IDirect HealthCheck Aug16

Monthly Update
August 29, 2016

Sector View
Health Check
Positive
Q1 earnings in line; midcap pharma gallops
Index Performance as on August 26, 2016

Return (%)
Return (%)
1M
3M
YTD
1Y
CNX 500
Nifty
-1
NSE Pharma
-3
-5
-12
Stocks Performance
Mcap
Return (%)
Company
1M
3M
Sun Pharma.Inds.
YTD
1Y 26-Aug
-15 182223
-9
-8
-8
-15
-19
-20
67008
Dr Reddy's Labs
-2
-2
-27
51981
Aurobindo Pharma
-1
-10
46053
Cipla
19
-13
-14
45365
Cadila Health.
16
16
-2
38841
Divi's Lab.
21
13
16
34723
Torrent Pharma.
12
17
12
27239
Glaxosmit Pharma
-10
-16
-10
-12
25216
Glenmark Pharma.
-2
-4
-8
-28
23821
Apollo Hospitals
-2
-1
-9
-1
18541
Biocon
27
72
101
17780
Ajanta Pharma
26
45
35
17033
Alembic Pharma
17
-9
-10
11933
11841
Lupin
Natco Pharma
46
17
50
Syngene Int.
10
19
10
40
9192
Wockhardt
-19
-12
-46
-39
9043
Pfizer
-2
-17
-15
8943
Strides Arcolab
-20
-17
-28
-22
8291
Jubilant Life
51
46
23
44
8080
Ipca Labs.
25
-26
-30
6914
Indoco Remedies
-3
-4
2925
Unichem Labs.
-4
Mcap: Market cap in | crore
2478
Price movement
15000
14000
13000
12000
11000
10000
9000
8000
7000
6000
5000
Aug-15
12000
10000
8000
6000
4000
Nov-15
Feb-16
CNX Pharma
May-16
Aug-16
Nifty (RHS)
Research Analyst
Siddhant Khandekar
siddhant.khandekar@icicisecurities.com
Mitesh Shah
mitesh.sha@icicisecurities.com
ICICI Securities Ltd. | Retail Equity Research
The Q1 earnings season ended on expected line with US focused generic

players more or less managing to overcome pricing pressure with
exclusivities and higher volumes. I-direct pharma universe registered YoY
revenue growth of 9.4% to | 35662 crore, driven by 15.2% YoY growth to
| 11496 in the US and 7.6% YoY growth to | 7863 crore in domestic
formulations (select pack). Domestic growth was largely hit by the ongoing
NLEM/FDC related issues. EBITDA for the universe grew 7.2% YoY to | 8579
crore. Lower growth vis--vis revenues can be attributed to higher R&D
spend and remedial costs. Adjusted net profit grew 8.5% YoY to | 5919
crore. Adoption of a new accounting standard (Ind-AS) also had an impact
on the quarterly performance.
On the revenue front, Natco (46% growth) and Lupin (41% growth) were
standout performers. Natcos revenues were largely driven by robust
growth in the Hepatitis C segment while Lupin benefited from exclusivity
sales in the US. Alembic, Divis, Sun, Biocon and Ajanta also reported more
than 20% growth. On the other hand Dr Reddys, Torrent and Cipla reported
negative growth mainly due to high base and price erosion in the US.
US growth was driven by limited competition opportunities/exclusivities at
Lupin from gGlumetza and gFortamet (anti-diabetic) and Sun from gGleevec
(anti-cancer). Note that US growth has not captured gNexium (GI) impact for
Cipla and gAbilify for Alembic for non-disclosure of specific traction.
Aurobindo and Glenmark also registered strong YoY growth whereas
Torrent, Cadila and Dr Reddys (DRL) were laggards on account of base
effect, slowdown in product approvals and regulatory issues.
In another significant development, Biocon and Mylan received European
Medicines Agencys (EMA) acceptance to review Mylans marketing
authorisation application (MAA) for a proposed biosimilar Trastuzumab
used to treat certain HER2-positive breast and gastric cancers. This is the
second biosimilar submission developed by the partnership that has been
accepted for review in Europe.
Finally the Indian pharmaceutical market (IPM) grew 9.5% YoY to | 9125
crore for July. Growth was driven by price hikes- 3.3%, new product
launches- 3.1% and volume growth- 3.2%. In all, 431 new brands were
launched in July 2016, by far highest monthly launches in many quarters.
No red flag on earnings front; regulatory worries waning
Although Q1 panned out on expected lines, a detailed dissection, especially
of the US performance, gives an encouraging signal. Despite pricing
pressure and client consolidation, which were thought to be significant
headwinds post Q4FY16 numbers, most players (barring a few) managed to
expand volumes thereby neutralising these headwinds. Regarding USFDA
issues, Indian players have moved on and seem better prepared than 12-18
months ago as reflected in growing number of EIRs by the USFDA for Indian
facilities. Indian formulations also did reasonably well despite NLEM, FDC
issues. We expect the earnings momentum to continue on the back of
incremental product launches in the US and likely positive outcome from
USFDA re-inspections besides normalising of Indian formulations growth.
We expect healthcare universe revenue, EBITDA and PAT to grow at a
CAGR of 12%, 13% and 17%, respectively, in FY16-18E. Growth will be
steered by US (~13% CAGR over FY16-18E) and Indian formulations (~14%
CAGR over FY16-18E).
Regulatory approvals
Exhibit 1: Summary of USFDA approvals for July, 2016
Company
Aurobindo Pharma
Aurobindo Pharma
Cadila Healthcare
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Dr Reddy's Lab
Ajanta Pharma
Sun Pharma
Aurobindo Pharma
Glenmark Pharma
Glenmark Pharma
Glenmark Pharma
Ajanta Pharma
Indoco
Drug Name
METHENAMINE HIPPURATE
GRANISETRON HCL
Nateglinide
Estradiol and Norethindrone Acetate
Estradiol and Norethindrone Acetate
ROPIVACAINE HCL
Omeprazole and Sodium bicarbonate
Omeprazole and Sodium bicarbonate
Rosuvastatin Calcium
Triamcinolone Acetonide
Potassium Chloride ER
Omeprazole and Sodium bicarbonate Powder
ALLOPURINOL
Company
Alembic Pharma
Lupin
Drug Name
Febuxostat
Fosamprenavir Calcium
Final Approvals
Therapeutic Area
Anti-infective
Oncology
diabetes
OC
OC
Anaesthetic
GI
GI
CVS
CVS
CVS
Dermatology
CVS
CVS
Hyperuricemia
Tentative Approvals
Therapeutic Area
Hyperuricemia
HIV
Innovator company
US PHARM HOLDINGS
Roche
NOVARTIS
JANSSEN PHARMS
JANSSEN PHARMS
FRESENIUS KABI
SANTARUS INC
SANTARUS INC
AstraZeneca
AstraZeneca
AstraZeneca
NA
UPSHER SMITH LABS
SANTARUS INC
SEBELA IRELAND
Generic Version of
HIPREX
Kytril
STARLIX
ORTHO TRI-CYCLEN
ORTHO CYCLEN-28
NAROPIN
Zegerid
Zegerid
Crestor
Crestor
Crestor
NA
KLOR-CON M10
Zegerid Powder
Zyloprim
Market Size
NA
NA
NA
NA
NA
NA
US$ 306.7 million
US$ 306.7 million
US$ 6.7 billion
US$ 6.7 billion
US$ 6.7 billion
US$ 4.4 million
US$ 283.2 million
NA
NA
Innovator company
Takeda
ViiV Healthcare
Generic Version of
Uloric
Lexiva
Market Size
US$ 430 million
US$ 71.6 million
[5
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 divested seven brands to RPG Life

Sun Pharma has signed an agreement with RPG Life Sciences to divest
seven prescription brands in India for a consideration of | 41 crore. The
seven divested brands include brands used for treatment of respiratorytrack infections, urological disorders, cardiovascular diseases and brands in
health supplements segment.
Lupin acquires 21 branded products from Japan's Shionogi
Lupin forayed into Japanese branded pharma market by acquiring 21
branded products from Japans Shionogi & Co Ltd, through its subsidiary
Kyowa Pharma for a consideration of 15.4 billion (~$150 million). As per
the agreement, Kyowa will book the sales of these products from December
2016. These 21 products had sales of 9,400 million (~US$90 million)
collectively on NHI price basis.
Cadila acquires skin treatment lotion Melgain from Issar Pharma
Cadila has acquired skin care brand Melgain (topical) from Hyderabadbased Issar Pharma. Melgain is used for depigmentary disorder called
Vitiligo. The financial details of the deal were undisclosed.
Price cuts, new launches, recalls, approvals
Sun Pharma recalling 16,085 bottles anti-depressant tablets from US

Sun Pharma is recalling 16,085 bottles anti-depressant tablets from the US
market due to failed dissolution specifications. The BuPROPion
hydrochloride extended release tablets were manufactured at the
company's Halol facility. As per the report, all recalls fall under a class III
recall category.
Cadila recalling over two lakh bottles of Venlafaxine HCL ER capsules
Cadila is recalling 2,23,776 bottles of 150 mg Venlafaxine HCL ER capsules
for failed dissolution specifications. This capsule is used for treatment of
Page 2
major depressive and anxiety disorders. These recalls are considered under
class II recall category.
NPPA fixes/revises ceiling prices of 24 essential drugs
National Pharmaceutical Pricing Authority (NPPA) has fixed/revised ceiling
prices of 24 essential drugs used for treatment of cancer, human
immunodeficiency virus (HIV), bacterial infections, anxiety and cardiac
conditions. Prices of these drugs have been reduced on an average of 25%.
Lupin receives CDSCO approval in India for gastrointestinal tablet
Lupin has received Central Drugs Standard Control Organisation (CDSCO)
approval for gastrointestinal (GI) tablet Acotiamide (100 mg) in India.
Acotiamide is a first-in-class novel drug to be introduced in India for patients
suffering from dyspepsia or indigestion. The current market for plain GI
prokinetics and combinations is estimated at ~| 2640 crore growing at
14%.
Mylan-Biocon announce regulatory submission for Trastuzumab
Biocon and Mylan have received European Medicines Agency (EMA)
acceptance to review Mylans Marketing Authorization Application (MAA)
for a proposed biosimilar Trastuzumab used to treat certain HER2-positive
breast and gastric cancers. This is the second biosimilar submission
developed by the partnership that has been accepted for review in Europe.
In July, Mylans MAA for the proposed biosimilar Pegfilgrastim was
accepted for review by EMA.
Biocon-Mylan biosimilar Pegfilgrastim accepted for review by EMA
Biocon has announced European Medicines Agency (EMA) has accepted for
review Mylan's marketing authorisation application for their biosimilar
product Pegfilgrastim, which is used to reduce the duration of neutropenia
for cancer patients.
Lawsuits, court rulings, settlements, regulatory issues
Sun enters into agreement with Almirall for Tildrakizumab in Europe

Sun Pharma and Almirall (Spanish company) have announced a licensing
agreement on the development and commercialisation of Tildrakizumab for
psoriasis in Europe. Under terms of the license agreement, Almirall will pay
Sun Pharma an upfront payment of US$50 million. Phase-3 studies of
Tildrakizumab have recently been completed. Sun Pharma will be eligible to
receive development and regulatory milestone payments and, additionally,
sales milestone payments and royalties on net sales.
Maharashtra Court directs Sun Pharma release pending wages
The Maharashtra Industrial Court in Mumbai has directed Sun Pharma to
immediately release the pending wages of 86 employees, who joined Sun
Pharma after its merger with Ranbaxy Lab.
Cadilas Gujarat facility receives EIR from USFDA
Cadilas topical manufacturing facility at Changodar, Ahmedabad, has
received Establishment Inspection Report (EIR) from the USFDA following
the inspection carried out in March 2016.
Natcos Kothur facility received EIR from the USFDA
Natco Pharma manufacturing facility at Kothur Village, Mahbubnagar
District, has received Establishment Inspection Report (EIR) from the USFDA
following the inspection carried out between February 29 & March 7, 2016.
Natcos Chennai facility receives EIR from USFDA
Natco Pharma has received establishment inspection report (EIR) from the
USFDA for the inspection conducted in February 8-12, 2016, at the Chemical
Division, Chennai.
Page 3
Competition Commission slaps penalty of ~| 73 crore on Lupin

As per media, the Competition Commission of India has slapped a penalty
of ~| 73 crore on Lupin and its two officials for indulging in unfair business
practices with regard to supply of medicines in Karnataka.
Others
Glenmark sells US$ bonds, raises US$200 million through US$ bonds
Glenmark Pharma has raised US$200 million through five years non call
three year senior unsecured notes offering at 4.5% per annum, due 2021
(2016 notes). The bonds were oversubscribed eight times while notes have
been rated BB and BB by S&P and Fitch, respectively. The proceeds from
the issuance and sale of notes will be used for investment in Glenmark's
subsidiaries.
Q1FY17 Results
Ajanta Pharma registers strongest ever gross margins

Revenues grew 20.4% YoY to | 471 crore on the back of 18.6% growth in
exports to | 287 crore. Domestic sales grew 9.5% to | 162 crore. EBITDA
margins increased 406 bps YoY to 35.4% on account of gross margin
expansion. Gross margins increased 532 bps YoY to 78.9%. EBITDA
increased 36.0% YoY to | 166.6 crore. Net profit increased 33.5% YoY to
| 120 crore, on the back of a robust operational performance.
Alembic Pharma - gAbilify drives Q1; investment mode to continue
Revenues grew 24.8% YoY to | 728 crore on account of continuous windfall
gains from gAbilify sales in the US. Export sales grew 75.2% to | 308.5
crore. Domestic branded formulation sales grew 5.7% to | 277.7 crore on
the back of 16% growth in the speciality portfolio. EBITDA margins
improved 407 bps YoY to 21.6% owing to robust margin from gAbilify
sales. EBITDA grew 53.8% YoY to | 157.0 crore. Net profit grew 48.4% YoY
to | 103.6 crore owing to a robust operational performance.
Aurobindo - In line results; US driven growth continues
Revenues grew 12.9% YoY to | 3725.9 crore on account of 20.5% growth in
the US to | 1703.9 crore. The Europe business grew 12.1% to | 831.2 crore.
EBITDA margins increased 188 bps YoY to 23.9% mainly on account of an
improvement in gross margins. Net profit grew 23.8% YoY to | 585.0 crore
mainly due to a better operational performance.
Biocon witnesses robust growth in branded business, biosimilars
Revenues grew 20.7% YoY to | 982 crore mainly due to 41.1% YoY growth
in branded formulations to | 158 crore, 70.8% growth in biologics to | 123
crore and 17.4% growth in Syngene to | 263 crore. Growth in branded
formulations was due to conversion from IGAAP to Ind AS. EBITDA margins
improved 119 bps YoY to 26.8% mainly due to lower other expenditure. Net
profit increased 34.2% to | 161 crore on account of a better operational
performance.
Cadila Healthcare - US de-growth drags numbers
Revenues declined 4.0% YoY to | 2287.1 crore due to 14% YoY de-growth
in the US to | 848.3 crore. Domestic formulations grew 6.2% YoY to | 786.2
crore. EBITDA margins declined 134 bps to 22.9% on account of higher
employee cost. EBITDA declined 9.3% YoY to | 523.9 crore PAT declined
22.6% YoY to | 356.2 crore mainly due to a lower-than-expected
operational performance and higher taxation.
Cipla - High gNexium base mars Q1
Revenues de-grew 6.4% YoY to | 3593.7 crore, on account of the high base
of gNexium sales. US sales de-grew 21.2% YoY to | 657 crore. Domestic
formulation grew ~5% YoY to | 1449 crore. EBITDA margins declined 1047
bps to 17% mainly on account of high gNexium base. EBITDA de-grew
Page 4
42.1% YoY to | 611.0 crore. Net profit de-grew 43.7% YoY to | 365.2 crore,
mainly on account of the base effect.
Divis Lab - witnesses strong growth with sharp improvement in margins
Revenues grew 24.6% YoY to | 1008.1 crore due to ~26% growth in
generic business to | 501 crore and ~22% growth in custom synthesis (CS)
business to | 443 crore. EBITDA margins increased 273 bps YoY to 40%
mainly due to a better product mix. EBITDA increased ~34% YoY to | 403.8
crore. Net profit witnessed YoY increase of ~23% to | 301.8 crore owing to
a strong operational performance.
Dr Reddys Lab- Performance stumbles on US slumps
Revenues declined 13.9% YoY to | 3235 crore mainly due to 16.2% decline
in US sales. The US sales decline was primarily on account of increased
competition in gValcyte and gVidaza. RoW sales declined 52.7% YoY to
| 128 crore primarily on account of zero sales in Venezuela. EBITDA margins
declined to 12.0% against 26.6% in Q1FY16 on account of higher
operational expenditure across the board and lower realisation. EBITDA
declined 61.2% to | 387 crore. Net profit fell 80.8% to | 119 crore mainly
due to lower operational performance and higher taxation.
Glenmark Pharma - US driven growth continues
Revenues grew 17.9% YoY to | 1943.1 crore mainly due to 24.4% YoY
growth in the US to | 698.2 crore. India business grew 10.4% YoY to | 513.8
crore. EBITDA margins declined 230 bps YoY to 19.5% due to lower gross
margins, higher employee cost. EBITDA rose mere 5.5% YoY to | 379.1
crore. Adjusted net profit increased 24.0% YoY to | 226.8 crore mainly due
to | 50 crore of forex gain in the quarter.
Indoco Remedies US drives revenue; though margin pressure persists
Revenues grew 15.2% YoY to | 257.4 crore mainly due to 18.4% YoY
growth in export formulations to | 92.3 crore. Domestic formulations grew
12.7% to | 142.1 crore. EBITDA margins declined 238 bps YoY to 16.2%
mainly on account of an increase in employee expenditure and R&D spend.
EBITDA grew a mere 0.5% to | 41.8 crore. Net profit grew 2.7% YoY to
| 19.8 crore. Growth in net profit was mainly on account of lower taxation.
Ipca Lab - Export formulations register solid growth
Revenues grew 11.1% YoY to | 842 crore mainly due to ~22% YoY growth
in export formulations to | 274.8 crore. Domestic formulations grew 8.5% to
| 345 crore. EBITDA margins increased 442 bps YoY to 15.3%, on account
of an improvement in gross margins and lower other expenditure. EBITDA
grew 56.4% to | 129 crore. Adjusted net profit grew 95% YoY to | 53 crore
due to incremental EBITDA and lower depreciation.
Jubilant Life - Demonstrates strongest ever margin performance
Revenues de-grew 1.8% YoY to | 1420 crore. Revenues in the
pharmaceutical business (including drug discovery segment) grew 10.1%
YoY to | 802 crore while life science ingredients (LSI) revenues de-grew
13.9% YoY to | 618. De-growth in the LSI segment was mainly due to lower
crude prices and optical focus on profitable products. EBITDA margins
increased ~345 bps YoY to 25.9% on the back of 180 bps increase in both
pharmaceutical and LSI margins to 34% and 19%, respectively. Adjusted
net profit grew 22.8% to | 162 crore due to better operational performance
and lower interest cost.
Lupin - Demonstrates strong gross margins and robust US growth
Revenues grew 40.7% YoY to | 4439.4 crore mainly due to 83.8% growth in
US sales to | 2188.6 crore. Strong US sales were due to Gavis
consolidation, robust sales in Metformin (anti-diabetic). Domestic sales
grew 5.2% YoY to | 931.3 crore. EBITDA margins improved 333 bps YoY to
29.5% mainly on account of a strong gross margin performance. EBITDA
grew 58.6% YoY to | 1308.0 crore. Net profit grew 55.1% YoY to | 882.0
crore owing to a strong operational performance.
Page 5
Natco Pharma - Hepatitis C group continues to drive numbers

Revenues grew 45.4% YoY to | 325.2 crore due to strong traction from
Hepatitis-C segment (300% growth to ~| 135 crore). EBITDA margins
declined 186 bps YoY to 23.8% mainly on account of higher other
expenditure. EBITDA grew 34.8% to | 77.3 crore. Adjusted net profit
increased 69.8% YoY to | 47.7 crore on account of lower finance costs,
depreciation and high other income.
Sun Pharma - Base business expansion amid gGleevec exclusivity
Revenues grew ~22% YoY to | 8243 crore on account of 32% increase in
US sales to | 3910 crore. US sales growth can be attributed to gGleevec
(oncology) exclusivity. Domestic sales grew ~8% YoY to | 1854 crore.
EBITDA margins increased 929 bps YoY to 35.4% mainly due to lower base
and exclusivity of gGleevec. Taro Pharmas EBITDA margins declined 165
bps YoY to 62.6%. EBITDA grew 65.2% YoY to | 2921 crore. Net profit grew
64% YoY | 2034 crore mainly due to a strong operational performance.
Syngene International - Growth tempo maintained albeit at lower gear
Revenues grew 17.5% YoY to | 274.5 crore mainly due to growth in the
discovery services vertical and development and manufacturing group.
Adjusting for the impact of sales return, growth would have been 22.5%.
EBITDA margins declined 120 bps to 32.3% YoY owing to higher employee
cost and other expenditure, which was partially offset by improvement in
gross margins. EBITDA grew 13.3% to | 88.8 crore. Net profit increased
28.1% to | 59.7 crore mainly due to higher other income. Other income
increased to | 15.9 crore from | 2.1 crore/| 2.7 crore in Q1FY16, Q4FY16.
Torrent Pharma - Base effect impacts Q1
Revenues declined 20.6% YoY to | 1545 crore mainly due to 51.1% YoY degrowth in the US to | 434 crore. The decline in US sales was due to the high
base of gAbilify exclusivity in Q1FY16. EBITDA margins declined 1840 bps
to 28.3%. EBITDA fell 51.9% YoY to | 437 crore Net profit fell 35% YoY to
| 292.0 crore.
Unichem Lab - Impressive formulation growth
Revenues grew 9.5% YoY to | 342.0 crore on account of 12.5% YoY growth
in domestic sales to | 221.5 crore and 16.7% growth in export sales to
| 97.1 crore. De-growth in APIs growth (down 25% YoY), however, pulled
down the numbers a bit. EBITDA margins declined 80 bps YoY to 12.9%
mainly due to higher employee cost and provision for diminution in the
Brazilian subsidiary. Net profit witnessed a YoY decline of 11.1% to | 25.8
crore mainly due to higher taxation.
Page 6
Q1FY17 Results Review
Geographical/segmental performance in Q1FY17

India
Q1FY16 Var. (%) Q4FY16 Var. (%)
132.0
18.9
116.7
34.6
262.7
5.7
259.6
7.0
112.0
41.1
105.0
50.5
740.4
6.2
767.4
2.4
465.4
10.4
539.8
-4.8
126.2
12.7
130.8
8.6
318.1
8.5
249.5
38.3
885.1
5.2
761.5
22.3
1381.0
4.9 1258.0
15.2
475.6
9.8
526.7
-0.8
1723.7
7.6 1806.5
2.6
491.0
2.6
447.0
12.8
197.0
12.5
171.3
29.4
7310.2
7.6 7139.7
10.1
(| crore)
Ajanta
Alembic
Biocon
Cadila
Glenmark
Indoco
Ipca
Lupin
Cipla
Dr Reddy's
Sun Pharma
Torrent
Unichem
Total
Q1FY17
157.0
277.7
158.0
786.2
513.8
142.1
345.2
931.3
1449.0
522.3
1854.3
504.0
221.5
7862.5
(| crore)
Aurobindo
Cadila
Glenmark
Lupin
Dr Reddy's
Sun Pharma
Torrent
US
Q1FY17 Q1FY16 Var. (%) Q4FY16 Var. (%)
1703.9 1413.7
20.5 1666.3
2.3
848.3
985.0
-13.9
961.0
-11.7
698.2
561.1
24.4
652.0
7.1
2188.6 1190.6
83.8 2187.1
0.1
1552.3 1851.5
-16.2 1895.0
-18.1
4070.6 3090.6
31.7 3910.3
4.1
434.0
888.0
-51.1
514.0
-15.6
Total
11495.9
(| crore)
Aurobindo
Cadila
Glenmark
Dr Reddy's
Lupin
Torrent
Total
Europe
831.2
741.8
12.1
840.7
-1.1
79.2
83.6
-5.3
70.6
12.2
150.0
109.9
36.5
270.5
-44.6
161.5
191.2
-15.5
175.9
-8.2
128.0
100.3
27.6
125.4
2.1
187.0
157.0
19.1
163.0
14.7
1536.8 1383.8
11.1 1646.1
-6.6
(| crore)
Cadila
Glenmark
Torrent
Total
Latin America
52.7
55.3
-4.7
55.3
-4.7
155.6
218.5
-28.8
241.6
-35.6
167.0
138.0
21.0
119.0
40.3
375.3
411.8
-8.8
415.9
-9.8
(| crore)
Aurobindo
Alembic
Cadila
Glenmark
Indoco
Ipca Labs
Lupin
Cipla
Dr Reddy's
Sun Pharma
Unichem
Total
API
734.5
722.9
1.6
774.6
-5.2
128.2
116.8
9.8
166.9
-23.2
97.6
98.0
-0.4
92.2
5.9
191.2
134.9
41.7
222.9
-14.2
17.6
12.5
40.8
12.0
46.7
201.5
208.1
-3.2
114.2
76.4
286.9
325.7
-11.9
283.8
1.1
131.0
209.0
-37.3
204.0
-35.8
469.2
561.4
-16.4
576.6
-18.6
488.2
292.9
66.7
392.5
24.4
20.8
27.9
-25.4
20.1
3.4
2766.7 2710.0
2.1 2859.8
-3.3
9980.5
15.2 11785.7
-2.5
The Q1 earnings season concluded on expected line with US focused

generic players more or less managing to overcome pricing pressure with
exclusivities and higher volumes. I-direct pharma universe registered YoY
revenue growth of 9.4% to | 35662 crore, driven by 15.2% YoY growth to
| 11496 in the US and 7.6% YoY growth to | 7863 crore in domestic
formulations (select pack). EBITDA for the universe grew 7.2% YoY to
| 8579 crore. Lower growth vis--vis revenues can be attributed to higher
R&D spend and remedial costs. Adjusted net profit grew 8.5% YoY to | 5919
crore. Adoption of new accounting standard (Ind-AS) also had an impact on
the quarterly performance.
Exhibit 2: Actual s vs. estimates
Company
Ajanta Pharma
Alembic Pharma
Aurobindo Pharma
Biocon
Cadila Healthcare
Divi's Laboratories
Cipla
Dr Reddy's Labs
Glenmark Pharma
Indoco Remedies
Ipca laboratories
Jubilant Life Sciences
Lupin
Natco Pharma
Sun Pharma
Syngene
Torrent Pharma
Unichem Labs
Total
Revenues
Q1FY17E
454.7
647.5
3804.0
951.4
2607.7
932.6
3661.7
3911.6
2021.9
269.4
813.2
1547.0
4652.8
321.1
7880.5
302.6
1587.0
341.8
36708.5
Q1FY17
471.0
728.0
3725.9
982.4
2287.1
1008.1
3593.7
3234.5
1943.1
257.4
842.2
1419.5
4439.4
325.2
8243.0
274.5
1545.0
342.0
35662.0
EBITDA
Q1FY17E
Q1FY17
145.5
166.6
158.6
157.0
894.9
889.0
233.1
263.1
622.3
523.9
345.1
403.8
539.3
611.0
998.3
386.9
427.0
379.1
48.3
41.8
106.1
128.5
337.6
368.2
1535.4
1308.0
72.2
77.3
2744.1
2921.0
97.9
88.8
476.1
437.0
37.3
44.2
9819.1
9195.0
Net profit
Q1FY17E
Q1FY17
100.9
119.6
108.7
103.6
565.9
585.0
139.5
166.6
429.8
356.4
261.6
301.8
302.3
365.2
572.8
118.9
239.8
226.8
24.5
19.8
52.1
52.6
132.1
161.5
930.4
882.0
46.1
47.7
1854.2
2033.7
56.9
59.7
331.6
292.0
26.1
25.8
6175.3
5918.5
Source: Company, ICICIdirect.com Research
Exhibit 3: Quarterly performance of I-Direct healthcare coverage

Company
Ajanta Pharma
Alembic Pharma
Aurobindo Pharma
Biocon
Cadila Healthcare
Divi's Laboratories
Cipla
Dr Reddy's Labs
Glenmark Pharma
Indoco Remedies
Ipca laboratories
Lupin
Natco Pharma
Sun Pharma
Syngene
Torrent Pharma
Unichem Labs
Total
Revenues
Q1FY17 Q1FY16 Var.(%)
471.0
391.4
20.4
728.0
583.3
24.8
3725.9 3298.9
12.9
982.4
813.9
20.7
2287.1 2382.6
-4.0
1008.1
808.8
24.6
3593.7 3838.5
-6.4
3234.5 3757.8
-13.9
1943.1 1647.7
17.9
257.4
223.4
15.2
842.2
758.0
11.1
1419.5 1445.7
-1.8
4439.4 3156.1
40.7
325.2
223.7
45.4
8243.0 6761.5
21.9
274.5
233.7
17.5
1545.0 1947.0
-20.6
342.0
312.4
9.5
35662.0 32584.3
9.4
Q1FY17
166.6
157.0
889.0
263.1
523.9
403.8
611.0
386.9
379.1
41.8
128.5
368.2
1308.0
77.3
2921.0
88.8
437.0
44.2
9195.0
EBITDA
Q1FY16 Var.(%)
122.5
36.0
102.0
53.8
725.1
22.6
208.3
26.3
577.8
-9.3
301.8
33.8
1054.5
-42.1
998.0
-61.2
359.3
5.5
41.6
0.5
82.2
56.4
325.1
13.3
824.8
58.6
57.3
34.8
1767.8
65.2
78.4
13.3
909.0
-51.9
42.9
3.1
8578.6
7.2
Profit
Q1FY17 Q1FY16 Var.(%)
119.6
89.6
33.5
103.6
69.8
48.4
585.0 472.5
23.8
166.6 123.9
34.5
356.4 462.0
-22.9
301.8 245.2
23.1
365.2 649.2
-43.7
118.9 620.8
-80.8
226.8 182.9
24.0
19.8
19.3
2.7
52.6
27.0 LP
161.5 131.6
22.8
882.0 568.6
55.1
47.7
28.1
69.8
2033.7 1241.1
63.9
59.7
46.6
28.1
292.0 449.0
-35.0
25.8
29.0
-11.1
5918.5 5455.9
8.5
Source: Company, ICICIdirect.com Research, LP: Loss to Profit
On the revenue front, Natco (46% growth) and Lupin (41% growth) were the
standout performers. Natcos revenues were largely driven by robust
growth in Hepatitis C segment while Lupin benefited from exclusivity sales
in the US. Alembic, Divis, Sun, Biocon and Ajanta also reported more than
Page 7
20% growth. On the other hand, Dr Reddys, Torrent and Cipla reported
negative growth mainly due to high base and price erosion in the US.
US growth was driven by limited competition opportunities/exclusivities at
Lupin from gGlumetza and gFortamet (anti-diabetic) and Sun from gGleevec
(anti-cancer). Note that US growth has not captured gNexium (GI) impact for
Cipla and gAbilify for Alembic for non-disclosure of specific traction.
Aurobindo and Glenmark also registered strong YoY growth whereas
Torrent, Cadila and DRL were laggards on account of base effect, slowdown
in product approvals and regulatory issues.
Domestic growth was largely impacted by ongoing NLEM/FDC related
issues. Biocon, Ajanta, Unichem and Indoco witnessed decent growth.
Exhibit 4: I-Direct Healthcare Universe Revenues trend
38000
37000
36000
35000
34000
33000
32000
31000
30000
Exhibit 5: I-Direct Healthcare Universe EBITDA trend

9400
36695
34843
35662
34584
9195
9200
8978
9000
8800
32584
8600
8757
Q3FY16
Q4FY16
8400
8200
Q1FY16
Q2FY16
Q3FY16
Q4FY16
Q1FY17
Q1FY16
Q2FY16
Revenue
Source: Company, ICICIdirect.com, Research
Exhibit 6: I-Direct Healthcare Universe profits trend
Exhibit 7: Trends in EBITDA & PAT margin of I-Direct Healthcare Universe

5919
6000
30.0
25.0
5800
5588
5456
20.0
5439
15.0
5316
5400
5.0
5000
0.0
Q2FY16
Q3FY16
Q4FY16
PAT
26.3
25.8
25.4
16.7
15.6
16.2
25.8
23.9
16.6
14.5
10.0
5200
Q1FY16
Q1FY17
EBITDA
5600
8794
8579
Q1FY17
Q1FY16
Q2FY16
Q3FY16
EBITDA Margins (%)
Q4FY16
Q1FY17
PAT Margins (%)
Page 8
Exhibit 8: Deviation from estimates / Change in outlook post Q1FY17 numbers

[5
Company
Ajanta Pharma
Initial Rating
BUY
Current Rating
HOLD
Deviation from
estimates
Remarks
Above
Better-than-expected on the profitability front
Alembic Pharma
BUY
HOLD
Above
Aurobindo Pharma
BUY
BUY
Inline
Biocon
HOLD
BUY
Above
Higher-than-expected branded Formulation and biosimilar sales. EBITDA margins were also
better-than-expected mainly due to improvement in gross margins and lower other expenditure
Cadila Healthcare
BUY
BUY
Below
Cipla
BUY
HOLD
Above
mainly due to lower than expected US sales. EBITDA margins were lower-than-expected
mainly due to higher employee cost
Revenues were in-line, while Margins were better-than-expected mainly due to lower-thanexpected other expenditure
Higher than expected sales in generic business
Divi's labs
BUY
BUY
Above
Dr Reddy's Labs
BUY
HOLD
Below
Glenmark Pharma
BUY
BUY
Below
Indoco Remedies
BUY
BUY
Below
Ipca labs
BUY
BUY
Inline
BUY
BUY
Mixed bag
Lupin
BUY
BUY
Below
Natco Pharma
BUY
BUY
Inline
Sun Pharma
HOLD
BUY
Above
Torrent Pharma
BUY
BUY
Below
Unichem Labs
BUY
BUY
Inline
Higher-Than-expected gAbilify sales in the US
Q1 was largely impacted by decline in US sales primarily on account of increased competition

in gValcyte and gVidaza
Numbers were below I-direct estimates on account of lower-than-estimated offtake in Europe
and LatAm as well as EBITDA margins.
Miss in margins was mainly due to lower gross margins and higher employee expenses
Revenues were lower than I-direct estimates while profitability was higher than I-direct
estimates
Miss vis--vis I-Direct expectation was mainly due to lower US sales and one-off inventory
adjustment in the US
Beat vis--vis our expectation was due to higher than expected US base business sales and
lower-than-expected employee cost and other expenditure
Numbers were lower-than-expected on the profitability front while revenues were in line
Source: Bloomberg, ICICIdirect.com Research
Page 9
Exhibit 9: Patent litigations (12 months)

Innovator
Month
Aug-15
Allergan
Aug-15
Galderma Labs
Sep-15
Jazz Pharma
Sep-15
Gilead Sciences Inc.
Sep-15
Horizon Pharma
Sep-15
Bayer Pharma
Oct-15
Merck
Oct-15
Salix Pharmaceuticals, Inc.
Oct-15
Takeda Pharma
Oct-15
Janssen Pharma
Oct-15
Novartis Pharma
Oct-15
Otsuka Pharma
Oct-15
AstraZeneca
Nov-15
AstraZeneca
Nov-15
Novartis Pharma
Nov-15
Allergan
Nov-15
Shire Pharma
Nov-15
Dexcel Pharma
Nov-15
Dexcel Pharma
Nov-15
Cephalon Inc.
Nov-15
Cosmo Techs
Nov-15
Pfizer
Nov-15
Vanda Pharma
Nov-15
Forest Labs
Nov-15
Jazz Pharma
Nov-15
Otsuka Pharma
Nov-15
Symed Labs
Dec-15
UCB Inc.
Dec-15
Unimed Pharma
Dec-15
Helsinn Healthcare
Dec-15
Sanofi-Aventis
Dec-15
Otsuka Pharma
Dec-15
Merz Pharma
Jan-16
Dow Pharma
Jan-16
Cubist Pharma
Feb-16
Bayer Pharma
Feb-16
Bristol Myers Squibb
Feb-16
Janssen Products LP
Mar-16
Shire Canada
Mar-16
Daiichi Sankyo
Apr-16
Daiichi Sankyo
May-16
Daiichi Sankyo
Jun-16
Apicore
Jun-16
UCB, Inc.
Jun-16
Gilead
Jun-16
Janssen Biotech
Jun-16
Sanofi-Aventis
Jul-16
Sanofi-Aventis
Jul-16
Roche
Jul-16
AstraZeneca AB
Jul-16
Hyperion Therapeutics
Jul-16
Gilead Sciences, Inc.
Source: Bloomberg, ICICIdirect.com Research
ANDA Filer
Brand Name
Lupin
Taro Pharma
Lupin
Lupin
Lupin
Alembic Pharma
Lupin
Taro Pharma
Aurobindo
Aurobindo
Natco Pharma
Zydus Pharma
Alembic Pharma
InvaGen Pharma
Dr. Reddy's Labs
Aurobindo Pharma
Lupin
Sun Pharma
Dr. Reddy's Labs
Aurobindo Pharma
Lupin
Dr. Reddy's Labs
Lupin
InvaGen Pharma
Sun Pharma
Alkem Labs
Glenmark Pharma
InvaGen Pharma
Dr. Reddy's Labs
Dr. Reddy's Labs
Glenmark Pharma
Ajanta Pharma
Taro Pharma
Taro Pharma
Dr. Reddy's Labs
InvaGen Pharma
Cipla
Lupin
Lupin
Torrent Pharma
Alembic Pharma
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Glenmark Pharma
Cadila Healthcare
Cadila Healthcare
Cadila
Aurobindo
Lupin
Aurobindo
Namenda
Epiduo
Xyrem
Tamiflu
Pennsaid
Staxyn
Beyaz
Moviprep
Prevacid
Xarelto
Gleevec
Abilify
Brilinta
Brilinta
Exelon Patch
Acular LS
Lialda
Omeprazole
Omeprazole
Nuvigili
Uceris
Toviaz
Fanapt
Viibryd
Xyrem
Abilify
Zyvox
Zyrtec-D
Androgel
Aloxi
Multaq
Abilify
Naftin
Onexton
Cubicin
Xarelto
Reyataz
Prezista
Daliresp
Benicar
Benicar
Benicar
LYMPHAZURIN
VIMPAT
EMTRIVA
ZYTIGA
MOZOBIL
MOZOBIL
Aloxi
Nexium 24HR
RAVICTI
Truvada
API
Memantine Hydrochoride
Adapalene & Benzoyl peroxide
Sodium Oxybate
Oseltamivir
Diclofenac
Vardenafil Hydrochloride
Drospirenone
Polyethylene glycol electrolyte soln
lansoprazole
Rivaroxaban
Matinib Mesylate
Aripiprazole
Ticagrelor
Ticagrelor
Rivastigmine
Ketorolactromethamine
Mesalamine
Omeprazole
Omeprazole
Modafinil
Budesonide
Fesoterodine
Iloperidone
Vilazodone
Gamma-hydroxybutyric acid
Aripiprazole
Linezolid
Cetirizine
Testosterone
Palanosetron
Dronedarone
Aripiprazole
Naftifine Hydrochloride
Cindamycin Phosphate and Benzoyl Peroxide
Daptomycin
Rivaroxaban
Atazanavir
Darunavir
Roflumilast
Olmesartan
Olmesartan
Olmesartan
isosulfan blue
lacosamide
emtricitabine
abiraterone
plerixafor
plerixafor
palonosetron hydrochloride
esomeprazole magnesium
Glycerol Phenylbutyrate
emtricitabine / tenofovir disoproxil fumarate
Used for
Alzheimer's Disease
Acne
Narcolepsy
Influenza
Osteoarthritis
Sex Stimulant
Birth control
Gastro Intestinal
Stomach ulcers
Blood Thinner
Anti-cancer
Schizophrenia
CVS
CVS
Dementia
Ocular Pain
Ulcerative Colitis
GI
GI
CNS
GI
Urotherapy
Schizophrenia
Anti-depressant
CNS
Schizophrenia
Anti-Infective
Respiratory
Low Testosterone
Nausea
Atrial Fibrillation
Schizophrenia
Fungal Infection
Acne
Antibiotic
Blood Thinner
HIV
HIV
Respiratory
Anti-depressant
Anti-depressant
Anti-depressant
lymphatic imaging agent
partial-onset seizures
HIV
Oncology
non-Hodgkin's lymphoma
non-Hodgkin's lymphoma
prevention of acute nausea
treatment of acid reflux
urea cycle disorders
HIV
[5
Page 10
The Indian pharmaceutical market (IPM) grew 9.5% YoY to | 9125 crore
for July. Growth was driven by price hikes- 3.3%, new product
launches- 3.1% and volumes increase by 3.2%
Fixed dosage combination (FDCs) related market de-grew 3.9% to | 234
crore
Drugs under NLEM list increased 1.6% to | 1061 crore while non-NLEM
drugs posted growth of 11.2% to | 7677 crore. Volume growth in NLEM
and non-NLEM was 11.0% and 4.2%, respectively
Among companies under I-direct coverage, Natco, Indoco, Ipca,
Alembic and Unichem have registered robust growth of 33.2%, 27.8%,
18.1%, 18.0% and 17.3% respectively. Cipla, Glenmark, Lupin and Sun
registered growth of 8.9%, 8.5%, 7.8%, and 7.8% respectively.
Therapy wise, eight therapies have outpaced IPM growth. Notable
among them with growth rates- Respiratory27.2%, anti-infective
14.9%, Vaccine 12.6%, anti malarial 11.1% and anti-diabetic 10.1%
In all, 431 new brands were launched in July 2016
On a MAT basis, IPM growth was at 10.3% YoY to | 100896 crore.
Domestic companies have grown 10.9% while MNC companies have
grown 5.0% in July 2016
Industry acute to chronic therapy ratio percentage
Jul-16
Jun-16
Mar-16
20
May-16
Feb-16
13.7
Apr-16
Jan-16
14.2
Nov-15
14.5
Dec-15
Oct-15
14.8
Sep-15
13.5
Brand
Company Therapy
July' 16 July' 15 Gr. (%)
Corex
Pfizer
Corex
318.6
253.0
25.9
Spasmo Prox Wockhardt Spasmo Proxy 304.7
227.6
33.9
Augmentin Sanofi
Lantus
297.0
239.9
23.8
Augmentin
297.0
329.8 -10.0
Lantus
GSK
Galvus Met Novartis
Galvus Met
293.5
207.2
41.7
Clavam
Alkem
Clavam
250.7
222.7
12.6
Volini
Sun
Volini
233.9
205.6
13.8
Becosules Sun Pharma Becosules
220.5
258.7 -14.8
Foracort
Alkem
Pan
203.4
178.6
13.9
Pan
Cipla
Foracort
202.4
181.4
11.6
Source: AIOCD data base
Aug-15
Top brands in Indian pharma market
14.3
Exhibit 10: Domestic formulations - growth trend

Jul-15
10
10.3
10.5
(%)
15
11.2
20
11.5
25
14.4
Therapy
July' 16 July' 15 YoY (%) June' 16 MoM (%)
Anti-Infectives
1405
1223
14.9
1163
20.8
Gastro Intestinal
1133
1045
8.4
1085
4.5
Cardiac
1084
1030
5.2
1057
2.5
Vitamins / Minerals /
820
782
4.8
807
1.6
Anti Diabetic
755
686
10.1
743
1.5
Respiratory
683
537
27.2
531
28.6
Pain / Analgesics
648
590
9.8
585
10.9
Neuro / Cns
526
516
1.9
522
0.7
Derma
522
493
5.8
514
1.6
Gynaecological
461
434
6.3
450
2.4
Vaccines
164
145
12.6
133
23.1
Ophthal / Otologicals
155
155
0.0
164
-5.9
Hormones
148
136
8.8
135
9.9
Anti-Neoplastics
145
148
-1.6
145
0.3
Blood Related
119
87
37.3
111
7.8
Others
106
101
5.2
100
6.4
Urology
101
94
8.0
101
0.6
Sex Stimulants / Reju
60
47
27.7
35
71.6
Anti Malarials
48
43
11.1
45
6.2
Stomatologicals
43
39
8.6
42
2.9
IPM grows 9.5% in July
14.3
Therapy wise performance (| crore)
5
0
-5
Indian Pharma Market
Source: AIOCD data base, ICICIdirect.com Research
18
(%)
12
10
8
6
6.9
5.0
Unichem
Torrent
10.5
9.6
8.4
8.9
Sun Pharma
13.3
9.7
Pfizer
15.4
14.1
10.4
Novartis
Lupin
Ipca Labs
Indoco
GSK Pharma
Glenmark
15.9
15.8
16
14
Source: AIOCD data base ; As per AIOCD MAT July 2016
DRL
Cipla
Cadila
Biocon
SubChronic,
20348.75,
20.2%
Ajanta
Acute,
48725.34,
48.3%
Exhibit 11: Companies growth in domestic market in July, 2016

Alembic
Chronic,
31822.25,
31.5%
5.8
6.6
1.6
Page 11
Acute : Chronic contribution (MAT July16)
Sun Pharmaceuticals
Stock Performance
Chronic,
3980.52,
45.3%
150
130
110
90
70
50
SubChronic,
1202.74,
13.7%
Acute,
3606.23,
41.0%
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Aug-16
Sun Pharma
Source: NSE, ICICIdirect.com Research
31 to 50
9.5
Others
Jul-16
Jun-16
7.8
6.3
8.4
5.2
5.2
3.3
8.2
4.5
21 to 30
May-16
20.3
9.6
12.1
12.7
5
11 to 20
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
18.1
9.9
10
9.5
10%
11.6
7%
10.3
12.5
15
(%)
56%
13.3
9%
12.2
17.5
20
4.3
18%
6.6
12.3
25
22.6 Oct-15
Sep-15
Jul-15
Aug-15
Exhibit 12: Company growth vis--vis Indian pharma market growth
Brands contribution to domestic sales (MAT July16)
Top 10
Jun-16
Sun Pharmaceutical Industries
Exhibit 13: Market share in Indian formulations market
Exhibit 14: Top 10 brands performance
9.6
9.0
Therapy
Volini
Pain
July' 16 July' 15 Var. (%) June' 16 Var. (%)

21.3
17.6
21.5
20.1
6.4
Rosuvas
Cardiac
16.1
13.7
18.2
15.8
2.4
Istamet
Anti Diabetic
16.2
13.8
17.2
15.2
6.7
7.8
Gemer
Anti Diabetic
16.3
13.8
18.3
14.7
11.0
7.2
Levipil
Neuro
14.3
12.2
17.2
13.6
4.7
6.6
Susten
Gynaecological
12.8
13.2
-3.2
13.3
-3.8
Pantocid
Gastro Intestinal
13.1
12.6
3.4
11.6
12.7
Revital H
Vitamins
13.7
10.3
32.7
12.9
5.7
Pantocid Dsr
Gastro Intestinal
10.8
10.6
2.1
9.9
9.4
Storvas
Cardiac
8.6
9.7
-12.1
8.6
-0.1
8.9
8.4
(%)
8.9 8.9 9.0 8.8 8.9 8.9 8.8

8.7 8.7
Brand
(| crore)
8.4 8.3 8.3
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
6.0
Sun Pharmaceutical Industries
Source: AIOCD data base, ICICIdirect.com Research * Included Ranbaxys sales
Exhibit 15: Contribution of therapies to domestic sales (MAT July16)
Exhibit 16: Therapy wise performance
Derma
7%
Cardiac
29%
Anti-Infectives
18%
Therapy
July' 16
July' 15
YoY (%)
June' 16
QoQ (%)
Cardiac
147.3
132.1
11.5
138.9
6.0
Neuro
136.0
128.1
6.2
130.0
4.6
Gastro Intestinal
100.0
96.1
4.1
93.0
7.6
90.8
84.4
7.6
80.1
13.5
Anti-Infectives
Gastro
Intestinal
19%
Neuro
27%
(| crore)
Derma
38.2
34.3
11.5
69.5
-45.0
Anti Diabetic
73.1
69.3
5.6
54.2
34.9
Vitamins
34.2
30.1
13.9
37.4
-8.4
Pain
57.3
54.2
5.9
32.8
75.1
Respiratory
30.3
23.5
29.0
30.5
-0.4
Gynaecological
30.0
31.7
-5.1
23.6
27.4
Page 12
Cipla
August 29, 2016
Stock Performance
Chronic,
1985.51,
39.7%
140
120
100
80
60
SubChronic,
622.17,
12.5%
Acute,
2388.79,
47.8%
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Jun-16
Cipla
25
Others
Jul-16
Jun-16
8.9
6.3
8.7
8.4
6.0
4.3
6.6
9.5
12.1
11.5
9.6
9.9
12.7
16.6
1.9
31 to 50
3.5
21 to 30
4.5
5
11 to 20
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
21.0
13.3
10.3
10
11.0
(%)
12%
15
8%
11.4
12%
12.2
20
44%
9.5
15.8
24%
22.6Oct-15
Sep-15
Jul-15
Aug-15
Top 10
Aug-16
Cipla

(| crore)
5.4
Brand
Therapy
5.2
Foracort
Respiratory
16.3
14.6
11.5
16.4
-0.5
Budecort
Respiratory
12.3
9.9
24.3
10.7
14.8
Asthalin
Respiratory
10.3
9.9
3.6
9.6
7.0
Seroflo
Respiratory
10.9
10.5
4.0
10.4
4.6
Duolin
Respiratory
10.8
8.7
23.4
10.2
5.7
Aerocort
Respiratory
7.7
7.3
5.4
7.3
5.0
Azee
Anti-Infectives
7.9
6.9
14.6
6.2
28.4
5.1
5.0
4.8
(%)
4.8
5.2
5.1
5.2
4.9 4.9
5.2
4.9
4.7 4.7
4.6
4.6
4.6
4.4
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
4.2
Cipla
Montair Lc
Respiratory
7.3
5.1
42.5
5.8
25.8
Novamox
Anti-Infectives
6.0
5.9
0.2
5.2
14.3
Emeset
Gastro Intestinal
7.0
6.3
11.8
6.8
3.9
Other
20%
Neuro
3%
Gastro
Intestinal
8%
Cardiac
12%
Respiratory
30%
Anti-Infectives
27%
Therapy
Respiratory
Anti-Infectives
(| crore)
July' 16
122.1
July' 15
105.3
YoY (%)
1 5.9
June' 16
111.2
QoQ (% )
9.8
110.9
101.7
9.0
103.0
7.7
Cardiac
51.8
50.3
3.0
51.4
0.9
Gastro Intestinal
38.2
33.7
1 3.4
38.4
- 0.6
Neuro
Ophthal
13.2
13.8
15.0
14.0
-1 2.5
- 1.2
14.2
14.4
- 7.4
- 3.9
14.1
Pain
14.8
13.1
1 3.0
13.0
Derma
11.0
10.8
1.7
10.4
5.5
8.4
6.3
7.1
6.5
1 7.7
- 2.8
9.2
6.2
- 9.0
2.4
V itamins
Gynaecological
Dr. Reddys Labs

Chronic,
725.31,
30.2%
Acute,
1177.45,
49.0%
Stock Performance) Stock Performance

140
120
100
80
60
SubChronic,
502.43,
20.9%
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Jun-16
Aug-16
Dr. Reddys
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Jul-15
Aug-15
11 to 20
21 to 30
31 to 50
Others
9.5
4.8
1.5
6.3
8.4
4.1
-1.4
-10
Dr. Reddys Laboratories
(| crore)
2.7
Brand
Therapy
2.6
Omez
Gastro Intestinal
9.4
10.8
-12.8
10.6
-11.6
Omez D
Gastro Intestinal
8.6
7.5
14.9
8.8
-2.0
-11.2
2.6
2.6
2.5
2.6
2.7
2.4
2.3
2.3
2.3
2.2
2.3
2.3
2.3
2.3
2.2 2.2
2.2
Econorm
Gastro Intestinal
6.5
6.2
6.0
7.4
Stamlo
Cardiac
4.4
5.2
-15.6
4.2
4.3
Grafeel
Anti-Neoplastics
7.9
5.2
51.8
2.4
223.7
3.4
-9.8
3.7
-17.4
Razo
Gastro Intestinal
4.8
4.1
16.8
4.3
10.4
Atarax
Respiratory
5.1
3.1
63.6
4.3
17.0
Jul-16
3.1
Jun-16
Derma
May-16
Mintop
Apr-16
-12.5
Mar-16
7.3
5.3
Feb-16
4.9
3.5
Jan-16
20.7
4.5
Dec-15
4.3
4.7
Nov-15
5.2
Gastro Intestinal
Sep-15
Pain
Razo D
Aug-15
Nise
2.0
Jul-15
2.1
Oct-15
(%)
4.3
6.6
12.1
9.6
26.5
27.4
12.7
23.6
9.5
6.7
0
Top 10
10.3
10
7.5
16%
9%
12.2
19.0
(%)
20
12%
13.3
22.6
30.7
30
29%
14.6
34%
31.7
40
Dr. Reddys Laboratories

Gastro
Intestinal
22%
Other
36%
Cardiac
14%
Anti-Infectives
8%
Respiratory
9%
AntiNeoplastics
11%

Therapy
(| crore)
July' 16
July' 15
YoY (%)
June' 16
Gastro Intestinal
44.3
43.4
1.9
46.6
QoQ (%)
-5.1
Cardiac
25.6
28.6
-10.5
26.1
-1.8
Anti-Neoplastics
28.8
26.1
10.1
22.7
26.6
Respiratory
18.7
14.0
33.7
15.5
20.5
Anti-Infectives
15.9
14.1
12.9
14.5
9.7
Pain
13.4
13.0
2.8
13.0
3.1
Derma
10.7
10.7
-0.7
12.4
-14.2
Anti Diabetic
12.7
12.7
0.0
13.1
-2.9
Neuro
6.6
6.5
0.4
6.5
1.0
Vitamins
6.3
5.9
5.5
6.3
-1.1
Page 14
Lupin
Stock Performance
Chronic,
1652.39,
49.0%
140
120
100
80
60
SubChronic,
657.00,
19.5%
Acute,
1066.22,
31.6%
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Jun-16
Aug-16
Lupin
Jul-16
Jun-16
May-16
Apr-16
Mar-16
9.5
4.7
7.8
6.3
6.6
8.4
11.7
20.5
Feb-16
12.1
18.4
12.7
14.5
Jan-16
Dec-15
Nov-15
9.5
9.6
12.9
4.3
9.9
7.2
9%
21.8
12
10.3
12.1
11%
13.3
20.9
20
8.5
13%
20%
(%)
47%
12.2
28
22.6 Oct-15
Sep-15
Jul-15
Aug-15
-4
Top 10
11 to 20
21 to 30
31 to 50
Others
Brand
Therapy
3.5
Gluconorm-G
Anti Diabetic
Tonact
Cardiac
3.4 3.3 3.3 3.3
3.2
3.4 3.4 3.4 3.4

3.3 3.4
3.2 3.2
(| crore)

14.6
10.8
35.9
13.4
9.0
7.5
8.4
-11.1
7.1
4.7
4.3
-15.7
4.0
-10.6
2.5
Rablet
Gastro Intestinal
4.5
4.6
-3.4
4.1
8.1
2.3
Ramistar
Cardiac
3.5
4.3
-17.6
3.4
3.5
-3.3
Jul-16
3.6
Jun-16
Respiratory
May-16
Esiflo
Apr-16
2.7
Mar-16
17.3
Feb-16
5.2
4.6
Jan-16
7.2
19.3
Dec-15
28.4
4.6
Nov-15
5.9
5.4
Oct-15
7.6
Gastro Intestinal
Sep-15
Respiratory
Rablet-D
Aug-15
Budamate
2.9
3.1
Jul-15
(%)
3.7
3.3
Lupin
Lupin
R-Cinex
Anti-Infectives
3.5
3.4
5.0
3.7
Cetil
Anti-Infectives
4.2
3.0
37.8
3.9
7.7
Telekast-L
Respiratory
4.2
2.9
43.5
3.0
40.1
Other
22%
Cardiac
26%
Gastro
Intestinal
8%
Anti Diabetic
11%
Anti-Infectives
21%
Respiratory
12%
(| crore)
Therapy
July' 16
July' 15
YoY (%)
June' 16
Cardiac
68.5
70.0
-2.2
66.3
QoQ (%)
3.3
Anti-Infectives
60.8
56.5
7.5
54.9
10.8
Respiratory
34.4
28.6
20.3
31.6
8.8
Anti Diabetic
36.9
29.2
26.5
34.8
6.0
Gastro Intestinal
25.1
22.6
11.1
22.8
9.9
Vitamins
15.6
17.4
-9.9
14.9
4.8
Neuro
13.8
13.4
3.2
13.9
-0.5
Pain
12.7
13.0
-1.9
12.2
4.1
Gynaecological
10.7
9.5
13.0
10.7
0.0
2.0
1.9
7.0
2.1
-5.5
Ophthal
Page 15
Cadila Healthcare
Stock Performance
Chronic,
1652.39,
49.0%
140
120
100
80
60
SubChronic,
657.00,
19.5%
Acute,
1066.22,
31.6%
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Jun-16
Aug-16
Cadila Healthcare
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Jul-15
Aug-15
9.5
3.4
6.3
8.4
5.8
4.3
6.6
1.1
12.0
9.6
12.1
12.7
Others
3.1
31 to 50
7.2
21 to 30
6.8
11 to 20
5.6
Top 10
10.3
15.4
10
13.3
15
13.8
9%
12.8
(%)
13%
12.2
20
11%
12.1
25
20%
9.5
47%
22.6
24.2
30
Cadila Healthcare
Brand
4.1
4.0
4.0
3.9
3.9
3.9
3.8
3.9 3.9 3.9 3.9 3.9
3.9
4.0
3.9
3.8
3.7
Therapy
(| crore)
Skinlite
Derma
13.3
13.7
-2.9
15.3
Atorva
Cardiac
8.4
10.9
-23.2
7.8
-12.7
7.0
Mifegest Kit
Gynaecological
10.7
9.1
18.4
11.0
-2.2
10.5
8.3
25.6
9.6
8.9
8.4
7.7
9.5
7.5
12.0
Gastro Intestinal
Deriphyllin
Respiratory
3.5
Falcigo
Anti Malarials
5.7
6.3
-9.8
3.8
52.0
3.4
Aten
Cardiac
5.7
6.9
-17.2
5.0
13.5
Amlodac
Cardiac
4.3
6.8
-35.7
5.3
-17.6
Zyrop
Blood Related
6.9
5.8
18.6
6.3
9.4
Clopitorva
Cardiac
4.4
4.8
-8.7
4.5
-2.4
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-16
Pantodac
3.6
3.7
Jul-15
(%)
Cadila Healthcare
Other
38%
Cardiac
16%
Gastro
Intestinal
14%
Gynaecological
11%
Pain
10%
Respiratory
11%
(| crore)
Therapy
July' 16
July' 15
YoY (%)
June' 16
QoQ (%)
Cardiac
50.7
56.7
-10.5
49.7
2.2
Gastro Intestinal
48.4
45.7
5.8
48.5
-0.4
Gynaecological
32.8
34.6
-5.1
33.5
-1.9
Respiratory
33.0
29.7
11.1
29.8
10.6
Pain
32.7
30.1
8.6
31.3
4.4
Derma
25.3
25.6
-0.9
26.9
-5.9
Anti-Infectives
28.0
23.7
18.2
22.6
23.6
Anti-Neoplastics
23.0
17.5
31.5
22.1
4.3
Vitamins
16.7
14.3
16.9
14.7
14.1
Hormones
6.6
6.7
-1.5
5.9
11.8
Page 16
GlaxoSmithKline
Stock Performance
Chronic,
421.12,
13.0%
SubChronic,
702.31,
21.6%
Acute,
2122.10,
65.4%
140
120
100
80
60
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Jun-16
Aug-16
GSK Pharma
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
9.5
4.5
6.3
4.3
6.6
8.4
12.1
-6.7
0.3
2.2
4.7
6.9
9.6
12.7
Jan-16
Dec-15
Nov-15
22.6Oct-15
-7.2
-5
-9.5
-2.4
16%
-1.1
1.2
(%)
9%
9.5
10
51%
4.5
15
10%
10.3
12.2
20
14%
13.3
25
21.2
Sep-15
Jul-15
Aug-15
-10
-15
Top 10
11 to 20
21 to 30
31 to 50
Others

3.6
3.5
3.4
3.2
3.3
3.4
3.4 3.4
3.3
3.1 3.1
3.0
3.0 3.1
3.1
2.9
2.8
(| crore)
Brand
Therapy
Augmentin
Anti-Infectives
20.9
26.5
-20.8
16.7
Synflorix
Vaccines
16.2
14.3
13.5
16.4
-1.0
Calpol
Pain
23.4
13.3
75.2
13.8
69.7
Zinetac
Gastro Intestinal
14.8
12.5
18.8
13.5
9.6
25.4
5.7
30.2
8.7
-14.6
Jun-16
7.4
May-16
Vaccines
Apr-16
Rotarix
Mar-16
-9.0
Feb-16
-9.4
10.1
Jan-16
10.2
-26.0
Dec-15
-22.5
12.4
Nov-15
11.9
9.2
Oct-15
9.2
Derma
Sep-15
Derma
Betnovate N
Aug-15
Betnovate C
2.4
Jul-15
2.6
Jul-16
(%)
3.2
Glaxosmithkline Pharmaceuticals
Glaxosmithkline Pharmaceuticals
Eltroxin
Hormones
12.2
10.9
12.1
11.9
2.7
Ceftum
Anti-Infectives
11.4
11.7
-2.4
10.1
12.6
Betnesol
Hormones
8.1
7.9
2.8
5.9
38.4

Anti-Infectives
23%
Other
26%
Respiratory
8%
Pain
10%
Derma
18%
Vaccines
15%

Therapy
(| crore)
July' 16
July' 15
YoY (%)
June' 16
QoQ (%)
Anti-Infectives
61.2
63.8
-4.2
51.6
18.7
Derma
46.0
57.5
-20.1
45.3
1.4
Vaccines
39.9
27.7
43.9
39.4
1.2
Pain
34.9
23.3
49.4
23.6
47.8
Respiratory
20.8
18.9
9.9
16.4
26.7
Hormones
21.0
19.5
7.8
18.3
14.8
Vitamins
24.0
23.0
4.4
22.0
9.1
Gastro Intestinal
16.7
15.1
10.2
15.3
9.0
Cardiac
4.6
6.2
-25.2
4.5
1.7
Gynaecological
3.4
2.9
15.1
3.2
5.3

Page 17
Wockhardt
Stock Performance
Chronic,
270.87,
20.1%
Acute,
924.43,
68.6%
400
350
300
250
200
150
100
50
0
SubChronic,
151.47,
11.2%
Aug-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Wockhardt
Jul-16
9.5
2.3
6.3
1.8
8.4
9.4
9.6
9.9
12.7
9.5
12.1
29.8
38.3
50.5
22.6
Wockhardt

Brand
Therapy
Jul-16
Jun-16
1.23
1.29 1.26
1.28
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
1.41 1.39
1.37 1.38 1.34
1.37 1.35 1.39
1.33
Wockhardt
Intestinal
25%
Vitamins
15%
Neuro
8%
29.9
-14.3
24.7
3.7
Practin
Vitamins
7.3
6.5
11.8
7.9
-7.6
Tryptomer
Neuro
5.1
5.0
0.9
5.4
-5.1
Bro Zedex
Respiratory
4.7
3.1
50.4
2.9
59.4
Methycobal
Vitamins
4.3
4.2
0.4
4.9
-12.7
Biovac V
Vaccines
3.5
6.2
-43.9
2.3
51.1
Biovac A
Vaccines
2.7
4.2
-35.6
2.0
37.2
Zedex
Respiratory
3.4
2.2
50.9
2.0
65.8
Ace Proxyvon
Pain
2.2
2.8
-23.3
2.2
0.0
Wosulin
Anti Diabetic
2.3
2.0
16.3
2.4
-3.6

Therapy
Respiratory
12%
(| crore)
July' 16
July' 15
YoY (%)
June' 16
Gastro Intestinal
28.1
31.7
-11.2
27.0
4.1
Vitamins
18.5
17.5
5.4
19.2
-3.6
Respiratory
15.4
9.5
62.9
9.1
69.5
8.9
8.6
3.5
10.0
-11.0
51.0
Neuro
Anti-Infectives
7%
25.6
Exhibit 45: Contribution of therapies to domesticGastro

sales (MAT July16)
Other
33%
(| crore)
Spasmo Proxyvon PluGastro Intestinal
Aug-15
Jun-16
Apr-16
4.3
4.9
Others
5.5
31 to 50
10.3
10
21 to 30
13.3
24.7
30.3
20
12.2
(%)
30
42.6
40
55%
14%
Jul-15
May-16
Mar-16
6.6
2.5
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
50
9%
11 to 20
Aug-15
Jul-15
60
8%
(%)
Aug-16
14%
1.8
1.7
1.6
1.5
1.4
1.3
1.2
1.1
1.0
Jun-16
Top 10
Oct-15
QoQ (%)
Anti-Infectives
7.5
7.2
4.0
4.9
Anti Diabetic
7.2
6.7
7.2
7.8
-7.3
Derma
7.3
7.7
-5.5
7.4
-1.5
Pain
5.9
7.2
-17.9
7.5
-20.9
Vaccines
6.2
10.4
-40.5
4.3
43.6
Hormones
2.6
2.4
10.9
2.6
-0.8
Page 18
Glenmark Pharmaceuticals
Stock Performance
Chronic,
904.38,
37.2%
200
180
160
140
120
100
80
60
SubChronic,
567.41,
23.3%
Acute,
961.87,
39.5%
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
9.5
8.5
6.3
8.4
6.6
14.8
12.1
19.6
9.6
16.3
9.5
12.7
18.6
22.6
43.6
Oct-15
Sep-15
10.3
13.0
28.0
7.1
Others
8.9
31 to 50
4.3
8.6
21 to 30
11.5
11 to 20
Jul-15
13%
10%
13.3
13%
30.9
(%)
35%
12.2
29%
50
45
40
35
30
25
20
15
10
5
0
Aug-15
Top 10
Jun-16
Glenmark
2.7
2.6
2.5 2.5
2.5
Therapy
Telma
Cardiac
(| crore)

12.5
14.8
-15.9
12.5
-0.1
Telma H
Cardiac
11.9
11.4
4.6
12.1
-1.4
Ascoril Plus
Respiratory
10.0
7.5
32.5
7.1
40.8
Candid
Derma
10.0
8.8
13.4
11.1
-9.7
2.1
Candid-B
Derma
9.6
8.3
15.2
8.5
12.2
Telma Am
Cardiac
6.4
6.1
5.5
6.3
2.5
1.9
Ascoril Ls
Respiratory
4.0
2.9
38.2
2.5
57.1
2.4 2.3
2.3
2.4
2.4 2.4
2.4
2.3 2.3
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
2.2
Jul-15
(%)
2.5
Brand

Anti Diabetic
8%
Derma
28%
Anti-Infectives
13%
Respiratory
16%
Derma
4.2
3.0
41.3
3.8
12.5
Ascoril D
Respiratory
2.7
2.2
23.0
2.2
26.7
Bon K2
Vitamins
2.6
3.4
-22.6
3.0
-11.3
Other
12%
Onabet
Cardiac
23%

Therapy
(| crore)
July' 16
July' 15
YoY (%)
June' 16
Derma
61.1
58.3
4.7
62.7
QoQ (%
-2.
Cardiac
43.8
44.6
-1.9
44.4
-1.
Respiratory
33.6
24.8
35.4
23.3
44.
Anti-Infectives
32.0
26.6
19.9
26.1
22.
Anti Diabetic
13.7
18.0
-23.7
15.0
-8.
Vitamins
5.1
5.8
-10.9
6.7
-23.
Gastro Intestinal
6.6
5.0
31.3
5.6
17.
Gynaecological
6.1
4.4
38.8
4.8
27.
Pain
3.9
4.2
-7.0
4.3
-9.
Ophthal
3.9
3.8
2.2
3.0
29.
Page 19
Torrent Pharmaceuticals
Stock Performance
Chronic,
1161.81,
51.1%
Acute,
545.96,
24.0%
200
160
120
80
40
SubChronic,
567.28,
24.9%
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Jun-16
Aug-16
Torrent Pharma
Others
Jul-16
9.5
4.1
6.3
8.4
1.4
4.3
6.6
2.4
Jun-16
May-16
Apr-16
Mar-16
Feb-16
10.2
-5
-2.7
31 to 50
-3.0
21 to 30
12.1
12.7
0
11 to 20
Jan-16
Dec-15
Nov-15
5.4
9%
9.6
10
7.4
14%
12%
3.8
(%)
15
19.9
20
33%
10.3
16.0
32%
9.5
Aug-15
13.3
21.7
25
22.6Oct-15
Jul-15
12.2
18.3
Sep-15
Top 10
Apr-16
2.4
2.36
2.4
2.35
2.29
2.3
2.24
2.2
2.23
2.17
2.2
2.20
2.26
2.23
2.29
2.24
2.22
Therapy
Shelcal
Vitamins
17.6
20.2
Chymoral Forte
Pain
10.6
10.6
0.0
9.8
8.0
Nikoran
Cardiac
7.2
6.5
9.8
7.1
0.3
Dilzem
Cardiac
5.5
5.1
8.7
5.3
3.5
5.8
-12.9
17.4
0.9
4.3
28.6
4.6
18.4
Nexpro
Gastro Intestinal
4.6
4.1
11.8
4.2
8.1
Dec-15
Jul-16
5.5
Jun-16
Gastro Intestinal
May-16
Nexpro Rd
Apr-16
5.0
2.1
Mar-16
5.4
Feb-16
5.0
19.2
Jan-16
6.8
4.8
Oct-15
5.0
5.7
Sep-15
5.3
Anti Diabetic
Aug-15
Cardiac
Azulix-Mf
Jul-15
Nebicard
2.1
Nov-15
(%)
2.3
2.33
(| crore)
Brand
Cardiac
29%
Pain
8%
Gastro
Intestinal
15%
Vitamins
16%
Vitamins
4.5
2.6
70.6
4.2
7.2
Alprax
Neuro
3.3
3.3
2.2
3.0
12.3

Other
16%
Shelcal Ct
Neuro
16%

Therapy
(| crore)
July' 16
July' 15
YoY (%)
June' 16
QoQ (%)
Cardiac
56.7
54.5
4.0
54.2
4.6
Neuro
32.4
31.2
4.0
31.0
4.7
Vitamins
33.9
32.7
3.7
33.0
2.8
Gastro Intestinal
32.0
28.8
11.0
29.7
7.8
Pain
16.9
15.6
7.8
15.8
6.8
Anti Diabetic
13.0
11.6
12.2
12.4
5.3
Anti-Infectives
7.9
10.1
-21.3
6.8
17.1
Derma
5.6
4.5
24.7
5.4
5.1
Gynaecological
2.9
3.6
-19.7
3.1
-7.6
Anti-Neoplastics
0.4
1.2
-69.6
0.5
-28.1
Page 20
Ipca Laboratories
Stock Performance
150
125
100
75
50
Chronic,
352.96,
27.3%
Acute,
858.16,
66.5%
SubChronic,
80.08, 6.2%
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Jun-16
Aug-16
Ipca
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Jul-15
Aug-15
Others
1.4 1.4
1.4
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
1.3 1.2 1.2 1.2

1.2 1.2 1.2 1.2
Oct-15
Sep-15
Aug-15
1.3 1.3
Jul-15
18.1
9.5
4.0
6.3
8.4
3.7

Brand
(%)
Ipca Laboratories

2.0
1.8
1.6
1.4
1.2
1.0
0.8
0.6
3.3
11.5
4.3
6.6
9.6
12.1
12.7
9.5
10.3
1.5
31 to 50
9.1
21 to 30
-5
6.3
3.6
16%
0
11 to 20
13.3
10
3.0
11%
-0.1
(%)
15
12.2
20
37%
13%
11.8
25
23%
Top 10
22.6
25.8
30
Ipca Laboratories
Pain
26%
Anti-Infectives
6%
Gastro
Intestinal
8%
(| crore)
Zerodol Sp
Pain
8.4
7.7
9.9
7.4
13.6
Zerodol P
Pain
5.7
5.2
10.3
5.4
5.1
Hcqs
Anti Malarials
5.2
6.0
-13.1
5.1
3.0
Larinate
Anti Malarials
6.0
3.4
76.5
2.9
102.4
Rapither-Ab
Anti Malarials
7.0
4.0
76.1
2.8
148.5
Glycinorm M
Anti Diabetic
3.6
3.1
17.4
3.0
21.2
Lariago
Anti Malarials
5.0
2.2
126.6
1.6
203.4
Folitrax
Anti-Neoplastics
3.0
2.9
3.3
3.0
-1.6
Zerodol
Pain
2.2
2.4
-7.6
2.3
-3.6
Lumerax
Anti Malarials
3.4
2.1
61.4
1.5
117.6

Other
24%
Therapy
Anti Malarials
19%
Cardiac
17%

Therapy
(| crore)
July' 16
July' 15
YoY (%)
June' 16
Pain
29.8
26.8
10.9
26.5
QoQ (%)
12.4
Anti Malarials
30.7
20.7
48.1
16.4
86.6
Cardiac
1.1
18.9
17.9
5.4
18.7
Gastro Intestinal
9.6
10.0
-4.3
9.4
2.1
Anti-Infectives
7.3
6.6
10.0
5.9
23.0
Anti Diabetic
6.3
5.8
9.4
5.4
17.3
Respiratory
4.8
3.2
47.5
3.0
60.8
Anti-Neoplastics
4.7
4.1
15.4
4.9
-4.4
Neuro
4.4
3.4
28.4
3.9
14.5
Derma
3.9
3.1
24.5
3.1
24.1
Page 21
Biocon
Stock Performance
Chronic,
241.98,
70.7%
140
120
100
80
SubChronic,
29.34, 8.6%
Acute,
70.75,
20.7%
60
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Aug-16
21 to 30
31 to 50
-10
Others
-15
May-16
8.4
9.4
Jul-16
Jun-16
Apr-16
7.7
Mar-16
9.5
3.5
4.3
1.2
6.6
6.3
12.1
11.3
14.5
Feb-16
Jan-16
9.6
5.3
12.7
Dec-15
Nov-15
9.5
10.0
-5
-11.2
11 to 20
-0.8
2%
5.2
(%)
5%
7.3
10
6%
10.3
15
10%
6.0
77%
12.2
20
13.3
25
22.6Oct-15
Sep-15
Jul-15
Aug-15
Top 10
Jun-16
Biocon
Biocon

0.39
0.38
0.37
0.36
0.35
0.34
0.33
0.33
0.33
0.31
0.31
0.34 0.35 0.35
0.34
0.34
0.32
0.31
(| crore)
Brand
Therapy
Insugen
Anti Diabetic
7.1
7.5
-5.1
7.3
Basalog
Anti Diabetic
5.5
5.0
10.7
5.2
6.5
Erypro
Blood Related
2.3
2.3
2.3
2.3
0.9
-2.2
1.6
-13.3
1.5
-10.9
1.2
1.5
-21.7
1.4
-13.4
Biomab Egfr
Anti-Neoplastics
0.1
0.1
106.3
0.0 NA
Insugen N
Anti Diabetic
0.5
0.9
-46.3
0.6
-23.4
Psorid
Anti-Neoplastics
0.7
0.5
42.9
0.7
-7.2
Jul-16
1.4
Anti Diabetic
Jun-16
Anti Diabetic
Blisto Mf
Apr-16
Insugen R
May-16
0.27
Mar-16
-0.6
Feb-16
3.0
2.3
Jan-16
1.7
150.8
Dec-15
22.3
0.9
Nov-15
1.4
2.3
Oct-15
1.7
Anti-Neoplastics
Sep-15
Anti-Neoplastics
Abraxane
Aug-15
Canmab
0.29
Jul-15
(%)
Biocon

Cardiac
5%
Blood Related
Derma
3%
Other
4%
6%
AntiNeoplastics
22%
Anti Diabetic
60%

Therapy
Anti Diabetic
(| crore)
July' 16
July' 15
YoY (%)
June' 16
QoQ (%)
16.8
17.8
-5.7
17.2
-2.4
Anti-Neoplastics
6.2
4.6
34.6
6.5
-4.6
Blood Related
2.4
2.3
4.7
2.3
1.8
Cardiac
1.2
1.4
-11.9
1.5
-16.2
Derma
0.8
0.7
12.8
0.9
-16.5
Anti-Infectives
0.6
0.7
-11.3
0.5
19.6
Others
0.2
0.2
18.9
0.2
-3.9
Gastro Intestinal
0.1
0.3
-59.6
0.1
24.3
Vitamins
0.1
0.2
-22.3
0.2
-26.3
Pain
0.1
0.0
81.0
0.0
219.5
Page 22
Pfizer
Stock Performance
Chronic,
457.82,
15.7%
SubChronic,
564.52,
19.4%
Acute,
1888.94,
64.9%
200
160
120
80
40
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Pfizer
21 to 30
31 to 50
Jul-16
Jun-16
May-16
9.5
3.0
6.3
8.4
7.2
-1.0
2.7
Pfizer
3.2
2.97 2.94
2.94
2.91
2.91 2.92 2.93
2.8
2.84
2.89
2.96
2.85
2.79
2.74
2.6
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
2.4
Jul-15
4.3
6.6
3.4
-10
Others
(%)
Apr-16
Mar-16
12.1
5.1
9.6
-5
11 to 20
Feb-16
Jan-16
Dec-15
12.7
-3.5
1.6
19%
9.5
10
(%)
50%
3.3
15
10%
8.9
20
10%
10.3
25
11%
Nov-15
22.6
25.0
30
Oct-15
Aug-15
13.3
18.5
Sep-15
Jul-15
12.2
15.0
3.0
Aug-16
Top 10
Jun-16
Pfizer
(| crore)
Brand
Therapy
Corex
Respiratory
24.1
25.4
-4.8
20.2
19.5
Becosules
Vitamins
21.5
20.7
3.6
20.1
6.8
Magnex
Anti-Infectives
11.9
13.4
-11.4
11.1
7.2
Gelusil Mps
Gastro Intestinal
12.3
12.5
-1.8
10.7
14.7
Dolonex
Pain
12.8
12.3
4.1
11.7
10.0
Minipress Xl
Cardiac
16.3
10.0
63.7
9.3
76.3
Mucaine
Gastro Intestinal
10.2
9.0
13.8
10.0
2.5
Wysolone
Hormones
9.6
7.0
37.2
8.0
20.8
Folvite
Blood Related
6.2
6.9
-10.1
7.1
-12.2
Dalacin C
Anti-Infectives
5.7
6.8
-16.4
5.4
5.2
Anti-Infectives
16%
Respiratory
14%
Other
41%
Gastro
Intestinal
10%
Hormones
9%
Vitamins
10%
Therapy
(| crore)
July' 16
July' 15
YoY (%)
June' 16
Anti-Infectives
35.0
40.4
-13.5
32.3
QoQ (%)
8.5
Respiratory
31.6
29.8
6.0
26.1
21.1
Gastro Intestinal
27.7
26.9
3.0
25.9
7.0
Vitamins
27.9
26.5
5.3
25.2
10.5
Hormones
22.2
19.3
15.5
20.5
8.6
Gynaecological
20.8
18.8
10.4
20.5
1.7
Neuro
14.8
17.9
-17.1
16.7
-11.3
Cardiac
21.9
17.0
28.4
15.4
42.3
Pain
16.9
17.8
-5.0
15.5
9.6
Vaccines
11.2
7.6
47.6
7.6
47.9
Page 23
Novartis
Stock Performance
Chronic,
502.26,
43.3%
190
140
SubChronic,
166.44,
14.4%
Acute,
490.75,
42.3%
90
40
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Jun-16
Aug-16
Novartis India
Jul-16
Jun-16
May-16
Apr-16
9.5
6.3
3.9
8.4
18.7
10.2
6.6
79%
4.3
21.6
25.1
12.1
9.6
14.9
10
Mar-16
Feb-16
Dec-15
12.7
17.3
Jan-16
Nov-15
15
10.3
15.3
12.2
16.3
20
13.3
21.7
25
(%)
9.5
20.4
22.6
27.4
30
2%
11%4%4%
Oct-15
Sep-15
Jul-15
Aug-15
-5.2
0
-5
Top 10
11 to 20
21 to 30
31 to 50
-10
Others
1.3
1.2
1.21
1.19
1.17 1.17 1.16 1.16
1.15 1.16
1.2
1.19 1.20
1.10 1.10
1.1
1.1
1.03
(| crore)
Brand
Therapy
Galvus Met
Anti Diabetic
26.6
Voveran
Pain
18.6
Galvus
Anti Diabetic
9.6
Rabipur (Novartis)
Vaccines
5.6
23.7
12.4
23.5
13.4
16.2
14.6
16.8
10.5
11.2
-14.2
9.9
-3.1
7.9
-28.5
7.9
-28.5
-3.2
Tegrital
Neuro
4.2
5.0
-17.4
4.3
1.0
Voveran
Pain
3.4
3.2
6.0
3.3
2.7
0.9
Regestrone
Gynaecological
2.9
3.2
-8.0
2.7
8.6
Methergin
Gynaecological
2.3
2.7
-13.6
2.2
2.6
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Jul-15
Aug-15
1.0
Jul-16
(%)
Novartis India
Novartis India
Syntocinon
Gynaecological
2.2
1.9
16.4
2.3
-4.0
Macalvit
Vitamins
1.8
2.2
-20.8
2.1
-15.8
Exhibit 75: Contribution of Other

therapies to domestic sales (MAT July16)
15%
Therapy
Gynaecological
8%
Anti Diabetic
36%
Vaccines
9%
Vitamins
10%
Pain
22%
(| crore)
July' 16
July' 15
YoY (%)
June' 16
QoQ (%)
Anti Diabetic
36.8
35.6
3.5
33.9
8.5
Pain
23.4
21.1
10.8
21.7
7.8
Vitamins
8.8
9.9
-11.3
11.5
-23.4
Vaccines
5.7
8.0
-29.0
7.9
-28.3
Gynaecological
7.6
8.0
-5.7
7.5
1.1
Neuro
4.2
6.1
-32.2
4.3
-3.2
Anti-Infectives
3.2
5.4
-41.1
2.7
15.8
Respiratory
1.8
1.5
16.7
1.6
13.5
Cardiac
0.7
1.1
-36.5
0.8
-14.8
Anti-Neoplastics
0.4
0.6
-37.1
0.4
5.0
Page 24
Unichem Laboratories
Stock Performance
Chronic,
535.00,
58.1%
160
130
100
70
Acute,
330.29,
35.9%
SubChronic,
55.60, 6.0%
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Jun-16
Aug-16
Unichem Labs
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Aug-15
13.3
18.4
Sep-15
Jul-15
12.2
9.6
35
22.6
32.0
30
21%
46%
Top 10
11 to 20
21 to 30
31 to 50
Others
0.98
1.00
0.94
0.92
0.89 0.93
0.89
0.88 0.87
0.88
0.86 0.87
0.97
0.95
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
0.80
Jul-15
9.5
7.0
6.3
8.4
4.3
1.10
(%)
0.90
5.3
3.5
2.1
6.6
12.1
8.9
9.6
12.7
14.5
8.8
7.1
9.5
10
13%
6.8
15
10.3
(%)
20
11%
9%
17.3
25
Other
11%
Gastro
Intestinal
12%
Neuro
14%
Brand
Therapy
Losar H
Cardiac

8.6
6.9
24.6
8.7
-1.1
Ampoxin
Anti-Infectives
7.0
5.3
32.8
5.2
35.1
Losar
Cardiac
5.7
5.6
1.2
5.8
-1.4
Unienzyme
Gastro Intestinal
5.4
5.9
-8.0
5.2
4.8
Vizylac
Gastro Intestinal
3.3
2.8
15.6
4.7
-29.7
Trika
Neuro
2.0
2.2
-7.9
1.9
3.1
Serta
Neuro
1.9
1.9
2.9
2.0
-4.2
Unistar (Unichem)
Cardiac
1.6
1.5
9.0
1.8
-10.7
Telsar
Cardiac
1.3
1.5
-9.6
1.5
-9.6
Arkamin
Cardiac
2.2
1.2
91.9
1.5
49.6

Pain
4%
(| crore)
Cardiac
42%
Anti-Infectives
17%
(| crore)
Therapy
July' 16
July' 15
YoY (%)
June' 16
Cardiac
35.1
30.7
14.5
36.0
QoQ (%)
-2.3
Anti-Infectives
15.3
11.8
30.0
11.8
29.1
Neuro
11.5
10.0
15.3
11.0
4.0
Gastro Intestinal
10.4
10.2
1.2
11.4
-8.7
20.9
Pain
4.1
3.1
32.9
3.4
Anti Diabetic
3.6
2.4
50.4
3.6
-1.2
Respiratory
2.1
1.6
34.9
1.6
31.5
Vitamins
2.0
2.2
-9.4
1.7
15.0
Derma
1.9
1.3
45.1
2.0
-6.8
Gynaecological
0.4
0.4
-3.3
0.4
8.8
Page 25
Indoco Remedies
Stock Performance
Acute,
590.83,
82.6%
140
120
100
80
60
Chronic,
41.15, 5.8%
SubChronic,
82.91,
11.6%
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Jun-16
Aug-16
Indoco
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Jul-15
Aug-15
31 to 50
27.8
9.5
11.5
6.3
8.4
4.3
5.2
0.7
0.9
0.8
0.8
0.8
0.7 0.7
0.7 0.7 0.7
0.7 0.7 0.7
0.7
0.7
0.7
0.6
0.7
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
0.6
Jul-15
Indoco Remedies
(%)
6.6
5.4
-10
0.7
12.1
9.6
12.7
11.0
-0.9
-5
Others
5.6
-1.3
21 to 30
9.5
10.3
3.7
16%
16.2
10
-6.4
(%)
9%
10.3
15
48%
11 to 20
12.2
20
10%
13.3
25
17%
Top 10
22.6
30
Indoco Remedies
(| crore)
Brand
Therapy
Febrex Plus
Respiratory
9.0
5.4
65.8
4.8
85.2
Cyclopam
Gastro Intestinal
5.6
4.5
24.9
4.3
29.3
Oxipod
Anti-Infectives
5.0
2.6
92.6
2.8
78.9
Sensodent-K
Stomatologicals
3.7
2.8
33.8
3.2
17.0
Cital
Urology
2.7
3.0
-11.3
3.2
-16.7
Atm
Anti-Infectives
3.0
2.1
42.9
2.1
42.4
Sensodent-Kf
Stomatologicals
2.1
2.0
4.4
1.7
22.1
Cloben G
Derma
2.2
2.0
10.4
2.0
8.4
Karvol Plus
Respiratory
1.9
1.0
97.9
1.0
85.6
Cyclopam
Gastro Intestinal
3.0
2.0
49.3
2.2
35.8

Other
27%
Respiratory
18%
Anti-Infectives
18%
Vitamins
7%
Gastro
Intestinal
14%
Stomatological
s
16%

Therapy
July' 16
(| crore)
July' 15
YoY (%)
June' 16
QoQ (%)
79.5
Respiratory
14.5
8.8
64.9
8.1
Anti-Infectives
13.8
9.4
47.5
9.3
48.8
Stomatologicals
11.7
9.4
24.4
10.2
14.7
Gastro Intestinal
23.3
12.2
9.8
24.7
9.9
Vitamins
5.3
4.5
17.2
4.9
8.2
Urology
3.2
3.4
-6.8
3.8
-16.0
Ophthal
3.1
3.0
4.7
3.1
0.7
Derma
2.9
2.6
11.4
2.7
9.9
Pain
3.0
2.6
15.9
2.6
13.8
Anti Diabetic
2.2
1.9
14.1
1.9
15.5
Page 26
Ajanta Pharmaceuticals
Stock Performance
Chronic,
241.57,
49.2%
290
240
190
140
90
40
SubChronic,
56.34,
11.5%
Acute,
193.21,
39.3%
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
CNX Pharma
Ajanta
21 to 30
31 to 50
Others
Jul-16
Jun-16
May-16
9.5
6.3
7.1
11.4
13.1
8.4
7.6
4.3
6.6
7.6
12.1
10.5
9.6
6.9
5
11 to 20
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
12.7
14.3
9.5
6.5
9.9
10.0
10
12%
10.3
12.6
(%)
12.2
15
13%
13.3
18.3
20
42%
10%
Nov-15
22.6
25
23%
Oct-15
Sep-15
Jul-15
Aug-15
0
Ajanta Pharma

Brand
0.5
Therapy
(| crore)
Met Xl
Cardiac
4.3
3.7
17.1
4.6
-5.5
Melacare
Derma
3.8
3.6
5.7
3.0
29.1
Atorfit Cv
Cardiac
2.9
2.9
-0.3
2.9
-2.0
Soft Drops
Ophthal
1.4
1.1
23.0
1.3
6.5
Rosufit Cv
Cardiac
1.4
1.1
25.2
1.3
5.2
0.4
Feburic
Pain
1.3
1.1
13.0
1.1
14.9
0.4
Met Xl Am
Cardiac
1.2
0.9
31.5
1.2
0.5
Rosutor Gold
Cardiac
0.9
0.6
58.6
1.0
-6.7
Cinod
Cardiac
0.9
0.7
21.1
0.9
-1.3
Olopat
Ophthal
0.7
0.7
-2.3
0.9
-17.3
0.5
0.51 0.52
0.5
0.49
0.48
0.51 0.50
0.50
0.48 0.48
0.46
Jul-16
Jun-16
May-16
Apr-16
Mar-16
0.45
Oct-15
Sep-15
Aug-15
Jul-15
0.4
Feb-16
0.46
0.5
Jan-16
0.48
Dec-15
0.5
Nov-15
(%)
Aug-16
Top 10
Jun-16
Ajanta Pharma
Pain
5%
Vitamins
6%
Derma
22%
Others
9%
Cardiac
34%
Ophthal
24%
(| crore)
Therapy
July' 16
July' 15
YoY (%)
June' 16
QoQ (%)
Cardiac
15.2
13.1
15.9
15.5
-2.1
Ophthal
10.2
9.7
5.1
10.4
-2.1
Derma
8.9
8.8
1.1
8.3
7.4
Vitamins
2.0
2.5
-18.8
2.3
-12.3
Pain
2.0
2.1
-3.1
1.9
7.6
Gastro Intestinal
0.9
1.1
-17.0
1.0
-6.6
Neuro
0.8
0.9
-7.5
0.9
-8.8
Anti-Infectives
0.8
0.6
29.2
0.8
-3.6
Anti Diabetic
0.7
0.0
NA
0.6
5.1
Respiratory
0.3
0.3
-8.8
0.2
12.9
Page 27
Alembic Pharmaceuticals
Stock Performance
200
180
160
140
120
100
80
60
40
Chronic,
308.76,
21.7%
SubChronic,
267.18,
18.8%
Acute,
848.05,
59.6%
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Apr-16
Jun-16
Aug-16
Alembic Pharma
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
11 to 20
21 to 30
31 to 50
Others
9.5
11.4
6.3
8.4
11.2
4.3
5.6
6.6
8.0
12.1
13.7
12.7
18.0
18.9
5.9
5
Top 10
9.6
10
9.5
12%
10.3
(%)
15
10%
12.2
16.8
20
13%
13.3
21.2
25
42%
24.0
22.6
31.3
30
23%
23.3
35
Alembic Pharma
1.6
1.5
1.49 1.50 1.49
Therapy
Azithral
Anti-Infectives

12.1
11.6
4.2
7.4
62.2
Althrocin
Anti-Infectives
8.5
6.9
23.3
6.4
32.8
Roxid
Anti-Infectives
4.6
4.4
3.2
4.3
7.1
Gestofit
Gynaecological
5.4
4.8
13.4
5.4
0.3
Wikoryl
Respiratory
4.2
2.6
63.3
2.5
68.6
1.3
Ulgel
Gastro Intestinal
3.4
3.0
11.1
2.7
23.7
1.2
Rekool D
Gastro Intestinal
3.1
3.0
0.9
2.6
15.9
Glisen Mf
Anti Diabetic
2.3
2.1
9.0
2.0
18.2
Rekool
Gastro Intestinal
2.3
2.2
5.2
2.2
6.3
Zeet
Respiratory
2.0
1.6
25.6
1.3
62.5
1.36
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Jul-15
Aug-15
1.33
1.3
1.43
1.31 1.30 1.33
Jul-16
1.4
1.44
Apr-16
1.4
1.43 1.44
Jun-16
1.41
May-16
1.5
(%)
Brand
(| crore)
Alembic Pharma
Other
25%
Anti-Infectives
23%
Gynaecological
11%
Respiratory
13%
Gastro
Intestinal
14%
Cardiac
14%
Therapy
Anti-Infectives
Cardiac
Gastro Intestinal
Respiratory
Gynaecological
Vitamins
Anti Diabetic
Pain
Derma
Ophthal
July' 16
29.7
18.1
18.8
15.7
14.8
11.1
8.7
4.6
2.1
1.8
July' 15
26.9
14.9
17.2
11.3
12.3
8.6
6.4
4.2
2.5
1.7
(| crore)
YoY (%)
10.6
21.5
9.7
38.7
20.2
29.3
35.8
9.7
-13.9
3.3
June' 16
21.5
17.6
17.0
9.6
14.5
10.5
8.2
4.5
2.0
2.1
QoQ (%)
37.9
3.1
11.1
64.0
2.1
5.6
7.1
3.1
9.8
-14.1
Page 28
ICICIdirect.com coverage universe (Healthcare)

CMP
(|)
TP
(|)
Ajanta Pharma
AJAPHA 1970 1,780 Hold
17338.8
45.4
52.8
63.5
43.4
37.3
31.0
27.6
23.2
19.6
42.9
37.2
35.3
34.2
30.2
Apollo Hospitals
APOHOS 1351 1,420 Hold
18801.4
22.2
33.9
49.1
60.9
39.8
27.5
27.0
20.1
15.7
8.2
10.8
13.6
8.9
12.3
15.4
Aurobindo Pharma
AURPHA
Buy
46199.1
33.9
41.3
48.0
23.3
19.1
16.5
25.0
20.5
17.7
23.3
24.6
25.5
28.1
26.0
23.5
Alembic Pharma
ALEMPHA 633
23.5
28.1
Hold
11934.9
38.2
20.4
28.1
16.6
31.1
22.5
12.4
23.1
17.5
51.5
23.2
26.2
44.9
20.5
Biocon
BIOCON
892 1,030
Buy
17849.0
22.5
33.3
38.4
39.6
26.8
23.3
11.2
8.5
6.9
9.1
13.1
14.8
11.1
14.7
15.0
Cadila Healthcare
Cipla
CADHEA
CIPLA
381
567
Buy
Hold
38999.5
45600.9
15.0
18.5
15.8
17.6
20.3
25.4
25.5
30.7
24.1
32.2
18.8
22.3
16.8
19.9
17.2
18.1
13.5
13.4
26.7
12.0
22.9
11.1
26.8
15.2
28.6
12.5
24.7
10.8
25.6
13.8
Divi's Laboratories
DIVLAB
1331 1,415
Buy
35340.5
41.8
45.1
54.5
31.8
29.5
24.4
25.0
22.1
18.3
30.7
29.2
29.8
25.9
23.3
23.4
Dr Reddy's Labs
DRREDD 2974 2,875 Hold
51914.8
142.1
86.5
143.5
20.9
34.4
20.7
12.9
17.1
11.4
17.3
10.9
17.8
20.7
11.4
16.3
Glenmark Pharma
GLEPHA
23991.4
32.2
41.4
49.8
26.7
20.7
17.2
16.8
14.1
11.4
16.2
18.7
20.6
21.2
21.7
20.9
Indoco Remedies
INDREM
310
365
Buy
2857.1
9.0
13.6
19.4
34.4
22.8
16.0
17.7
13.4
10.3
12.5
17.3
23.4
14.2
18.3
21.7
Ipca Laboratories
IPCLAB
550
605
Buy
6942.9
10.0
21.9
30.2
54.9
25.2
18.2
21.9
13.8
10.9
5.7
11.5
14.4
5.5
11.0
13.5
515
420

Lupin
VAMORG
LUPIN
620
M Cap
(| Cr)
PE(x)
EV/EBITDA (x)
RoCE (%)
RoE (%)
FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E
I-Direct
Code
790 1,055
Rating
EPS (|)
FY16 FY17E FY18E FY16
Company
405
510
858 1,000
1512 1,890
Buy
Buy
8204.8
26.0
41.2
52.5
19.8
12.5
9.8
9.6
7.8
6.5
12.0
15.1
17.0
14.2
18.7
19.5
Buy
68213.1
50.4
64.6
75.5
30.0
23.4
20.0
20.0
15.3
12.6
18.6
20.6
22.1
20.7
21.7
20.2
Natco Pharma
NATPHA
683
700
Buy
11890.0
8.9
11.6
13.8
76.7
58.8
49.5
42.5
36.6
30.7
16.0
17.3
18.0
11.9
13.7
14.3
Sun Pharma
SUNPHA
756
890
Buy
181950.6
23.4
29.9
35.5
32.2
25.3
21.3
20.6
16.6
14.0
18.6
20.7
21.2
18.0
19.3
19.2
550
Buy
9266.0
11.1
15.8
18.7
41.7
29.2
24.6
25.5
20.3
16.3
13.2
17.4
19.3
21.0
23.6
22.3
Buy
27356.1
107.8
68.0
74.9
15.0
23.8
21.6
10.9
17.3
16.3
46.7
28.5
27.5
53.8
27.0
24.3
Buy
2473.0
12.3
15.3
21.1
22.1
17.8
12.9
15.2
12.3
8.8
13.8
15.7
18.9
11.7
12.9
15.5
Syngene International
SYNINT
463
Torrent Pharma
TORPHA
1617 1,650
UNILAB 272 340
Exhibit 97: One year forward P/E of CNX Pharma vs. Sensex
45
40
42%Premium
35
30
25
x
20
15
10
5
CNX Pharma
Jul-16
Jan-16
Jul-15
Jan-15
Jul-14
Jan-14
Jul-13
Jan-13
Jul-12
Jan-12
Jul-11
Jan-11
Jul-10
Jan-10
Jul-09
Jan-09
Jul-08
Jan-08
Jul-07
Jan-07
Jul-06
Sensex
Page 29
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
pankaj.pandey@icicisecurities.com
ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No. 7, MIDC,
Andheri (East)
Mumbai 400 093
research@icicidirect.com
Page 30
ANALYST CERTIFICATION
We /I, Siddhant Khandekar CA-INTER Mitesh Shah MS (Finance) Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report
accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or
view(s) in this report.
Terms & conditions and other disclosures:

ICICI Securities Limited is a Sebi registered Research Analyst having registration no. INH000000990. ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia,
engaged in the business of stock brokering and distribution of financial products. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is Indias largest private sector bank and has its various
subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (associates), the details in respect of which are
available on www.icicibank.com.
ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking
and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts
and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and
meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without
prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securitiesis is under no obligation to update or keep the information
current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended
temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this
company, or in certain other circumstances.
This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This
report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their
receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific
circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate
the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any
loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the
risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to
change without notice.
ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment
in the past twelve months.
ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in
respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction.
ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned
in the report in the past twelve months.
ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its analysts did not receive any compensation
or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts have any
material conflict of interest at the time of publication of this report.
It is confirmed that Siddhant Khandekar CA-INTER Mitesh Shah MS (Finance), Research Analysts of this report have not received any compensation from the companies mentioned in the report in the
preceding twelve months.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the
publication of the research report.
Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject
company/companies mentioned in this report.
It is confirmed that Siddhant Khandekar CA-INTER Mitesh Shah MS (Finance), Research Analysts do not serve as an officer, director or employee of the companies mentioned in the report.
ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.
Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.
We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution,
publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities
described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and
to observe such restriction.
Page 31

IDirect HealthCheck Aug16

Încărcat de

Informații document

Descriere originală:

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

IDirect HealthCheck Aug16

Încărcat de

Drepturi de autor:

Formate disponibile

Monthly Update

August 29, 2016

Q1 earnings in line; midcap pharma gallops

Index Performance as on August 26, 2016

ICICI Securities Ltd. | Retail Equity Research

The Q1 earnings season ended on expected line with US focused generic

M&As, demergers, tie-ups and JVs

Sun Pharma divested seven brands to RPG Life

Sun Pharma recalling 16,085 bottles anti-depressant tablets from US

ICICI Securities Ltd. | Retail Equity Research

Sun enters into agreement with Almirall for Tildrakizumab in Europe

ICICI Securities Ltd. | Retail Equity Research

Competition Commission slaps penalty of ~| 73 crore on Lupin

Ajanta Pharma registers strongest ever gross margins

ICICI Securities Ltd. | Retail Equity Research

ICICI Securities Ltd. | Retail Equity Research

Natco Pharma - Hepatitis C group continues to drive numbers

ICICI Securities Ltd. | Retail Equity Research

Q1FY17 Results Review

Geographical/segmental performance in Q1FY17

ICICI Securities Ltd. | Retail Equity Research

The Q1 earnings season concluded on expected line with US focused

Source: Company, ICICIdirect.com Research

Exhibit 3: Quarterly performance of I-Direct healthcare coverage

Source: Company, ICICIdirect.com Research, LP: Loss to Profit

Exhibit 5: I-Direct Healthcare Universe EBITDA trend

Source: Company, ICICIdirect.com, Research

Exhibit 6: I-Direct Healthcare Universe profits trend

Exhibit 7: Trends in EBITDA & PAT margin of I-Direct Healthcare Universe

Source: Company, ICICIdirect.com, Research

ICICI Securities Ltd. | Retail Equity Research

Source: Company, ICICIdirect.com, Research

EBITDA Margins (%)

PAT Margins (%)

Source: Company, ICICIdirect.com, Research

Exhibit 8: Deviation from estimates / Change in outlook post Q1FY17 numbers

Jubilant Life Sciences

Higher-Than-expected gAbilify sales in the US

Q1 was largely impacted by decline in US sales primarily on account of increased competition

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Exhibit 9: Patent litigations (12 months)

ICICI Securities Ltd. | Retail Equity Research

Industry acute to chronic therapy ratio percentage

Top brands in Indian pharma market

Exhibit 10: Domestic formulations - growth trend

IPM grows 9.5% in July

Therapy wise performance (| crore)

Indian Pharma Market

Source: AIOCD data base, ICICIdirect.com Research

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

Exhibit 11: Companies growth in domestic market in July, 2016

Source: AIOCD data base, ICICIdirect.com Research

Source: AIOCD data base

ICICI Securities Ltd. | Retail Equity Research

Acute : Chronic contribution (MAT July16)

Source: NSE, ICICIdirect.com Research

Source: AIOCD data base

Indian Pharma Market

Exhibit 12: Company growth vis--vis Indian pharma market growth

Brands contribution to domestic sales (MAT July16)

Sun Pharmaceutical Industries