersJul-16 Gilead Sciences, Inc. Aurobindo Truvada emtricitabine / tenofovir disoproxil fumarate HIVAug-16 Lupin InvaGen Pharma Antara fenofibrate hypercholesterolemiaAug-16 Reckitt Benckiser Inc. Sun Pharma Mucinex guaifenesin / pseudoephedrine hydrochloride bronchial congestionAug-16 Dexcel Aurobindo Prilosec Omeprazole HeartburnSep-16 Pfizer Aurobindo Toviaz fesoterodine fumarate overactive bladderSep-16 Arena Pharma Lupin Belviq lorcaserin weight lossSep-16 Brigham and Women's Hospital InSun Pharma Sensipar cinacalcet hydrochloride hyper parathyroidismSep-16 Brigham and Women's Hospital InStrides Inc. Sensipar cinacalcet hydrochloride hyper parathyroidismSep-16 Brigham and Women's Hospital InCipla Sensipar cinacalcet hydrochloride hyper parathyroidismSep-16 Eli Lilly and Co., ICOS Corp. Cipla Cialis tadalafil erectile dysfunctionSep-16 Brigham and Women's Hospital InAurobindo Sensipar cinacalcet hydrochloride hyper parathyroidismSep-16 Eli Lilly and Co., ICOS Corp. Alembic Pharma Cialis tadalafil erectile dysfunctionOct-16 Amgen Inc. Ajanta Pharma Sensipar cinacalcet calcium reducerOct-16 Amgen Inc. Dr Reddy's Lab Sensipar cinacalcet calcium reducerOct-16 UCB, Inc. Cadila Healthcare Vimpat lacosamide partial-onset seizuresOct-16 Astellas Pharma Lupin Myrbetriq mirabegron overactive bladderOct-16 Astellas Pharma Cadila Healthcare Myrbetriq mirabegron overactive bladderOct-16 Astellas Pharma Aurobindo Pharma Myrbetriq mirabegron overactive bladderOct-16 AstraZeneca AB Glenmark Pharma Nexium 24HR esomeprazole magnesium treatment of acid refluxOct-16 Celgene Corp. Dr Reddy's Lab Revlimid lenalidomide multiple myelomaOct-16 Otsuka Pharma Zydus Pharma Abilify Aripiprazole SchizophreniaOct-16 Onyx Therapeutics Cipla Kyprolis carfilzomib multiple myelomaOct-16 Eli Lilly Cipla Axiron Hypogonadism TestosteroneOct-16 Galderma Lab Sun Pharma Oracea doxycycline infectionsOct-16 Eli Lilly Cipla Axiron Hypogonadism TestosteroneOct-16 Indoco Remedies Zydus Pharma Abilify Aripiprazole SchizophreniaOct-16 Eli Lilly Cipla Axiron Hypogonadism TestosteroneNov-16 Onyx Therapeutics Dr Reddy's Lab Kyprolis carfilzomib multiple myelomaNov-16 Onyx Therapeutics Cadila Kyprolis carfilzomib multiple myelomaNov-16 Indoco Remedies Zydus Pharma Abilify Aripiprazole SchizophreniaNov-16 UCB Inc Cadila Neupro rotigotine ParkinsonNov-16 Amarin Pharma Dr Reddy's Lab Vascepa icosapent ethy hypertri- glyceridemiaNov-16 Medicis Pharma Dr Reddy's Lab Solodyn minocycline infectionsDec-16 Sanofi-Aventis Torrent Pharma AUBAGIO teriflunomide multiple sclerosisDec-16 AstraZeneca AB Cipla Nexium 24HR esomeprazole treatment of acid refluxDec-16 Sanofi-Aventis Glenmark AUBAGIO teriflunomide multiple sclerosisDec-16 Sanofi-Aventis Alembic Pharma AUBAGIO teriflunomide multiple sclerosisDec-16 Wyeth Pharma Alembic Pharma BOSULIF bosutinib leukemiaDec-16 Sanofi-Aventis Aurobindo AUBAGIO teriflunomide multiple sclerosisDec-16 Eli Lilly and Co., ICOS Corp. Ajanta Pharma CIALIS tadalafil erectile dysfunctionDec-16 Astellas Pharma Cadila XTANDI enzalutamide prostate cancerDec-16 Cephalon, Inc. Cipla Abraxane paclitaxel breast cancerJan-17 Sanofi-Aventis Biocon AUBAGIO teriflunomide multiple sclerosisJan-17 Sanofi-Aventis Teva Pharma AUBAGIO teriflunomide multiple sclerosisJan-17 Sanofi-Aventis MSN Laboratories AUBAGIO teriflunomide multiple sclerosisJan-17 Sanofi-Aventis Hetero Labs AUBAGIO teriflunomide multiple sclerosisJan-17 Sanofi-Aventis Zydus Pharma (USA) AUBAGIO teriflunomide multiple sclerosisJan-17 AbbVie Inc Aurobindo Pharma KALETRA ritonavir HIVJan-17 Novartis AG Aurobindo Pharma GILENYA fingolimod multiple sclerosisJan-17 Novartis AG Aurobindo Pharma GILENYA fingolimod multiple sclerosisJan-17 Shionogi Inc Aurobindo Pharma FORTAMET metformin Type 2 diabetesJan-17 Dow Pharma Taro Pharma ONEXTON cindamycin phosphate, benzoyl peroxide AcneJan-17 Aptalis Pharma Zydus Pharma (USA) CANASA mesalamine Ulcerative proctitisFeb-17 Pfizer Inc Torrent Pharma TOVIAZ glatiramer acetate IncontinenceFeb-17 Biomarin Pharma Dr. Reddy's Lab KUVAN sapropterin PhenylketonuriaFeb-17 AstraZeneca AB Dr. Reddy's Lab FASLODEX fulvestrant Breast cancerFeb-17 iCeutica Pty Ltd Lupin Ltd VIVLODEX meloxicam Osteoarthritis painFeb-17 Pfizer Inc Sun Pharma XELJANZ XR tofacitinib citrate Rheumatoid arthritis

Source: Bloomberg, ICICIdirect.com Research


IPM grows 7% YoY in February as NLEM, DEMO weigh • The Indian pharmaceutical market (IPM) grew 7.1% YoY to | 8980 crore

for February. IPM growth was mainly driven by volumes increase – 2.1%, new product launches – 3.3% and price hikes- 1.4%

• The fixed dosage combination (FDCs) related market de-grew 34.9% resulting in a 1.3% squeeze to overall growth

• Drugs under NLEM list declined 8% to | 942 crore while non-NLEM drugs posted growth of 9.6% to | 7637 crore. Volume growth in NLEM and non-NLEM was 1.8% and -0.3%, respectively

• Among companies under I-direct coverage, Ajanta Pharma, Cadila, Glenmark, Natco, Torrent Pharma, Unichem and Sun have registered higher than industry growth

• Therapy wise, 13 therapies have outpaced IPM growth. Notable among them with growth rates- anti-diabetic – 16.1%, gynaecology – 9.7% and derma – 12.0%. On the other hand, anti-Infectives declined 4.2% YoY and anti-malarials declined 18.2% YoY

• In all, 180 new brands were launched in February 2017 • On a MAT basis, IPM growth was at 10.2% YoY to | 110149 crore • Domestic and MNC companies have grown 7.1%in February 2017 Exhibit 3: Domestic formulations - growth trend [

13.5

8.1

5.5 7.

8

7.7

9.7 11

.0

17.4

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20

15.7

10.1

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-5

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(%)

Indian Pharma Market

Source: AIOCD data base, ICICIdirect.com Research

Exhibit 4: Companies growth in domestic market in February, 2017

3.6

10.6

15.5

0.9

8.29.4

-2.6

3.3

-3.3

13.5

6.33.0 5.4

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-5

0

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Aja

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Ale

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Cadi

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Cipl

a

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Lupi

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Pfize

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Phar

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Therapy wise performance (| crore) Therapy Feb' 17 Feb' 16 YoY (%) Jan' 17 MoM (%)Anti-Infectives 1209 1262 -4.2 1192 1.4Cardiac 1150 1067 7.8 1180 -2.5GI 1026 952 7.7 1028 -0.2Vitamins 757 714 6.1 759 -0.2Anti Diabetic 813 700 16.1 834 -2.5Respiratory 714 708 0.9 761 -6.2Pain 597 555 7.5 601 -0.8Neuro 554 531 4.4 571 -2.9Derma 547 488 12.0 563 -2.8Gynaecological 478 436 9.7 472 1.3Anti-Neoplastics 198 157 25.7 210 -5.9Ophthal 163 157 3.8 158 3.0Vaccines 167 130 29.2 162 3.3Hormones 157 143 9.8 158 -0.7Urology 104 93 12.0 103 0.4Blood Related 110 87 25.9 108 1.9Others 112 84 33.7 107 4.5Sex Stimulants 60 50 20.9 59 2.0Anti Malarials 27 33 -18.2 21 26.4Stomatologicals 38 38 -2.3 40 -5.8

Source: AIOCD data base

Top brands in Indian pharma market Brand Company Therapy Feb' 17 YoY (%)Mixtard Abbott Anti Diabetic 508.0 -1.4Glycomet Gp USV Anti Diabetic 402.0 22.2Spasmo ProxyvoWockhardt GI 369.0 16.3Lantus Sanofi India Anti Diabetic 337.0 27.1Galvus Met Novartis Anti Diabetic 319.0 21.4Liv 52 Himalaya GI 293.0 13.0Augmentin GSK Anti-Infectives 283.0 -12.3Monocef Aristo Anti-Infectives 278.0 -2.6Janumet Msd Anti Diabetic 276.0 15.3Clavam Alkem Anti-Infectives 275.0 13.6

Source: AIOCD data base Industry acute to chronic therapy ratio percentage…

Acute, 52850, 48.0%

Chronic, 34815, 31.6%

Sub-Chronic, 22484, 20.4%

Source: AIOCD data base; As per AIOCD MAT Feb 2017


Sun Pharmaceuticals

507090

110130150

Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17

CNX Pharma Sun Pharma

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

13.5

8.1

5.5

9.7

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11.0

17.4

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.1

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Indian Pharma Market Sun Pharma


Exhibit 6: Market share in Indian formulations market

8.6 8.7 8.6 8.6 8.6 8.5 8.4 8.4 8.58.8 8.6 8.68.7

6.06.57.07.58.08.59.09.5

10.0

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Sun Pharma


Exhibit 7: Top 10 brands performance (| crore) Brand Therapy Feb' 17 Feb' 16 Var. (%) Jan' 17 Var. (%)

Volini Pain 18.4 17.3 6.4 19.1 -3.7

Rosuvas Cardiac 18.2 15.3 19.0 16.7 9.0

Istamet Anti Diabetic 17.4 14.4 20.8 17.8 -2.2

Gemer Anti Diabetic 16.0 13.3 20.3 16.5 -3.0

Levipil Neuro 14.5 13.0 11.5 14.6 -0.7

Susten Gynaecological 13.8 13.5 2.2 14.0 -1.4

Pantocid Gastro Intestinal 11.5 11.5 0.0 11.6 -0.9

Revital H Vitamins 11.4 8.8 29.5 11.1 2.7

Moxclav Anti-Infectives 10.2 7.2 41.7 9.5 7.4

Pantocid Dsr Gastro Intestinal 9.8 9.8 0.0 9.8 0.0


Exhibit 8: Contribution of therapies to domestic sales (MAT Feb’17)

z

Cardiac, 30%

Neuro , 27%

Gastro Intestinal, 18%

Anti-Infectives, 17%

Derma, 8%


Exhibit 9: Therapy wise performance (| crore)

Therapy Feb' 17 Feb' 16 YoY (%) Jan' 17 MoM (%)

Cardiac 149.3 134.9 10.7 150.4 -0.7

Neuro 135.9 126.6 7.3 138.7 -2.0

Gastro Intestinal 89.2 84.4 5.7 88.8 0.5

Anti-Infectives 84.2 85.1 -1.1 78.3 7.5

Derma 42.9 30.7 39.7 76.3 -43.8

Anti Diabetic 73.9 66.4 11.3 54.0 36.9

Respiratory 31.0 28.4 9.2 43.7 -29.1

Pain 51.5 50.6 1.8 33.3 54.7

Gynaecological 29.6 30.9 -4.2 30.5 -3.0

Vitamins 31.4 27.2 15.4 30.0 4.7


Acute : Chronic contribution (| crore; MAT Feb’17)

Acute, 3753, 39.7%

Chronic, 4387, 46.4%



Brands contribution to domestic sales (MAT Feb’17)

18%

9%

7%

10%

56%

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

13.5

8.1

5.5

9.7

7.8

11.0

17.4

13.5

9.1

15.7

7.7 10

.1

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Indian Pharma Market Cipla



5.1

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4.6 4.6

4.94.8

4.7 4.74.8

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Cipla



Foracort Respiratory 19.2 16.8 14.3 19.8 -3.0

Duolin Respiratory 15.1 12.5 20.8 16.6 -9.0

Budecort Respiratory 12.7 15.8 -19.6 13.1 -3.1

Seroflo Respiratory 12.5 11.1 12.6 13.7 -8.8

Asthalin Respiratory 12.2 12.1 0.8 12.9 -5.4

Amlopres At Cardiac 9.4 4.6 104.3 6.1 54.1

Montair Lc Respiratory 8.9 7.5 18.7 9.4 -5.3

Aerocort Respiratory 8.8 8.2 7.3 8.9 -1.1

Cefbact T Anti-Infectives 8.6 0.9 855.6 0.2 4200.0

Dytor Cardiac 7.4 6.0 23.3 7.5 -1.3



Respiratory, 31%


Cardiac, 12%


Urology, 5%

Other, 19%



Therapy Feb' 17 Feb' 16 YoY (% ) Jan' 17 M oM (%)

Respiratory 139.6 134.3 3.9 149.6 - 6.7

Ant i- Infect ives 107.8 118.3 -8.9 99.0 8.9

Cardiac 58.6 48.2 21.6 55.1 6.4

Gas tro Int es tinal 31.7 30.1 5.3 28.2 12.4

Urology 21.7 18.0 20.6 21.8 - 0.5

Neuro 16.5 14.9 10.7 16.8 - 1.8

Ophthal 14.6 13.6 7.4 14.7 - 0.7

Pain 11.9 12.3 -3.3 12.2 - 2.5

Derma 10.3 10.6 -2.8 10.0 3.0

Gynaecological 6.8 7.6 -10.5 7.1 - 4.2



Acute, 2401, 45.5%

Chronic, 2196, 41.6%

Sub-Chronic,

685, 13.0%



24%

12%

9%12%

43%




Dr. Reddy’s Labs

Stock Performance) Stock Performance

6080

100120140


CNX Pharma Dr. Reddys


13.5

8.1

5.5

9.7

7.8 11

.0

17.4

13.5

9.1

15.7

7.7 10

.1

7.1

31.3

6.3

-1.6

3.9

1.5

5.2

17.3

22.6

7.5

4.9

-2.7 0.5

-3.3-5

0

5

10

15

20

25

30

35

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Dr. Reddys Lab



2.62.3 2.1 2.1 2.3 2.2 2.3 2.4 2.2 2.3 2.4 2.3 2.3

0.6

1.1

1.6

2.1

2.6

3.1

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Dr. Reddys Lab



Omez D Gastro Intestinal 9.0 9.1 -1.1 8.3 8.4

Omez Gastro Intestinal 8.7 11.6 -25.0 9.2 -5.4

Atarax Respiratory 5.4 4.1 31.7 5.3 1.9

Razo D Gastro Intestinal 5.3 4.3 23.3 5.3 0.0

Econorm Gastro Intestinal 5.1 7.4 -31.1 4.7 8.5

Stamlo Cardiac 5.0 6.8 -26.5 5.5 -9.1

Razo Gastro Intestinal 4.6 4.2 9.5 4.8 -4.2

Reditux Anti-Neoplastics 4.3 3.4 26.5 3.9 10.3

Ketorol Pain 4.2 3.3 27.3 3.9 7.7

Stamlo Beta Cardiac 4.1 3.9 5.1 4.1 0.0




Cardiac, 14%

Anti-Neoplastics,

14%Respiratory,

9%

Anti-Infectives, 7%

Other, 35%




Gastro Intestinal 42.5 46.1 -7.8 41.7 1.9

Cardiac 28.6 31.7 -9.8 28.7 -0.3

Anti-Neoplastics 27.4 22.7 20.7 27.5 -0.4

Respiratory 20.5 20.1 2.0 20.7 -1.0

Anti-Infectives 15.4 16.6 -7.2 15.7 -1.9

Anti Diabetic 13.8 13.8 0.0 14.6 -5.5

Pain 12.6 13.9 -9.4 13.7 -8.0

Derma 11.6 15.2 -23.7 12.5 -7.2

Urology 7.3 8.3 -12.0 7.7 -5.2

Neuro 7.1 8.1 -12.3 7.6 -6.6



Acute, 1284, 51.6%

Chronic, 695, 27.9%

Sub-Chronic,

508, 20.4%


Brands contribution to domestic sales (MAT Feb17)

27%

16%

10%13%

34%




Lupin

Stock Performance

6080

100120140


CNX Pharma Lupin



13.5

8.1

5.5

9.7

7.8

11.0

17.4

13.5

9.1

15.7

7.7 10

.1

7.1

18.4 20

.8

10.1 11

.8

4.6

11.2 12

.5

19.7 21

.2

17.5

5.5

8.6

5.4

0

5

10

15

20

25

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Lupin



3.3 3.33.3 3.3

3.1 3.2 3.2

3.5

3.6

3.3 3.3 3.33.3

3.0

3.2

3.4

3.6

3.8

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Lupin



Gluconorm-G Anti Diabetic 14.7 12.0 22.5 15.3 -3.9

Budamate Respiratory 8.3 7.4 12.2 9.2 -9.8

Tonact Cardiac 7.0 7.8 -10.3 7.5 -6.7

Rablet-D Gastro Intestinal 5.6 4.7 19.1 5.5 1.8

Esiflo Respiratory 4.4 4.0 10.0 5.0 -12.0

Rablet Gastro Intestinal 4.1 3.8 7.9 4.0 2.5

Ivabrad Cardiac 4.0 3.4 17.6 4.2 -4.8

Telekast-L Respiratory 3.8 3.5 8.6 4.4 -13.6

Novastat Cardiac 3.7 2.9 27.6 3.6 2.8

Clopitab-A Cardiac 3.4 3.2 6.3 3.6 -5.6



Cardiac, 24%


Anti Diabetic, 13%Respiratory,

13%


Other, 23%




Cardiac 71.1 70.1 1.4 75.4 -5.7

Anti-Infectives 49.9 57.9 -13.8 50.2 -0.6

Anti Diabetic 42.3 31.6 33.9 43.2 -2.1

Respiratory 40.7 36.4 11.8 43.2 -5.8

Gastro Intestinal 23.6 20.8 13.5 23.9 -1.3

Neuro 14.3 14.2 0.7 15.0 -4.7

Vitamins 13.0 13.2 -1.5 13.4 -3.0

Pain 11.9 11.6 2.6 12.5 -4.8

Gynaecological 11.8 10.1 16.8 11.6 1.7

Ophthal 2.4 1.9 26.3 2.4 0.0



Acute, 1180, 32.4%

Chronic, 1805, 49.6%

Sub-Chronic,

656, 18.0%



25%

14%11%

16%

34%




Cadila Healthcare

Stock Performance

6080

100120140


CNX Pharma Cadila Healthcare


13.5

8.1

5.5

9.7

7.8

11.0

17.4

13.5

9.1

15.7

7.7

10.1

7.1

15.8

11.5

7.4 10

.1

5.6 7.

1

10.3

15.2

15.6

18.1

12.3

17.3

10.6

02468

101214161820

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Cadila Healthcare



4.3 4.4 4.3 4.24.1 4.0 4.0

4.24.4

4.34.4

4.54.4

3.0

3.4

3.8

4.2

4.6

5.0

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Cadila Healthcare



Skinlite Derma 17.8 17.7 0.6 17.8 0.0

Deriphyllin Respiratory 10.5 10.0 5.0 11.6 -9.5

Atorva Cardiac 9.9 11.5 -13.9 9.4 5.3

Mifegest Kit Gynaecological 9.6 11.6 -17.2 8.8 9.1

Pantodac Gastro Intestinal 8.9 8.7 2.3 8.8 1.1

Thrombophob Pain 6.2 4.9 26.5 5.5 12.7

Formonide Respiratory 6.1 5.3 15.1 6.2 -1.6

Amicin Anti-Infectives 6.1 3.6 69.4 4.9 24.5

Amlodac Cardiac 5.6 5.6 0.0 5.2 7.7

Deca Durabolin Others 5.6 0.0 NA 3.4 64.7



Cardiac, 15% Anti-Infectives,

15%


Respiratory, 10%

Gynaecological, 9%

Other, 39%




Cardiac 59.7 55.8 7.0 60.5 -1.3

Anti-Infectives 54.0 49.9 8.2 57.8 -6.6


Respiratory 42.5 40.0 6.3 46.3 -8.2

Gynaecological 40.1 40.7 -1.5 37.9 5.8

Pain 36.3 31.6 14.9 36.8 -1.4

Derma 31.3 28.1 11.4 31.0 1.0


Vitamins 17.6 14.2 23.9 18.3 -3.8

Others 11.8 5.4 118.5 10.4 13.5



Acute, 2286, 49.1%

Chronic, 1497, 32.1%

Sub-Chronic,

875, 18.8%



21%

12%

9%12%

46%




GlaxoSmithKline

Stock Performance

6080

100120140


CNX Pharma GSK Pharma



13.5

8.1

5.5

9.7

7.8 11

.0

17.4

13.5

9.1

15.7

7.7 10

.1

7.1

3.1

-6.2

-8.6 -0.7

-6.7

3.6

4.3

-3.3

-10.

5

-0.4

-5.4

5.0

6.3

-15

-10

-5

0

5

10

15

20

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market GSK Pharma



3.2 3.1 3.1 3.0 2.9 3.0 3.0 2.9 2.9 3.0 3.03.2 3.2

0.6

1.1

1.6

2.1

2.6

3.1

3.6

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

GSK Pharma



Augmentin Anti-Infectives 25.4 27.8 -8.6 25.4 0.0

Synflorix Vaccines 24.9 15.8 57.6 22.1 12.7

Betnovate N Derma 15.0 12.8 17.2 15.1 -0.7

Zinetac Gastro Intestinal 13.9 13.4 3.7 18.3 -24.0

Betnovate C Derma 13.6 14.1 -3.5 15.4 -11.7

Calpol Pain 12.7 13.8 -8.0 12.7 0.0

Eltroxin Hormones 12.2 11.5 6.1 12.7 -3.9

Ceftum Anti-Infectives 9.6 10.1 -5.0 10.6 -9.4

Rotarix Vaccines 8.4 8.7 -3.4 8.4 0.0

Havrix (Pead.) Vaccines 8.1 4.4 84.1 7.4 9.5




Derma, 17%

Vaccines, 18%Respiratory, 8%

Vitamins , 8%

Other, 27%




Anti-Infectives 59.3 62.6 -5.3 61.1 -2.9

Derma 57.7 47.6 21.2 57.8 -0.2

Vaccines 56.3 46.5 21.1 53.9 4.5

Respiratory 21.7 22.8 -4.8 23.2 -6.5

Vitamins 21.2 17.7 19.8 21.4 -0.9

Hormones 20.7 20.7 0.0 21.8 -5.0

Pain 20.6 23.1 -10.8 21.2 -2.8


Cardiac 4.4 4.4 0.0 4.5 -2.2

Gynaecological 1.6 3.0 -46.7 1.8 -11.1



Acute, 2192, 65.8%

Chronic, 423, 12.7%

Sub-Chronic,

717, 21.5%



50%

17%

9%

11%

13%




Wockhardt

Stock Performance

050

100150200250300350400


CNX Pharma Wockhardt


13.5

8.1

5.5

9.7

7.8

11.0

17.4

13.5

9.1

15.7

7.7

10.1

7.1

4.7

2.9 4.

8

9.3

1.0

1.8

10.7

4.1

2.4

17.9 18

.8

13.5

11.6

02468

101214161820

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Wockhardt



1.3 1.3 1.3 1.2 1.2 1.2 1.2 1.3 1.3 1.4 1.4 1.4 1.4

0.00.20.40.60.81.01.21.41.6

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Wockhardt



Spasmo Proxyvon PluGastro Intestinal 38.3 24.8 54.4 37.9 1.1

Practin Vitamins 6.5 6.0 8.3 7.5 -13.3

Tryptomer Neuro 5.4 5.1 5.9 3.9 38.5

Bro Zedex Respiratory 4.2 5.0 -16.0 4.6 -8.7

Methycobal Vitamins 4.0 3.6 11.1 3.9 2.6

Wepox Blood Related 3.6 0.5 620.0 3.1 16.1

Butaproxyvon Pain 3.4 2.2 54.5 3.0 13.3

Biovac A Vaccines 3.2 2.5 28.0 3.4 -5.9

Zedex Respiratory 3.0 3.5 -14.3 4.0 -25.0

Biovac V Vaccines 3.0 3.5 -14.3 3.3 -9.1




Vitamins , 15%Respiratory,

12%Neuro , 8%

Anti Diabetic, 7%

Other, 31%





Vitamins 15.7 15.5 1.3 17.1 -8.2

Respiratory 15.0 16.4 -8.5 16.6 -9.6

Neuro 10.0 9.0 11.1 8.5 17.6

Anti Diabetic 7.6 8.0 -5.0 8.0 -5.0

Pain 7.5 7.9 -5.1 7.2 4.2

Vaccines 7.1 6.1 16.4 7.6 -6.6

Anti-Infectives 7.0 8.7 -19.5 6.0 16.7

Derma 6.4 7.4 -13.5 7.0 -8.6

Blood Related 3.8 0.8 375.0 3.2 18.8



Acute, 987,

68.8%

Chronic, 292,

20.4%

Sub-Chronic,

155, 10.8%



56%

14%

8%

8%

14%



Glenmark Pharmaceuticals

Stock Performance

6080

100120140160180200


CNX Pharma Glenmark



13.5

8.1

5.5

9.7

7.8 11

.0

17.4

13.5

9.1

15.7

7.7 10

.1

7.1

19.8

14.9

8.6

8.7

7.6 8.6

21.0

11.9

7.8

19.7

6.0

15.8

13.5

-4

4

12

20

28

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Glenmark Pharma



2.4 2.42.3

2.2

2.3 2.3

2.42.3

2.42.5 2.5

2.62.5

2.1

2.2

2.3

2.4

2.5

2.6

2.7

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Glenmark Pharma



Telma H Cardiac 14.2 11.8 20.3 15.7 -9.6

Telma Cardiac 13.6 16.5 -17.6 15.0 -9.3

Ascoril Plus Respiratory 11.4 9.5 20.0 11.7 -2.6

Telma Am Cardiac 7.6 6.5 16.9 7.7 -1.3

Candid-B Derma 6.6 6.9 -4.3 8.6 -23.3

Candid Derma 6.2 5.6 10.7 6.7 -7.5

Ascoril Ls Respiratory 5.6 5.1 9.8 5.7 -1.8

Zitamet Plus Anti Diabetic 4.0 2.7 48.1 4.1 -2.4

Onabet Derma 3.8 3.3 15.2 3.7 2.7

Canditral Anti-Infectives 3.6 2.5 44.0 3.2 12.5



Derma, 28%

Cardiac, 22%Respiratory, 16%


Anti Diabetic, 7%

Other, 13%




Derma 59.2 54.8 8.0 64.1 -7.6

Cardiac 50.2 47.4 5.9 54.0 -7.0

Respiratory 43.6 35.6 22.5 42.2 3.3

Anti-Infectives 31.8 25.4 25.2 29.0 9.7

Anti Diabetic 13.9 14.3 -2.8 14.8 -6.1


Gynaecological 6.1 4.7 29.8 6.0 1.7

Vitamins 4.4 5.1 -13.7 4.7 -6.4

Pain 3.7 4.0 -7.5 3.6 2.8

Ophthal 2.6 2.4 8.3 2.8 -7.1



Acute, 1092, 41.6%

Chronic, 918, 35.0%

Sub-Chronic,

616, 23.5%



35%

12%10%

13%

30%




Torrent Pharmaceuticals

Stock Performance

4080

120160200


CNX Pharma Torrent Pharma


13.5

8.1

5.5

9.7

7.8

11.0

17.4

13.5

9.1

15.7

7.7 10

.1

7.113

.6

11.4

4.2

6.3

6.6 10

.2

17.0

21.2

14.6

21.9

14.5 17

.0

9.9

0

5

10

15

20

25

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Torrent Pharma



2.3 2.3 2.3 2.32.4

2.32.2 2.2 2.2

2.3 2.3 2.3 2.3

1.5

1.71.9

2.1

2.32.5

2.72.9

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Torrent Pharma



Shelcal Vitamins 13.9 13.5 3.0 14.3 -2.8

Chymoral Forte Pain 8.6 6.8 26.5 8.7 -1.1

Nikoran Cardiac 7.7 7.9 -2.5 8.0 -3.8

Azulix-Mf Anti Diabetic 7.1 4.5 57.8 7.0 1.4

Nebicard Cardiac 6.7 5.1 31.4 6.9 -2.9

Dilzem Cardiac 6.3 6.0 5.0 6.3 0.0

Nexpro Rd Gastro Intestinal 5.7 5.2 9.6 5.8 -1.7

Nexpro Gastro Intestinal 4.8 4.4 9.1 5.0 -4.0

Rozucor Cardiac 3.9 3.4 14.7 4.0 -2.5

Deplatt Cv Cardiac 3.5 3.4 2.9 3.5 0.0



Cardiac, 30%

Neuro , 17%Gastro Intestinal, 15%

Vitamins , 14%

Anti Diabetic, 7%

Other, 17%




Cardiac 63.9 59.8 6.9 65.0 -1.7

Neuro 37.3 32.9 13.4 36.6 1.9


Vitamins 28.1 27.6 1.8 28.7 -2.1

Anti Diabetic 16.0 11.9 34.5 16.0 0.0

Pain 14.9 12.6 18.3 14.9 0.0

Derma 7.0 6.2 12.9 7.1 -1.4

Anti-Infectives 6.5 8.1 -19.8 6.9 -5.8

Gynaecological 2.3 2.7 -14.8 2.3 0.0

Respiratory 0.9 0.6 50.0 0.9 0.0



Acute, 579, 22.9%

Chronic, 1353, 53.4%

Sub-Chronic,

602, 23.8%



32%

14%9%

12%

33%




Ipca Laboratories

Stock Performance

5075

100125150


CNX Pharma Ipca


13.5

8.1

5.5

9.7

7.8 11

.0

17.4

13.5

9.1

15.7

7.7 10

.1

7.1

11.1

2.2

3.0

3.0

4.1

17.9

28.8

8.7

4.9

8.8

2.9

2.0

3.0

0

5

10

15

20

25

30

35

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Ipca Lab



1.2 1.1 1.2 1.2 1.21.3 1.4 1.4 1.3

1.2 1.1 1.1 1.1

0.0

0.5

1.0

1.5

2.0

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Ipca Lab



Zerodol Sp Pain 8.7 8.4 3.6 7.7 13.0

Hcqs Anti Malarials 6.3 5.3 18.9 5.1 23.5

Zerodol P Pain 5.1 5.7 -10.5 6.3 -19.0

Glycinorm M Anti Diabetic 3.2 2.9 10.3 3.3 -3.0

Folitrax Anti-Neoplastics 2.9 2.7 7.4 2.8 3.6

Zerodol Th Pain 2.5 1.9 31.6 2.3 8.7

Larinate Anti Malarials 2.4 2.0 20.0 1.7 41.2

Zerodol Pain 2.2 2.0 10.0 2.0 10.0

Ctd Cardiac 2.1 2.1 0.0 1.8 16.7

Saaz Gastro Intestinal 2.0 1.5 33.3 2.1 -4.8



Pain , 26%

Cardiac, 16%Anti Malarials,

19%


Anti-Infectives, 6%

Other, 25%




Pain 27.8 26.8 3.7 27.2 2.2

Cardiac 18.2 18.3 -0.5 17.8 2.2

Anti Malarials 13.8 15.3 -9.8 11.1 24.3


Anti-Infectives 6.7 6.3 6.3 6.4 4.7

Anti Diabetic 5.7 5.5 3.6 5.8 -1.7

Respiratory 4.7 5.3 -11.3 4.8 -2.1


Neuro 4.6 3.4 35.3 5.2 -11.5

Derma 4.4 3.2 37.5 4.5 -2.2



Acute, 889, 65.6%

Chronic, 372, 27.4%




37%

16%11%

13%

23%




Biocon

Stock Performance

60100140180220


CNX Pharma Biocon



13.5

8.1

5.5

9.7

7.8

11.0

17.4

13.5

9.1

15.7

7.7 10

.1

7.1

12.0

11.1

7.4

7.4

3.4

3.6

10.7

11.1

3.4

26.9

10.7

10.3

3.6

0

5

10

15

20

25

30

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Biocon



0.3 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.3

0.0

0.2

0.4

0.6

0.8

1.0

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Biocon



Insugen Anti Diabetic 8.2 6.9 18.8 8.4 -2.4

Basalog Anti Diabetic 5.2 4.7 10.6 5.2 0.0

Erypro Blood Related 1.9 1.4 35.7 3.0 -36.7

Canmab Anti-Neoplastics 1.7 1.6 6.3 3.0 -43.3

Insugen R Anti Diabetic 1.7 1.4 21.4 1.8 -5.6

Blisto Mf Anti Diabetic 1.2 1.4 -14.3 1.0 20.0

Abraxane Anti-Neoplastics 0.0 1.1 -100.0 0.0 NA

Biomab Egfr Anti-Neoplastics 1.3 1.4 -7.1 2.4 -45.8

Psorid Anti-Neoplastics 0.7 0.6 16.7 0.8 -12.5

Insugen N Anti Diabetic 0.6 0.6 0.0 0.6 0.0



Anti Diabetic,

57%Anti-

Neoplastics, 22%

Blood Related, 10%

Cardiac, 5%

Anti-Infectives, 2% Other , 4%




Anti Diabetic 18.1 16.2 11.7 18.0 0.6

Anti-Neoplastics 5.7 6.8 -16.2 7.8 -26.9

Blood Related 2.0 1.4 42.9 3.1 -35.5

Cardiac 1.3 1.4 -7.1 1.2 8.3

Anti-Infectives 0.9 0.7 28.6 0.7 28.6

Derma 0.8 0.8 0.0 0.8 0.0

Others 0.2 0.2 0.0 0.3 -33.3

Gastro Intestinal 0.1 0.2 -50.0 0.1 0.0

Vitamins 0.1 0.2 -50.0 0.1 0.0

Pain 0.1 0.0 NA 0.0 NA



Acute, 74, 20.5%

Chronic, 259, 71.3%




79%

10%

5%5%

1%




Pfizer

Stock Performance

4080

120160200


CNX Pharma Pfizer


13.5

8.1

5.5

9.7

7.8

11.0

17.4

13.5

9.1

15.7

7.7 10

.1

7.1

5.0

3.6

2.4

7.6

-0.9

2.8 6.

9

2.4

0.4 6.

4

-3.3

-1.7

0.9

-5

0

5

10

15

20

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Pfizer



2.8 2.8 2.9 2.82.7 2.7 2.6 2.6 2.7 2.6 2.6 2.5 2.6

2.0

2.4

2.8

3.2

3.6

4.0

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Pfizer



Becosules Vitamins 16.9 16.0 5.6 15.8 7.0

Minipress Xl Cardiac 11.2 8.8 27.3 11.3 -0.9

Gelusil Mps Gastro Intestinal 11.1 11.7 -5.1 12.0 -7.5

Dolonex Pain 11.1 10.7 3.7 10.6 4.7

Prevenar 13 Vaccines 11.0 3.2 243.8 11.3 -2.7

Magnex Anti-Infectives 11.0 11.5 -4.3 12.8 -14.1

Mucaine Gastro Intestinal 9.0 8.7 3.4 9.0 0.0

Wysolone Hormones 7.9 6.8 16.2 10.2 -22.5

Corex Dx Respiratory 7.5 5.8 29.3 9.1 -17.6

Ovral L Gynaecological 6.6 4.9 34.7 5.8 13.8



Anti-Infectives,

14%


Gynaecological, 9%

Vitamins , 10%

Hormones, 9%

Other, 48%




Anti-Infectives 34.0 40.3 -15.6 33.4 1.8

Gastro Intestinal 24.5 25.6 -4.3 25.2 -2.8

Gynaecological 22.0 18.7 17.6 22.0 0.0

Vitamins 21.1 20.6 2.4 20.1 5.0

Hormones 20.7 20.0 3.5 23.2 -10.8

Neuro 18.0 18.0 0.0 16.3 10.4

Cardiac 17.5 14.5 20.7 16.8 4.2

Respiratory 17.3 31.7 -45.4 21.2 -18.4

Vaccines 15.4 6.6 133.3 15.9 -3.1

Pain 14.9 14.4 3.5 14.6 2.1



Acute, 1890, 64.3%

Chronic, 472, 16.1%

Sub-Chronic,

579, 19.7%



48%

20%

11%

10%

11%




Novartis

Stock Performance

40

90

140

190


CNX Pharma Novartis India



13.5

8.1

5.5

9.7

7.8 11

.0

17.4

13.5

9.1

15.7

7.7 10

.1

7.1

23.9

21.7

18.2

14.5

4.9

4.5

5.5

14.1

4.8

0

5

10

15

20

25

30

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Novartis India



1.0 1.0 1.0 1.0 1.0 0.9 0.9 1.0 1.01.0

1.0 0.91.0

0.0

0.2

0.4

0.6

0.8

1.0

1.2

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Novartis India



Galvus Met Anti Diabetic 26.4 23.7 11.4 25.7 2.7

Voveran Pain 20.3 15.7 29.3 16.6 22.3

Galvus Anti Diabetic 9.4 8.9 5.6 9.7 -3.1

Tegrital Neuro 4.7 5.1 -7.8 4.8 -2.1

Voveran Pain 2.9 2.8 3.6 3.0 -3.3

Regestrone Gynaecological 2.5 2.6 -3.8 2.4 4.2

Methergin Gynaecological 2.5 2.3 8.7 2.4 4.2

Syntocinon Gynaecological 2.3 2.3 0.0 2.2 4.5

Citro Macalvit Vitamins 1.7 1.5 13.3 1.5 13.3

Macalvit Vitamins 1.6 1.8 -11.1 1.5 6.7



Anti Diabetic, 42%

Pain , 26%

Vitamins , 10%

Gynaecological, 8%

Neuro , 5%Other, 9%




Anti Diabetic 36.2 33.1 9.4 35.9 0.8

Pain 24.1 20.0 20.5 20.5 17.6

Vitamins 8.4 8.8 -4.5 6.7 25.4

Gynaecological 7.4 7.4 0.0 7.0 5.7

Neuro 4.7 5.2 -9.6 4.8 -2.1

Anti-Infectives 2.2 4.2 -47.6 2.2 0.0

Respiratory 1.5 2.2 -31.8 1.7 -11.8

Cardiac 0.7 0.9 -22.2 0.6 16.7

Anti-Neoplastics 0.5 0.2 150.0 0.5 0.0

Hormones 0.4 0.1 300.0 0.2 100.0



Acute, 405, 37.8%

Chronic, 517, 48.4%

Sub-Chronic,

148, 13.8%



83%

9%4%

3%1%




Unichem Laboratories

Stock Performance

70100130160


CNX Pharma Unichem Labs



13.5

8.1

5.5

9.7

7.8

11.0

17.4

13.5

9.1

15.7

7.7 10

.1

7.1

10.6

2.9

8.5 11

.1

12.5

18.3

27.1

20.8 16

.2

21.7

10.7

7.9 8.2

0

5

10

15

20

25

30

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Unichem Lab



0.90.9 0.9

0.90.9

0.9 0.9

0.9

0.90.9

0.9 0.9

0.9

0.80.80.90.90.90.90.90.90.90.90.90.9

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Unichem Lab Source: AIOCD data base, ICICIdirect.com Research

Exhibit 72: Top 10 brands performance (| crore)

Brand Therapy Feb' 17 Feb' 16 Var. (%) Jan' 17 Var. (%)

Losar H Cardiac 8.7 7.1 22.5 8.9 -2.2

Losar Cardiac 6.0 5.6 7.1 6.7 -10.4

Ampoxin Anti-Infectives 5.3 5.5 -3.6 6.1 -13.1

Unienzyme Gastro Intestinal 4.8 3.8 26.3 3.7 29.7

Vizylac Gastro Intestinal 2.4 2.3 4.3 2.5 -4.0

Trika Neuro 2.1 2.0 5.0 2.2 -4.5

Serta Neuro 1.8 1.9 -5.3 1.8 0.0

Arkamin Cardiac 1.8 1.5 20.0 1.7 5.9

Unistar (Unichem) Cardiac 1.7 1.5 13.3 1.8 -5.6

Telsar Cardiac 1.4 1.6 -12.5 1.5 -6.7



Cardiac, 42%


Neuro , 14%


Anti Diabetic, 5%

Other, 11%




Cardiac 34.3 31.9 7.5 36.6 -6.3

Anti-Infectives 11.8 12.2 -3.3 12.9 -8.5

Neuro 11.5 10.3 11.7 11.7 -1.7


Anti Diabetic 4.6 3.1 48.4 4.7 -2.1

Pain 2.9 2.9 0.0 3.0 -3.3

Vitamins 1.9 1.5 26.7 1.9 0.0

Respiratory 1.7 1.7 0.0 1.8 -5.6

Derma 1.7 1.7 0.0 1.8 -5.6

Gynaecological 0.2 0.5 -60.0 0.2 0.0



Acute, 340,

34.5%

Chronic, 585,

59.4%




32%

14%9%

12%

33%




Indoco Remedies

Stock Performance

6080

100120140


CNX Pharma Indoco



13.5

8.1

5.5

9.7

7.8 11

.0

17.4

13.5

9.1

15.7

7.7 10

.1

7.1

5.5 1.

9

0.0 5.

7 11.3

29.3

34.5

18.0

6.3

8.5

5.0

17.5

15.5

0

5

10

15

20

25

30

35

40

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Indoco Remedies



0.7 0.70.6 0.6 0.7

0.8 0.80.7 0.7 0.7 0.7

0.7 0.7

0.50.60.60.70.70.80.80.90.91.01.01.11.1

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indoco Remedies



Febrex Plus Respiratory 6.9 5.6 23.2 7.6 -9.2

Oxipod Anti-Infectives 4.0 3.5 14.3 3.6 11.1

Cyclopam Gastro Intestinal 3.9 3.1 25.8 3.8 2.6

Cital Urology 3.3 2.8 17.9 2.6 26.9

Sensodent-K Stomatologicals 3.0 2.7 11.1 3.1 -3.2

Atm Anti-Infectives 2.6 2.4 8.3 2.7 -3.7

Cyclopam Gastro Intestinal 2.1 1.6 31.3 2.0 5.0

Karvol Plus Respiratory 2.0 2.2 -9.1 2.8 -28.6

Cloben G Derma 1.8 1.6 12.5 1.8 0.0

Sensodent-Kf Stomatologicals 1.5 1.6 -6.3 1.7 -11.8


Exhibit 78: Contribution of therapies to domestic sales (MAT Feb’17) Respiratory,

19%


Stomatologicals, 16%


Vitamins , 8%

Other, 26%




Respiratory 12.8 11.3 13.3 14.3 -10.5

Anti-Infectives 11.9 10.7 11.2 11.5 3.5

Stomatologicals 9.6 9.0 6.7 10.1 -5.0


Vitamins 5.7 4.0 42.5 5.6 1.8

Ophthal 3.7 2.9 27.6 3.2 15.6

Urology 3.6 3.1 16.1 3.0 20.0

Pain 2.7 2.5 8.0 2.7 0.0

Anti Diabetic 2.5 1.8 38.9 2.3 8.7

Derma 2.5 2.3 8.7 2.6 -3.8



Acute, 641,

82.3%

Chronic, 44, 5.6%

Sub-Chronic,

94, 12.1%



48%

15%

9%

10%

18%




Ajanta Pharmaceuticals

Stock Performance

4090

140190240290


CNX Pharma Ajanta



13.5

8.1

5.5

9.7

7.8

11.0

17.4

13.5

9.1

15.7

7.7 10

.1

7.1

15.2

13.6

20.0

18.8

18.8

14.0 15

.7

7.5

11.8 13

.5

11.1

19.2

9.4

0

5

10

15

20

25

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

Sep-

16

Oct-1

6

Nov-

16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Ajanta Pharma



0.6 0.6 0.6 0.7 0.70.6 0.6 0.6 0.6 0.6 0.7 0.70.6

0.00.10.20.30.40.50.60.70.8

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Ajanta Pharma



Met Xl Cardiac 6.8 5.6 21.4 7.6 -10.5

Atorfit Cv Cardiac 4.0 3.9 2.6 4.5 -11.1

Melacare Derma 3.7 4.8 -22.9 4.6 -19.6

Feburic Pain 1.8 1.6 12.5 1.8 0.0

Rosufit Cv Cardiac 1.6 1.4 14.3 2.1 -23.8

Met Xl Am Cardiac 1.5 1.4 7.1 1.7 -11.8

Soft Drops Ophthal 1.5 1.3 15.4 1.5 0.0

Cinod Cardiac 1.3 1.0 30.0 1.4 -7.1

Rosutor Gold Cardiac 1.3 1.1 18.2 1.6 -18.8

Maxmoist Ophthal 0.8 0.6 33.3 0.7 14.3



Cardiac, 37%

Ophthal , 23%Derma, 19%

Pain , 5%

Vitamins , 5%

Others, 11%




Cardiac 21.7 18.5 17.3 24.4 -11.1

Ophthal 14.2 12.5 13.6 13.7 3.6

Derma 10.2 11.4 -10.5 11.2 -8.9

Pain 2.7 2.6 3.8 2.8 -3.6

Vitamins 2.5 2.9 -13.8 2.6 -3.8

Neuro 1.2 1.1 9.1 1.3 -7.7

Anti Diabetic 1.2 0.6 100.0 1.3 -7.7

Anti-Infectives 1.1 0.9 22.2 1.5 -26.7

Gastro Intestinal 1.0 1.3 -23.1 1.2 -16.7

Others 0.5 0.0 NA 0.4 25.0



Acute, 264, 38.5%

Chronic, 347, 50.5%

Sub-Chronic,

75, 11.0%



43%

12%9%

12%

24%




Alembic Pharmaceuticals

Stock Performance

406080

100120140160180200


CNX Pharma Alembic Pharma



13.5

8.1

5.5

9.7

7.8 11

.0

17.4

13.5

9.1

15.7

7.7 10

.1

7.1

13.6

7.9

4.7

12.1

11.9

18.0 20

.3

11.3

6.4

4.2

-2.4

-1.7 -2

.6

-5

0

5

10

15

20

25Fe

b-16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Indian Pharma Market Alembic



1.4

1.3

1.3 1.31.3

1.41.4

1.4 1.4

1.3 1.31.3

1.3

1.2

1.2

1.3

1.3

1.4

1.4

1.5

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep-

16

Oct-1

6

Nov

-16

Dec-

16

Jan-

17

Feb-

17

(%)

Alembic


Exhibit 87: Top 10 brands performance (| crore)

Brand Therapy Feb' 17 Feb' 16 Var. (%) Jan' 17 Var. (%)

Azithral Anti-Infectives 11.5 12.1 -5.0 11.5 0.0

Althrocin Anti-Infectives 5.5 5.5 0.0 6.3 -12.7

Wikoryl Respiratory 4.8 4.7 2.1 5.3 -9.4

Gestofit Gynaecological 4.4 4.6 -4.3 4.7 -6.4

Roxid Anti-Infectives 3.6 4.9 -26.5 4.2 -14.3

Rekool D Gastro Intestinal 2.4 2.7 -11.1 2.5 -4.0

Ulgel Gastro Intestinal 2.1 2.7 -22.2 2.2 -4.5

Richar Gynaecological 1.9 2.0 -5.0 2.2 -13.6

Glisen Mf Anti Diabetic 1.8 2.0 -10.0 1.9 -5.3

Rekool Gastro Intestinal 1.7 2.1 -19.0 1.9 -10.5




Cardiac, 14%Respiratory,

13%Gastro Intestinal, 13%

Gynaecological, 12%

Other, 26%



Therapy Feb' 17 Feb' 16 YoY (%) Jan' 17 MoM (%)Anti-Infectives 24.7 27.1 -8.9 26.0 -5.0Cardiac 17.3 16.5 4.8 17.9 -3.4Respiratory 15.5 17.0 -8.8 17.3 -10.4Gastro Intestinal 13.5 15.3 -11.8 14.2 -4.9Gynaecological 12.9 12.3 4.9 13.7 -5.8Anti Diabetic 8.6 7.4 16.2 9.0 -4.4Vitamins 8.5 8.9 -4.5 8.7 -2.3Pain 3.5 4.4 -20.5 3.8 -7.9Urology 3.2 2.3 39.1 3.0 6.7Derma 1.8 2.2 -18.2 1.8 0.0



Acute, 836,

57.0%

Chronic 231.46, 18.8%

Sub-Chronic 214.35, 17.4%



43%

12%9%

12%

24%



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

05

1015202530354045

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

x

CNX Pharma Sensex

21% Premium

[

Source: Company, ICICIdirect.com Research

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

Code (|) (|) (| Cr) FY16 FY17E FY18E FY19E FY16 FY17E FY18E FY19E FY16 FY17E FY18E FY19E FY16 FY17E FY18E FY19E

Ajanta Pharma AJAPHA 1764 1,960 Buy 15524.1 45.4 59.7 66.3 75.3 38.8 29.6 26.6 23.4 42.9 39.2 34.9 31.7 34.2 33.1 28.4 25.6

Alembic Pharma ALEMPHA 617 615 Hold 11622.0 38.2 22.0 24.5 30.6 16.2 28.1 25.2 20.1 51.5 26.0 23.1 24.8 44.9 21.9 20.8 21.9

Apollo Hospitals APOHOS 1225 1,440 Buy 17038.0 22.2 19.9 32.6 49.1 55.2 61.5 37.6 25.0 8.2 7.5 10.5 14.6 8.9 7.5 11.1 14.7

Aurobindo Pharma AURPHA 687 965 Buy 40183.6 33.9 40.1 40.7 50.7 20.2 17.1 16.9 13.5 23.3 24.3 21.3 23.0 28.1 25.3 20.7 20.8

Biocon BIOCON 1123 1,120 Buy 22456.0 23.1 32.6 34.4 44.2 48.5 34.4 32.6 25.4 9.1 13.0 13.7 16.5 11.4 14.4 13.7 15.4

Cadila Healthcare CADHEA 443 425 Hold 45382.5 15.0 11.2 16.6 21.1 29.6 39.5 26.7 21.0 26.7 14.4 19.9 22.9 28.6 18.5 22.8 23.8Cipla CIPLA 602 575 Hold 48429.2 18.5 17.8 24.7 31.9 32.5 33.7 24.3 18.9 12.0 10.9 14.0 16.6 12.5 10.9 13.4 15.0

Divi's Lab DIVLAB 776 925 Buy 20603.0 41.8 44.6 51.8 57.9 18.6 17.4 15.0 13.4 30.7 28.5 28.0 26.5 25.9 23.0 22.2 20.7

Dr Reddy's Labs DRREDD 2758 2,930 Hold 45690.8 141.4 74.5 114.5 154.3 19.5 37.0 24.1 17.9 17.3 7.0 11.5 15.1 20.6 10.0 13.6 15.8

Glenmark Pharma GLEPHA 900 1,155 Buy 25395.1 32.2 63.0 54.4 60.8 28.0 14.3 16.5 14.8 16.2 26.8 20.8 21.9 21.2 29.7 20.6 18.8

Indoco Remedies INDREM 258 315 Buy 2375.2 9.4 8.9 14.2 18.5 27.5 29.1 18.1 13.9 12.9 9.7 14.9 18.1 14.8 12.6 17.4 19.2

Ipca Laboratories IPCLAB 556 560 Hold 7016.4 10.0 15.1 24.1 31.2 55.5 36.9 23.1 17.8 5.7 9.9 12.8 14.8 5.5 7.8 11.3 13.0

Jubilant Life JUBLIF 804 810 Buy 12811.0 26.0 37.4 53.9 67.5 30.9 21.5 14.9 11.9 12.0 14.2 16.2 18.3 14.2 17.3 20.2 20.4

Lupin LUPIN 1452 1,890 Buy 65557.6 50.4 62.2 67.5 83.8 28.8 23.3 21.5 17.3 18.6 20.3 20.8 23.9 20.7 21.1 19.2 19.9

Natco Pharma NATPHA 793 870 Buy 13815.6 8.5 23.8 14.8 18.2 93.4 33.3 53.7 43.6 16.0 31.5 17.8 19.4 11.9 26.0 14.1 15.2

Sun Pharma SUNPHA 713 765 Buy 170969.2 23.4 29.9 29.9 35.3 30.4 23.8 23.8 20.2 18.6 19.1 17.3 18.0 18.0 19.2 16.6 16.8

Syngene Int. SYNINT 512 570 Hold 10230.0 11.1 15.5 16.9 20.5 51.3 36.7 33.7 27.7 13.2 17.8 18.1 20.7 21.0 23.2 20.6 20.4

Torrent Pharma TORPHA 1369 1,475 Buy 23161.5 107.8 55.7 62.2 77.6 12.7 24.6 22.0 17.6 46.7 21.0 23.8 26.5 53.8 23.0 21.5 22.3

Unichem Lab UNILAB 284 285 Hold 2577.7 12.3 13.2 17.5 23.7 23.0 21.5 16.2 12.0 13.8 14.5 16.2 18.9 11.7 11.3 13.3 15.6

RoE (%)EPS (|) PE(x) RoCE (%)

Source: Company, ICICIdirect.com Research


RATING RATIONALE ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Add, Reduce and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Sector view: Over weight compared to index Equal weight compared to index Under weight compared to index Index here refers to BSE 500

Pankaj Pandey Head – Research [email protected]

ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No. 7, MIDC, Andheri (East) Mumbai – 400 093

[email protected]


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