IDirect HealthCheck Jul15content.icicidirect.com/mailimages/IDirect_HealthCheck_Jul15.pdf · Torrent Pharma. 0 10 18 91 22641 Apollo Hospitals 9 7 23 27 19355 Wockhardt 7 -10 51 138

ICICI Securities Ltd. | Retail Equity Research

July 23, 2015

Monthly Update

Q1to be low key affair; Sun Pharma blinks… Companies under I-direct healthcare coverage (ex-Sun Pharma) in Q1FY16 are expected to grow 11.3% YoY to | 24835 crore. US sales (ex-Sun) are expected to grow 13.7% to | 5842.2 crore mainly due to rupee depreciation (6% YoY), exclusivity launches (gValcyte by DRL and gAbilify by Torrent) and market share gain (Cadila). On the other hand, Indian formulations, from a select pack, are likely to grow just 3.3% YoY to | 4847 crore due to high base and one-offs. Similarly, currency headwinds in other geographies like Europe, Japan and emerging economies like Russia, Brazil and Venezuela are likely to impact the overall performance. On the stocks front, we expect Ajanta, Cipla, Cadila, Glenmark, Indoco and Torrent to register strong revenue growth on the back of good traction from the exports markets on account of new product launches, market share gains, tender wins, etc. Apollo Hospitals is likely to clock ~25% YoY growth on the back of robust growth in the pharmacy business and Hetero consolidation. On the other hand, Ipca’s numbers are likely to be muted again due to ongoing cGMP issues. Lupin is also likely to deliver a weak set of numbers due to lack of US approvals. The EBITDA of the I-direct healthcare coverage (ex-Sun Pharma) is expected to grow ~5% YoY to | 5398 crore. EBITDA margins are likely to decline ~134 bps to 21.7% on account of a high base, ongoing litigation issues, adverse product mix and incremental R&D spend by most players. Sun Pharma has provided its first integrated FY16 guidance wherein it expects muted revenue growth in FY16 and also some dents in its profitability on account of the Ranbaxy integration and various remedial measures at facilities under the USFDA embargo. Lupin has forayed into the Russian market with the acquisition of Russia's Biocom. Biocom is a generic company with focus on therapies such as CVS, CNS and antimicrobials with annual sales of ~US$15 million in CY14. Finally, on the domestic front, the Indian pharmaceutical market (IPM) registered growth of 14.8% YoY to | 7928 crore for June. Growth was mainly driven by volume growth – 6.5% price hikes – 4.8% and new product launches – 3.4%. On a MAT basis, IPM growth was at 14.3% YoY to | 90085 crore. Q1 numbers, muted Sun Pharma guidance to weigh in short-term After a brief run-up, the pharma pack witnessed a brief phase of consolidation as the muted FY16 guidance by Sun Pharma and expectation of muted growth in Q1 besides compliance related issues are likely to weigh on sentiments. Also, after a series of re-ratings, most pharma stocks are running slightly ahead of valuation. We expect volatility to persist for some more time. We, however, maintain our long term bullish view on the sector on the back of structural strength. Strong visibility on the back of a good product basket and a reasonable base business growth continue to attract buying interest in the pharma sector despite premium valuations. Healthy operating margins, relatively low leverage and strong return ratios are some of the other attributes for most pharma players. DRL and Lupin are our top picks from the large cap pharma space whereas Cadila, Aurobindo and Torrent Pharma are our picks from the midcap pharma space.

Health CheckSector View

Outperformer

Index Performance as on July 22, 2015

Return (%) 1M 3M YTD 1Y

CNX 500 4 3 6 14

Nifty 3 3 4 11

CNX Pharma 4 1 13 39

Return (%)

Stocks Performance Mcap

Company 1M 3M YTD 1Y 22-Jul

Sun Pharma.Inds. -3 -12 1 11 200137

Lupin 3 5 27 67 81789

Dr Reddy's Labs 15 12 21 44 67231

Cipla 7 2 8 53 54206

Aurobindo Pharma 7 12 32 108 43792

Cadila Health. 15 13 25 83 40880

Glaxosmit Pharma 3 5 5 36 28549

Glenmark Pharma. 6 19 37 79 29868

Divi's Lab. 8 10 15 34 26252

Torrent Pharma. 0 10 18 91 22641

Apollo Hospitals 9 7 23 27 19355

Wockhardt 7 -10 51 138 16893

Ajanta Pharma 7 17 77 159 14478

Pfizer 6 -5 -2 49 9653

Biocon 0 4 10 -9 9352

Ipca Labs. 2 4 -5 -17 8722

Natco Pharma 8 16 53 103 7760

Strides Arcolab 11 18 36 123 7799

Indoco Remedies 0 -1 19 96 3417

Jubilant Life 26 39 84 15 3546

Unichem Labs. 39 24 8 31 2373

Return (%)

Mcap: Market cap in | crore

Price movement

50006000700080009000

100001100012000130001400015000

Jul-14 Oct-14 Jan-15 Apr-15 Jul-15

4000

6000

8000

10000

12000

CNX Pharma Nifty (RHS)

Research Analyst

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

Nandan Kamat [email protected]


Page 2

Regulatory approvals

Exhibit 1: Summary of USFDA approvals for June 2015 [5

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeLupin Amlodipine Besylate, Valsartan and Hydrochlorothiazide Anti-hypertensive Novartis Exforge HCT US$ 320 millionTorrent Pharma Amlodipine Besylate, Valsartan and Hydrochlorothiazide Anti-hypertensive Novartis Exforge HCT US$ 320 millionSun Pharma Donepezil Hydrochloride CNS Eisai Inc Aricept US$ 2.5 billionLupin Celecoxib Anti-Inflammatory GD Searle Celebrex US$ 2.44 billionGlenmark Pharma Calcipotriene Vitamins Leo Pharma Dovonex US$ 92.8 millionAurobindo Pharma Phenytoin Sodium Anti-Epileptic Parke Davis Dilantin US$ 125 millionAlembic Pharma Lithium Carbonate Anti-psycotic Ani Pharms Lithobid US$ 21 millionGlenmark Pharma Levonorgestrel and Ethinyl Estradiol Oral Contraceptive Teva Seasonale US$81 millionAurobindo Pharma Azithromycin Anti-Infective Pfizer Zithromax NAAurobindo Pharma Entacapone CNS Orion Pharma Comtan US$ 82 millionJubilant Life Sciences Levofloxacin Anti-infective Ortho McNeil Janseen Levaquin US$1.45 billionCadila Healthcare Pyridostigmine Bromide CNS Valeant Pharms Mestinon US$ 27.9 millionSun Pharma Levocetirizine Dihydrochloride Anti-histamine UCB Inc Xyzal US$ 231 millionCadila Healthcare Calcium Acetate Blood phosphate Cypress Pharm Eliphos NAAlembic Pharma Desvenlafaxine Succinate Anti-Depressant Wyeth Pharms Pristiq US$ 600 millionLupin Desvenlafaxine Succinate Anti-Depressant Wyeth Pharms Pristiq US$ 600 millionTaro Pharma Desloratadine Anti-Biotic Schering Plough Clarinex US$ 212 million

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeAlembic Pharma Celecoxib Anti-Inflammatory GD Searle Celebrex US$ 2.44 billionUnichem Labs Alfuzosin Hydrochloride Prostatic Hyperplasia Covis Pharma Sarl Uroxatral NACipla Nevirapine Anti-retroviral Boehringer Ingelheim Viramune NA

Final Approvals

Tentative Approvals

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

Warning letters, import alerts, Letter 483s, clearance letters

One more Sun Pharma plant under USFDA scanner Sun Pharma’s Ahmednagar API facility has received a few observations from the USFDA. The Ahmednagar plant is one of the largest API facilities for the company. This is the third Sun Pharma plant, which has come under the USFDA scanner post Halol and Karkhadi. Anvisa suspends import of Lupin’s APIs Brazilian drug regulator Anvisa suspended the import of Lupin’s antibiotics active ingredients (API), on the back of "unsatisfactory inputs" and deviation from GMP. Lupin’s total API exports sales was | 774 crore (6% of sales) in FY15. Madras Court sanctions Strides-Shasun amalgamation Shasun Pharma has received clearance from the Madras High Court for the scheme of amalgamation with Strides Arcolab. Last month, Strides Arcolab's application to the Foreign Investment Promotion Board (FIPB) seeking approval for issuing equity shares to non-resident shareholders of Shasun Pharmaceuticals was rejected on the grounds that the scheme was yet to be approved by the Madras High Court. Aurobindo Pharma’s manufacturing Unit XII receives USFDA observations The company’s manufacturing Unit XII underwent a GMP inspection by USFDA and received certain observations related to the systems and procedures. As per the management, these observations would not impact its operations and exports. The company has filed 19 ANDAs from this facility and received all approvals.


Page 3

M&As, demergers, JVs

Lupin forays into Russian market with Biocom acquisition Lupin made its maiden foray into Russian market with the acquisition of Russia's Biocom. Annual sales of Biochem were ~US$15.0 million in CY14. Biocom is a generic pharma company with focus on therapies such as CVS, CNS and antimicrobials and also does contract manufacturing and secondary packaging. Marksans buys Time-Cap Labs Marksans Pharma acquired New York-based Time-Cap Laboratories Inc. Time-Cap manufactures solid-dosage generic drugs, including over-the-counter medications, prescription drugs and nutritional supplements. It has an average four years annual revenue over $30 million. Capex, investments, fund raising

Lupin receives board approval to raise funds Lupin has received board approval to raise funds up to | 7500 crore through issue of equity shares or other equity linked instruments. Others

Ranbaxy, Halol to weigh on FY16 numbers - Sun Pharma management Sun Pharma has provided its first integrated FY16 guidance in a surprise pre-earnings conference call. The management also discussed other issues like R&D, compliance issues at Halol as well as all four Ranbaxy facilities and synergy benefits. It expects muted revenue growth in FY16 and also some dents in its profitability on account of the Ranbaxy integration and various remedial measures at facilities under the USFDA embargo. The company has enhanced its guidance for synergy benefit by 15-20% over its original guidance of US$250 million by FY18. Cipla divests consumer healthcare arm Cipla's board approved the divestment of its consumer healthcare business to a wholly-owned subsidiary for a consideration of | 10.5 crore on a going concern basis by way of a slump sale. Q1FY16 results

Domestic formulations boost Q1FY16 numbers for Unichem Labs Revenues grew 6.2% YoY to | 309 crore mainly due to ~8% YoY growth in domestic formulations to | 194.3 crore and 11.6% growth in export formulation to | 83.3 crore. US sales grew 58% YoY to US$7.38 million. EBITDA margins declined 121 bps YoY (up 802 bps QoQ) to 13.8% due to the increase in operating expenditure. EBITDA declined 2.3% to | 42.7 crore. Net profit witnessed a YoY decline of 4.7% to | 28.8 crore.


Page 4

Exhibit 2: Patent litigations in last 12 months [5

Month Innovator ANDA Filer Brand Name API Used for Jun-14 AstraZeneca Pharmaceuticals LP Sun Pharma Global FZE; Onglyza Saxagliptin DiabetesJun-14 Bristol-Myers Squibb Co. Aurobindo Pharma Reyataz Atazanavir HIVJun-14 Teva Women's Health Lupin Quartette Levonorgestre ContraceptiveJun-14 Forest Laboratories Inc Aurobindo Pharma Namenda XR Memantine Alzheimer's diseaseJun-14 Senju Pharma Lupin Pharma Inc. Prolensa Bromfenac Ocular InflammationJul-14 Pfizer Inc Aurobindo Pharma Tygacil Tygecycline InfectionJul-14 GlaxoSmithKline LLC Glenmark Generics Inc. Coreg Carvedilol High Blood PressureJul-14 Allos Therapuetics Inc Dr Reddy's Folotyn Pralatrexate LymphomaJul-14 Acorda Therapeutics Inc.; Aurobindo Pharma Ampyara Dalfampridine Multiple SyrosysJul-14 Alcon Pharmaceuticals Ltd. Aurobindo Pharma Vigamox Moxifloxacin Eye InfectionJul-14 Gilead Sciences Inc. Lupin Ltd. Atripla Efavirenz/Emtricitabine/Tenofovir HIVJul-14 AbbVie Inc. Aurobindo Pharma Norvir Ritonavir HIVJul-14 Alkermes Pharma Ltd. Sun Pharmaceuticals Focalin XR Dexmethylphenidate ADHDJul-14 Otsuka Pharma Co. Torrent Pharma Abilify Aripiprazole SchizophreniaJul-14 Astrazeneca AB Cadila Healthcare Nexium Esomeprazole Acid RefluxAug-14 Janssen Products LP Cipla Ltd. Prezista Darunavir HIVAug-14 Forest Labs Lupin Ltd. Namenda Memantine Hydrochloride Alzheimer's diseaseAug-14 Senju Pharma Ltd. Lupin Ltd. Prolensa Bromfenac Ocular InflammationAug-14 Novartis Pharma Dr. Reddy's Labs Gleevec Imatinib Mesylate Organ RejectionSep-14 Millenium Pharmaceuticals Glenmark Pharma Valcade Bortezomib Multiple MylomaSep-14 Teva Pharma Dr. Reddy's Labs Copaxon Glatiramer Acetate Multiple SclerosisSep-14 Reckitt Benckiser LLC Aurobindo Pharma Mucinex Guaifenesin MucusSep-14 Cephalon Inc. Dr. Reddy's Labs Treanda Bendamustine LeukemiaSep-14 Cephalon Inc. Sun Pharma Treanda Bendamustine LeukemiaOct-14 Novartis Pharma Dr. Reddy's Labs Gleevec Imatinib LeukemiaOct-14 Braintree Laboratory Inc. Taro Pharma Suprep Sodium Sulphate Bowel PreparationOct-14 Cephalon Inc. Wockhardt Treanda Bendamustine LeukemiaNov-14 Biomarin Pharma Dr. Reddy's Labs Kuvan Sapropterin Dihydrochloride phenylketonuriaNov-14 Otsuka Pharma Cadila Healthcare Abilify Aripiprazole schizophreniaNov-14 Otsuka Pharma Alembic Pharma Abilify Aripiprazole schizophrenia

Jan-15 iCeutica Lupin Ltd. Zorvolex Diclofenac Anti-Inflammatory

Jan-15 Senju Pharma Lupin Ltd. Prolensa Bromfenac Eye Inflammation

Jan-15 Sheonogi & Co. Aurobindo Pharma Doribax Doripenem Infection

Jan-15 Teva Pharma Dr. Reddy's Labs Copaxone Glatiramer Multiple Sclerosis

Feb-15 Roxane Laboratories Lupin Ltd. Roxane Calcium Acetate CCalcium Acetate Serum phosphorous Reductio

Feb-15 Cephalon Inc. Glenmark Generics Treanda Bendamustine Leukemia

Feb-15 Cephalon Inc. Dr. Reddy's Labs Treanda Bendamustine Leukemia

Mar-15 Otsuka Pharma Indoco Remedies Abilify Aripiprazole Schizophrenia

Apr-15 Sanofi Aventis Dr. Reddy's Labs Jevtana KIT Cabazitaxel Prostate Cancer

Apr-15 Sanofi Aventis Glenmark Jevtana KIT Cabazitaxel Prostate Cancer

Apr-15 Medicis Pharma Taro Pharma Zyclara Imiquimod Actinic Keratoses

Apr-15 Alcon Research Wockhardt Patanol Olopatadine hydrochloride Allergic Conjunctivitis

Apr-15 Janssen Products LP Cipla Prezista Darunavir Anti-Retroviral

Apr-15 Teva Pharma Dr. Reddy's Labs Copaxone Glatiramer Multiple Sclerosis

Apr-15 Eli Lilly Lupin Effient Prasugrel CVS

Apr-15 Horizon Pharma Lupin Pennsaid Diclofenac Osteoporosis

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

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

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

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

May-15 Takeda Zydus Pharma Daliresp Roflumilast CVS

May-15 Takeda Strides Daliresp Roflumilast CVS

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

May-15 Merck Lupin Safyral Drospiranone; Ethinyl Estradiol; LevoBirth Control

May-15 Kowa Lupin Livalo Pitavastatin Calcium High Cholestrol

Source: Bloomberg, ICICIdirect.com Research


Page 5

IPM crosses | 90000 crore landmark… • The Indian pharmaceutical market (IPM) registered growth of 14.8% YoY

to | 7928 crore for June. The growth was mainly driven by volume growth – 6.5% (5% in June 2014) price hikes – 4.8% (1.8% in June 2014) and new product launches – 3.4%

• Drugs under NLEM list witnessed growth of 5.6% YoY to | 957 crore while non-NLEM drugs posted growth of 16.2% to | 6597 crore. Volume growth in NLEM and non-NLEM was -0.1% and 6.2% respectively

• Among our covered companies, Glenmark has registered highest growth of 34.5% YoY followed by Torrent Pharma, Sun Pharma, Dr Reddy’s and Unichem clocking growth of 28.3%, 27.3%, 24.8% and 20.5%, respectively

• Therapy wise, 11 therapies have outpaced IPM growth. Notable among them with growth rates are - anti-diabetic – 27.4%, dermatology - 20.0%, cardio – 18.9%, gastro intestinal – 15.8% and respiratory 15.4%. Anti-Infective segment registered just 3.2% growth in June 2015

• In all, 273 new brands were launched in June 2015 • On a MAT basis, IPM growth stood at 14.3% YoY to | 90085 crore • Domestic companies have grown 11.2% while MNC companies have

grown ~10.2% in June 2015 Exhibit 3: Domestic formulations - growth trend

13.9

10.8 11

.6

21.0

7.8

12.4

17.7

14.9

13.6

20

21.5

12.1 14

.9

-5

0

5

10

15

20

25

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market[

Source: AIOCD data base, ICICIdirect.com Research

Exhibit 4: Companies growth in domestic market in May 2015

27.423.3

2.6

15.99.5

75.0

23.0

12.411.6

2.50.9

-5.8

0.7

29.815.4

6.3

-10

0

10

20

30

40

50

60

70

80

Woc

khar

dt

Unic

hem

Torr

ent

Sun

Phar

ma

Pfize

r

Nov

artis

Lupi

n

Ipca

Lab

s

Indo

co

GSK

Phar

ma

Glen

mar

k

Dr. R

eddy

s

Cipl

a

Cadi

la

Bioc

on

Ajan

ta

(%)


Therapy wise performance (| crore) Therapy June'15 June'14 YoY (%) May'15 MoM (%)Anti-Infectives 1119 1085 3.2 1120 -0.1Cardiac 1027 864 18.9 990 3.7Gastro Intestinal 992 856 15.8 983 0.9Vitamins 755 660 14.4 721 4.7Anti Diabetic 657 515 27.4 649 1.1Respiratory 489 424 15.4 516 -5.3Pain 552 499 10.5 540 2.1CNS 497 415 19.6 485 2.3Derma 476 399 19.3 470 1.4Gynaecological 410 366 12.0 400 2.4Hormones 130 112 15.8 127 2.6Vaccines 139 121 14.5 127 9.5Anti-Neoplastics 129 124 4.1 125 3.3Ophthal 118 102 15.5 120 -1.8Blood Related 97 83 16.4 90 7.7Others 110 72 51.4 96 14.3Urology 93 75 23.5 91 1.6Anti Malarials 35 41 -15.7 35 -1.5Sex Stimulants 42 36 14.3 41 1.9Stomatologicals 36 32 13.2 33 8.6 Source: AIOCD data base

Top brands in Indian pharma market Brand Company Therapy June'15 June'14 Gr. (%)Augmentin GSK Anti-Infectives 329.9 253.9 29.9Becosules Pfizer Vitamins 253.3 227.9 11.1Corex Pfizer Respiratory 234.7 230.4 1.9Lantus Sanofi Anti Diabetic 230.2 175.4 31.3Clavam Alkem Anti-Infectives 225.2 210.2 7.1Volini Ranbaxy Pain 209.3 223.6 -6.4Spasmo Prox Wockhard GI 200.7 107.9 86.1Galvus Met Novartis Anti Diabetic 194.2 146.1 32.9Taxim Alkem Anti-Infectives 186.5 151.8 22.9Taxim O Alkem Anti-Infectives 186.4 149.8 24.5

Source: AIOCD data base; Date as per MAT June 15 & June 14 Industry acute to chronic therapy ratio percentage…

Acute, 62634.3,

69.7%

Chronic, 27288.6,

30.3%

Source: AIOCD data base ; As per AIOCD MAT June 2015


Page 6

IPM grows 14.7% in Q1FY16 • The Indian pharmaceutical market (IPM) registered growth of 14.7%

YoY to | 23800 crore in Q1FY16 • The growth was mainly driven by robust YoY volume growth of 6.7%

followed by price hikes – 4.8% and new product launches – 3.2% • Drugs under NLEM list witnessed growth of 14.3% YoY to | 7485 crore

while non-NLEM drugs posted growth of 14.5% to | 12258 crore • Among our covered companies Glenmark registered highest growth of

31.5% YoY followed by Torrent, Sun Pharma, Dr Reddy’s and Cipla that clocked growth of 28.2%, 27.5%, 22.0% and 19.4%, respectively

• Therapy wise, nine therapies have outpaced IPM growth. Notable among them with growth rates are - anti-diabetic – 25.9%, dermatology- 20.6%, gastro intestinal – 17.5% CNS – 15.8% and respiratory – 15.7%. The anti-Infective segment registered just 7.6% growth in Q1FY16

Therapy Q1FY16 Q1FY15 YoY (%) Q4FY15 QoQ (%)Anti-Infectives 3431 3188 7.6 3369 1.8Cardiac 3037 2632 15.4 2800 8.5Gastro Intestinal 2959 2525 17.2 2449 20.8Vitamins 2205 1955 12.8 1895 16.3Anti Diabetic 1959 1556 25.9 1789 9.5Respiratory 1613 1393 15.7 1920 -16.0Pain 1652 1471 12.3 1473 12.2CNS 1475 1274 15.8 1346 9.6Derma 1422 1179 20.6 1270 11.9Gynaecological 1223 1089 12.3 1086 12.6Hormones 391 354 10.5 377 3.7Vaccines 399 359 11.1 407 -2.1Anti-Neoplastics 393 349 12.4 364 7.9Ophthal 365 315 15.7 318 14.7Blood Related 279 247 13.3 239 17.2Others 302 226 33.8 245 23.2Urology 275 220 25.2 233 18.0Anti Malarials 108 117 -7.9 107 1.2Sex Stimulants 127 112 13.0 130 -2.3Stomatologicals 103 94 9.9 93 10.9

Source: AIOCD data base

Exhibit 5: Domestic formulations – quarterly growth trend

2.74.5

6.42.5

8.86.71.4

1.7

3.1

4.8

5.5

4.8

3.6

3.6

3.3

3

3.2

3.2

7.79.8

12.8

10.3

17.5

14.7

-113579

1113151719

Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 1QFY16

(%)

Volumes Price Increases New Products

[


Exhibit 6: Company wise growth trends in Q1FY16

29.7

15.1

28.2 27.5

16.7

3.7 2.50.3

2.15.2

31.5

22.019.4

7.8 6.610.3

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Woc

khar

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Unic

hem

Torr

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Sun

Phar

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Pfize

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Nov

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Ipca

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GSK

Phar

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Glen

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Dr. R

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Cipl

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Bioc

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(%)



Page 7

Sun Pharmaceuticals

Stock Performance

80

125

170

Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15

CNX Pharma Sun Pharma

Source: NSE, ICICIdirect.com Research Exhibit 7: Company growth vis-à-vis Indian pharma market growth

13.9

10.8

11.6

21.0

7.8

12.4 14

.9

13.6

19.7 21

.5

17.7

12.1 14

.9

17.6

15.2

14.3

9.8

9.6

14.8

21.6

13.4 15

.9

19.9

26.8

23.3

32.8

0

5

10

15

20

25

30

35

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Sun Pharmaceutical Industries


Exhibit 8: Market share in Indian formulations market

5.15.3

5.1

4.8

5.4

5.6 5.7

5.9

5.4

5.65.7

6.05.9

4.8

5.0

5.2

5.4

5.6

5.8

6.0

6.2

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Sun Pharmaceutical Industries


Exhibit 9: Top 10 brands performance (| crore) Brand Therapy June'15 June'14 Var. (%) May'15 Var. (%)

Gemer Anti Diabetic 13.6 10.1 34 13.5 1

Istamet Anti Diabetic 13.2 8.4 57 13.1 1

Susten Gynaecological 12.9 9.5 37 13.2 -2

Pantocid Gastro Intestinal 12.0 9.4 28 11.9 1

Levipil Neuro 11.4 8.3 37 12.2 -7

Pantocid Dsr Gastro Intestinal 10.2 6.8 50 10.2 0

Aztor Cardiac 9.9 7.2 39 9.9 1

Glucored Anti Diabetic 6.2 5.3 19 6.2 0

Rozavel Cardiac 6.2 4.3 43 6.2 -1

Oxetol Neuro 6.1 4.7 29 6.2 -1


Exhibit 10: Contribution of therapies to domestic sales (MAT June’15) z

Neuro 35%

Cardiac23%

Gastro Intestinal19%

Anti Diabetic15%

Gynaecological8%


Exhibit 11: Therapy wise performance (| crore)

Therapy June'15 June'14 YoY (%) May'15 QoQ (%)

Neuro 123.8 93.7 32.0 126.2 -1.9

Cardiac 87.1 66.1 31.8 86.7 0.4

Gastro Intestinal 71.3 51.1 39.4 70.9 0.6

Anti Diabetic 58.5 42.5 37.6 57.9 1.1

Gynaecological 29.6 25.0 18.2 29.3 0.9

Pain 21.1 14.9 41.8 20.4 3.5

Ophthal 19.1 15.0 27.2 19.7 -2.9

Respiratory 15.9 12.2 30.5 16.2 -1.9

Vitamins 16.4 11.1 48.5 16.3 0.9

Hormones 9.6 9.2 4.0 9.4 2.3


Acute : Chronic contribution (MAT June’15)

Acute, 91.1, 28%

Chronic, 233.0, 72%

Brands contribution to domestic sales (MAT June’15)

22%

11%

8%11%

48%

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



Page 8

Ranbaxy Laboratories

Stock Performance

80

125

170


CNX Pharma Sun Pharma


13.9

10.8

11.6

21.0

7.8

12.4 14

.9

13.6

19.7 21

.5

17.7

12.1 14

.9

15.0

6.7 8.

5

14.3

-0.2

9.7

7.2

7.3

2.6

5.5

5.9

13.3

18.3

-15

-10

-5

0

5

10

15

20

25Ju

n-14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Ranbaxy Laboratories



3.563.43

3.533.42 3.40

3.63

3.39 3.36

3.09 3.083.20

3.573.66

2.72.82.93.03.13.23.33.43.53.63.73.8

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Ranbaxy Laboratories



Volini Pain 16.5 16.9 -3 16.0 3

Rosuvas Cardiac 15.1 10.8 39 13.8 9

Revital H Vitamins 10.4 0.0 NA 7.3 43

Storvas Cardiac 10.3 8.5 21 10.3 0

Mox Anti-Infectives 8.2 7.4 11 9.2 -11

Moxclav Anti-Infectives 6.3 4.3 47 5.8 10

Oframax Anti-Infectives 6.1 2.1 194 5.2 17

Cepodem Anti-Infectives 5.7 4.2 36 5.3 7

Sporidex Anti-Infectives 5.5 3.8 46 6.1 -10

Cifran Anti-Infectives 4.9 5.6 -13 4.7 5


Exhibit 15: Contribution of therapies to domestic sales (MAT June’15) z

Anti-Infectives31%

Cardiac16%Pain

12%

Derma11%

Gastro Intestinal6%

Other24%




Anti-Infectives 84.3 69.0 22.2 82.3 2.5

Cardiac 48.5 36.1 34.4 45.9 5.7

Pain 32.8 29.5 11.3 32.0 2.5

Derma 34.3 27.0 27.2 33.5 2.5


Vitamins 17.7 23.3 -24.1 14.7 20.6

Urology 13.1 8.4 55.3 12.9 1.7

Respiratory 7.8 6.7 16.8 8.1 -3.0

Neuro 9.0 8.5 5.9 9.1 -1.4

Anti Diabetic 10.5 6.4 64.4 9.3 12.5



Acute, 2323.8, 76%

Chronic, 730.6, 24%


49%

19%

10%

10%

12%




Page 9

Cipla

Stock Performance

80

110

140

170

200


CNX Pharma Cipla

Source: NSE, ICICIdirect.com Research

Exhibit 17: Company growth vis-à-vis Indian pharma market growth

13.9

10.8

11.6

21.0

7.8

12.4 14

.9

13.6

19.7 21

.5

17.7

12.1 14

.9

12.4

10.4

15.4

38.8

10.3

8.3 13

.5

13.2

24.0

24.8

25.4

15.9

16.6

0

5

10

15

20

25

30

35

40

45

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Cipla



4.64.7

4.9

5.4

5.04.9

5.0 5.15.3

5.1

5.3

4.94.7

4.04.24.44.64.85.05.25.45.6

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Cipla



Foracort Respiratory 14.2 11.3 26 14.9 -5

Seroflo Respiratory 10.3 9.5 9 10.9 -5

Budecort Respiratory 10.0 7.5 34 10.5 -5

Asthalin Respiratory 9.2 9.1 0 10.2 -10

Duolin Respiratory 8.2 6.7 23 8.4 -2

Aerocort Respiratory 7.5 7.2 3 8.1 -8

Dytor Cardiac 6.1 4.6 33 6.2 -1

Emeset Gastro Intestinal 5.9 4.0 46 6.5 -9

Azee Anti-Infectives 5.7 4.7 22 6.1 -5

Novamox Anti-Infectives 5.5 7.1 -22 6.6 -15


Exhibit 20: Contribution of therapies to domestic sales (MAT June’15)

Respiratory31%

Anti-Infectives26%

Cardiac13%

Gastro Intestinal7%

Urology5%

Other18%



Therapy June'15 June'14 YoY (%) May'15 QoQ (%)Respiratory 100.6 85.6 17.5 107.9 -6.8Anti-Infect ives 95.3 85.9 11.0 96.6 -1.3

Cardiac 48.7 40.9 19.2 49.5 -1.5Gastro Intestinal 32.7 26.3 24.5 31.2 4.8

Urology 18.6 13.7 35.5 18.8 -1.2Neuro 15.2 11.2 35.9 14.3 6.3

Pain 10.2 8.5 20.0 11.5 -11.1

Ophthal 9.3 8.4 10.1 10.0 -7.3

Derma 9.0 8.2 10.0 8.6 5.2

Vitamins 8.1 7.9 3.4 8.8 -7.8



Acute, 2668.7, 59%

Chronic, 1859.2, 41%


25%

12%

9%12%

42%




Page 10

Dr Reddy’s Laboratories

Stock Performance

70

100

130

160

Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15CNX Pharma Dr. Reddys



13.9

10.8

11.6

21.0

7.8 12

.4 14.9

13.6 19

.7 21.5

17.7

12.1 14

.9

16.0

9.3 15

.3

16.5

1.6 9.3 12

.8

12.3 16

.1

24.0 25.8

15.4

24.8

-10

20

50

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Dr. Reddys Laboratories



2.12.1

2.1 2.1

2.0

2.22.1

2.2 2.2 2.2

2.12.1

2.3

1.8

1.9

2.0

2.1

2.2

2.3

2.4

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Dr. Reddys Laboratories



Omez Gastro Intestinal 11.7 8.5 38 11.2 5

Omez D Gastro Intestinal 8.2 7.1 15 7.8 5

Econorm Gastro Intestinal 6.8 5.5 24 6.9 -1

Razo D Gastro Intestinal 6.3 3.7 71 3.4 83

Nise Pain 5.9 5.5 6 5.9 0

Stamlo Cardiac 5.8 5.1 15 5.3 10

Mintop Derma 5.7 3.4 67 3.8 49

Stamlo Beta Cardiac 4.4 4.0 8 4.5 -2

Atocor Cardiac 3.8 3.1 25 3.6 6

Razo Gastro Intestinal 3.7 4.3 -13 3.4 9




Cardiac16%

Anti-Neoplastics

11%Anti-Infectives9%

Pain 8%

Other33%





Cardiac 31.2 24.5 27.3 28.3 10.3

Anti-Neoplastics 18.4 15.5 18.9 19.2 -4.5

Anti-Infectives 12.6 10.2 23.3 12.4 1.6

Pain 13.9 12.5 10.7 12.9 7.5

Anti Diabetic 13.9 10.8 29.5 12.4 12.9

Derma 13.2 9.9 33.5 10.6 24.5

Respiratory 7.1 6.3 12.6 6.9 3.5

Urology 8.0 6.3 26.6 6.8 18.3

Stomatologicals 6.8 5.8 18.6 6.3 8.3



Acute, 1333.8, 70%

Chronic, 584.2, 30%


31%

16%9%

12%

32%




Page 11

Lupin

Stock Performance

75115155195


CNX Pharma Lupin



13.9

10.8

11.6

21.0

7.8

12.4 14

.9

13.6

19.7 21

.5

12.1

13.2

8.5

19.7

10.5 13

.7

18.1

14.9

22.8

3.6

0.9

3.0

17.7

14.9

-4

12

28

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Lupin



3.7

3.43.2

3.3 3.4 3.4 3.4 3.43.2

3.03.2

3.3 3.3

2.32.52.72.93.13.33.53.73.9

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Lupin



Gluconorm-G Anti Diabetic 10.7 10.8 -1 10.7 0

Tonact Cardiac 8.3 8.3 0 7.3 13

Budamate Respiratory 7.3 5.2 40 6.5 13

Esiflo Respiratory 4.5 3.2 44 4.1 10

Rablet-D Gastro Intestinal 4.4 4.0 10 4.4 -2

Ramistar Cardiac 4.3 4.6 -7 4.2 4

Rablet Gastro Intestinal 4.2 3.9 7 3.9 7

R-Cinex Anti-Infectives 3.7 4.3 -15 4.1 -11

Gluconorm-Pg Anti Diabetic 3.4 3.0 12 3.4 -1

Merotrol Anti-Infectives 3.4 4.7 -28 2.6 28



Cardiac24%

Anti-Infectives23%

Respiratory12%

Anti Diabetic11%

Gastro Intestinal8%

Other22%




Cardiac 67.5 63.1 7.0 64.0 5.5

Anti-Infectives 54.9 62.7 -12.4 54.6 0.5

Respiratory 29.9 24.6 21.5 29.3 1.9

Anti Diabetic 27.9 26.1 6.9 28.7 -2.6


Vitamins 16.5 16.4 0.5 15.4 7.4

Neuro 12.8 13.8 -7.2 12.7 0.7

Pain 12.8 12.0 6.4 12.6 2.2

Gynaecological 9.0 7.4 22.7 8.6 5.4

Derma 1.5 1.7 -11.9 1.6 -1.8



Acute, 1547.5, 52%

Chronic, 1412.1, 48%


20%

12%

9%13%

46%




Page 12

Cadila Healthcare

Stock Performance

5080

110140170200230


CNX Pharma Cadila Healthcare



13.9

10.8 11

.6

21.0

7.8

12.4 14

.9

13.6

19.7 21

.5

17.7

12.1

14.9

11.2

9.1

8.9

12.0

0.9

7.4

11.6

5.9

6.1

9.8

9.6

6.3 7.

2

0

5

10

15

20

25

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Cadila Healthcare



3.9

3.8

3.8

3.6

3.7

4.0

3.93.9

3.73.8 3.8 3.7

3.63.6

3.8

4.0

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)



Skinlite Derma 15.2 13.8 11 14.1 8

Mifegest Kit Gynaecological 11.5 11.4 1 13.2 -13

Atorva Cardiac 10.7 9.0 20 10.0 8

Pantodac Gastro Intestinal 8.1 7.3 11 7.5 7

Deriphyllin Respiratory 7.5 7.9 -5 7.7 -3

Amlodac Cardiac 6.5 5.7 14 6.2 4

Aten Cardiac 5.2 5.4 -4 5.1 3

Primolut N Gynaecological 4.9 3.3 47 4.9 1

Clopitorva Cardiac 4.9 3.2 52 3.8 28

Thrombophob Cardiac 4.8 3.8 26 3.9 23



Cardiac19%


Gynaecological12%

Respiratory11%

Derma9%

Other35%




Cardiac 59.2 49.0 20.7 55.8 6.1


Gynaecological 35.7 32.4 10.2 38.9 -8.2

Respiratory 28.5 24.9 14.3 28.7 -0.7

Derma 24.6 21.3 15.6 24.6 0.2

Pain 20.9 22.9 -8.6 22.4 -6.8

Anti-Infectives 18.4 19.7 -6.9 17.7 3.6

Vitamins 12.6 10.4 21.6 12.5 1.0

Anti-Neoplastics 11.5 10.2 12.1 12.0 -4.8

Anti Malarials 5.7 5.2 10.1 4.9 16.6



Acute, 2289.1, 67%

Chronic, 1105.4, 33%


27%

13%

8%11%

41%




Page 13

GlaxoSmithKline Pharmaceuticals

Stock Performance

80

110

140

170


CNX Pharma GSK Pharma



13.9

10.8

11.6

21.0

7.8

12.4 14

.9

13.6

19.7 21

.5

17.7

12.1 14

.9

-4.5

-6.0

1.4

13.0

12.1

5.5

0.8

2.6

6.6

10.8 12

.9

0.7 2.

1

-10

-5

0

5

10

15

20

25

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Glaxosmithkline Pharmaceuticals



3.63.6

3.7

3.53.4 3.5 3.4

3.3 3.3

3.43.4

3.2 3.2

3.0

3.2

3.4

3.6

3.8

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Glaxosmithkline Pharmaceuticals



Augmentin Anti-Infectives 24.2 23.8 2 24.7 -2

Synflorix Vaccines 19.6 8.1 141 14.0 40

Betnovate N Derma 12.3 10.2 20 11.7 5

Calpol Pain 12.3 12.6 -3 11.5 6

Zinetac Gastro Intestinal 11.6 12.9 -10 14.4 -19

Betnovate C Derma 11.5 10.0 16 14.9 -23

Eltroxin Hormones 11.1 5.8 91 10.9 2

Ceftum Anti-Infectives 11.0 10.5 4 10.7 2

T Bact Derma 9.1 8.3 9 8.6 5

Betnesol Hormones 8.6 5.0 74 8.9 -3



Anti-Infectives25%

Derma21%Vaccines

12%

Pain 9%

Hormones7%

Other26%




Anti-Infectives 57.0 65.9 -13.6 58.6 -2.8

Derma 56.4 48.9 15.4 60.3 -6.4

Vaccines 38.0 33.3 14.1 25.9 46.6

Pain 21.3 22.2 -4.2 21.7 -1.5

Hormones 20.4 11.0 85.2 20.6 -1.1

Vitamins 19.6 19.2 2.2 18.2 7.6

Gastro Intestinal 13.9 16.2 -13.9 17.1 -18.5

Respiratory 10.5 12.4 -15.3 12.1 -13.3

Cardiac 5.8 8.0 -27.8 5.9 -1.7

Ophthal 3.2 3.2 -2.4 2.9 9.3



Acute, 2661.7, 87%

Chronic, 413.4, 13%


49%

15%

9%

11%

16%




Page 14

Wockhardt

Stock Performance

050

100150200250300350400


CNX Pharma Wockhardt


13.9

10.8

11.6

21.0

7.8 12

.4 14.9

13.6 19

.7 21.5

17.7

12.1 14

.9

-2.4

18.7

9.4

20.2

15.1

5.9

-4.2

-1.6

32.5

45.3

29.7

23.0

36.9

-10

0

10

20

30

40

50

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Wockhardt



1.09

1.201.25

1.09

1.171.11

1.17

1.38

1.481.41

1.291.26

1.30

1.0

1.1

1.2

1.3

1.4

1.5

1.6

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Wockhardt



Spasmo Proxyvon PluGastro Intestinal 25.6 11.1 131 22.3 15

Practin Vitamins 6.0 4.9 NA 6.0 1

Biovac V Vaccines 5.9 0.0 NA 6.9 -14

Tryptomer Neuro 4.2 3.5 20 3.9 8

Methycobal Vitamins 3.8 3.1 25 3.5 8

Biovac A Vaccines 2.9 0.9 235 2.8 4

Bro Zedex Respiratory 2.9 3.1 -8 3.4 -16

Ace Proxyvon Pain 2.5 2.1 17 2.7 -6

Sugarchek Others 2.3 0.8 171 0.5 404

Zedex Respiratory 2.1 2.4 -14 2.8 -25


Exhibit 45: Contribution of therapies to domestic sales (MAT June’15) Gastro Intestinal

21%

Vitamins 17%

Respiratory14%Derma

8%

Neuro 8%

Other32%





Vitamins 16.7 15.8 6.3 16.4 2.2

Respiratory 8.4 8.8 -4.7 10.3 -18.5

Derma 6.6 6.4 3.0 6.4 3.3

Neuro 7.4 6.4 16.2 7.1 4.1

Vaccines 8.9 1.0 789.6 9.8 -8.9

Anti-Infectives 6.6 7.1 -7.2 5.8 14.1

Pain 6.3 5.6 12.9 6.2 1.1

Anti Diabetic 6.2 4.8 28.9 6.0 3.8

Hormones 2.3 2.9 -19.2 2.0 19.0



Acute, 914.3, 81%

Chronic, 219.2, 19%


53%

17%

8%

8%

14%




Page 15

Glenmark Pharmaceuticals

Stock Performance

60

100

140

180

Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15CNX Pharma Glenmark



13.9

10.8

11.6

21.0

7.8

12.4 14

.9

13.6

19.7 21

.5

17.7

12.1 14

.9

18.0

9.9

9.1

27.2

2.6

20.4 21.5

21.4 24

.2 28.1 30

.3

29.8

34.5

0

5

10

15

20

25

30

35

40

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Glenmark Pharmaceuticals



2.02.0

2.1

2.4

2.1

2.4 2.52.4

2.32.3

2.32.2

2.3

1.9

2.1

2.3

2.5

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Glenmark Pharmaceuticals



Telma Cardiac 14.5 10.5 38 13.4 8

Telma H Cardiac 11.5 8.6 33 10.3 11

Candid Derma 9.3 5.3 76 8.9 5

Candid-B Derma 8.1 6.3 28 6.5 25

Zitamet Anti Diabetic 7.1 3.5 104 6.7 6

Ascoril Plus Respiratory 7.0 5.8 20 5.5 28

Telma Am Cardiac 6.0 3.8 56 5.8 3

Zita(Glenmark) Anti Diabetic 4.7 2.3 99 4.6 1

Candid Mouth Derma 3.2 2.5 29 2.9 10

Bon K2 Vitamins 2.9 2.0 46 2.6 9



Derma29%

Cardiac23%

Respiratory15%

Anti-Infectives14%

Anti Diabetic8%

Other11%




Derma 55.2 40.7 35.6 51.8 6.6

Cardiac 44.6 32.5 37.4 41.3 8.1

Respiratory 21.8 17.0 28.8 20.1 8.6

Anti-Infectives 24.2 20.1 20.6 23.7 2.3

Anti Diabetic 16.0 10.1 58.4 15.5 3.2

Gastro Intestinal 4.8 3.4 41.3 5.1 -5.7

Vitamins 5.0 3.4 46.2 4.5 11.8

Pain 3.9 3.4 16.2 3.7 6.0


Otologicals 2.9 2.2 32.7 2.8 4.2



Acute, 1290.6, 63%

Chronic, 758.9, 37%


38%

13%10%

12%

27%




Page 16

Torrent Pharmaceuticals

Stock Performance

80

170

260


CNX Pharma Torrent Pharma



13.9

10.8

11.6

21.0

7.8

12.4 14

.9

13.6

19.7 21

.5

17.7

12.1 14

.9

12.2

10.9

8.4

18.5

6.0

23.2

30.7

21.1

30.9

30.5

28.8

27.4

28.3

0

5

10

15

20

25

30

35

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Torrent Pharmaceuticals



2.26 2.262.11 2.12 2.23 2.30 2.43 2.36 2.40 2.32 2.44

2.502.52

0.0

0.4

0.8

1.2

1.6

2.0

2.4

2.8

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Torrent Pharmaceuticals



Shelcal Vitamins 18.4 9.6 91 18.2 1

Chymoral Forte Pain 10.6 5.6 88 10.3 3

Nikoran Cardiac 6.6 6.1 10 6.4 3

Dilzem Cardiac 5.4 5.0 8 5.3 0

Nebicard Cardiac 5.1 3.9 32 4.9 4

Azulix-Mf Anti Diabetic 4.8 3.6 32 4.7 3

Nexpro Rd Gastro Intestinal 4.8 3.8 25 4.4 9

Nexpro Gastro Intestinal 4.1 3.4 19 3.9 3

Alprax Neuro 3.7 2.8 34 3.1 18

Rozucor Cardiac 3.3 2.5 31 3.1 6



Cardiac30%

Neuro 16%


Vitamins 14%

Pain 7%

Other18%




Cardiac 57.3 46.6 23.0 55.0 4.3

Neuro 32.3 25.7 25.5 30.8 4.7


Vitamins 30.7 18.8 63.1 30.2 1.7

Pain 15.5 9.2 69.0 15.2 2.3

Anti-Infectives 10.3 12.0 -14.4 10.1 1.9

Anti Diabetic 11.6 8.7 32.2 10.9 5.9

Derma 4.5 3.1 46.1 4.4 3.6

Gynaecological 3.5 3.5 2.4 3.9 -8.5

Blood Related 0.8 0.6 35.9 0.7 14.6



Acute, 1052.5, 50%

Chronic, 1050.9, 50%


32%

14%

9%

12%

33%




Page 17

Ipca Laboratories

Stock Performance

60

120

180


CNX Pharma Ipca



13.9

10.8

11.6

21.0

7.8 12

.4 14.9

13.6

19.7 21

.5

17.7

12.1 14

.9

23.1

15.5

21.4

16.3

9.2 12

.9

28.6

35.9

12.2 14

.5

-5.8

13.0

-5.5

-10-505

10152025303540

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Ipca Laboratories



1.51.4 1.5

1.51.4

1.31.2 1.2 1.2 1.2 1.2 1.3 1.2

1.0

1.2

1.4

1.6

1.8

2.0

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Ipca Laboratories



Zerodol Sp Pain 7.2 5.6 29 7.1 2

Zerodol P Pain 6.0 4.7 27 5.5 10

Hcqs Anti Malarials 5.1 5.0 1 4.8 5

Larinate Anti Malarials 2.7 2.9 -5 2.6 7

Folitrax Anti-Neoplastics 2.6 2.7 -4 2.5 7

Rapither-Ab Anti Malarials 2.6 3.1 -14 3.6 -27

Glycinorm M Anti Diabetic 2.5 2.9 -16 2.9 -15

Zerodol Pain 2.3 2.6 -12 2.4 -5

Perinorm Gastro Intestinal 2.0 2.4 -15 2.2 -11

Zerodol Mr Pain 1.9 1.6 19 2.0 -2



Pain 23%

Anti Malarials20%

Cardiac17%

Gastro Intestinal8%

Anti-Infectives7%

Other25%




Pain 26.3 24.3 8.3 26.0 1.2

Anti Malarials 15.5 19.4 -19.8 17.1 -9.2

Cardiac 17.8 18.2 -2.0 17.3 3.3


Anti-Infectives 5.9 7.5 -20.9 6.2 -5.3

Anti Diabetic 5.2 6.1 -14.4 5.4 -4.3

Respiratory 2.7 3.5 -22.1 3.2 -16.4

Neuro 4.2 3.6 16.7 3.3 28.5

Anti-Neoplastics 4.1 3.5 17.6 3.6 12.2

Derma 3.0 3.5 -16.5 2.4 23.3



Acute, 870.4, 73%

Chronic, 320.9, 27%


36%

15%11%

13%

25%




Page 18

Biocon

Stock Performance

6080

100120140160180

Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15CNX Pharma Biocon



13.9

10.8

11.6 21

.0

7.8 12

.4

14.9

13.6 19

.7

17.7

12.1

14.943

.1

70.9

21.5

49.1

64.8

33.1

53.6

67.7

105.

2

114.

8

104.

8

89.2

75.0

80.3

0

20

40

60

80

100

120

140

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Biocon



0.40

0.360.35

0.39

0.37

0.36 0.36

0.38

0.35

0.36

0.34

0.36

0.34

0.33

0.34

0.35

0.36

0.37

0.38

0.39

0.40

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Biocon



Insugen Anti Diabetic 7.5 6.4 16 7.0 7

Basalog Anti Diabetic 4.0 3.6 11 4.1 -3

Erypro Blood Related 2.7 1.2 114 1.6 69

Canmab Anti-Neoplastics 1.7 0.4 323 1.7 2

Abraxane Anti-Neoplastics 1.6 1.4 14 1.4 19

Blisto Mf Anti Diabetic 1.6 1.9 -19 1.5 4

Insugen R Anti Diabetic 1.2 1.2 1 1.3 -11

Insugen N Anti Diabetic 0.7 0.8 -8 0.8 -9

Psorid Anti-Neoplastics 0.5 0.3 66 0.5 10

Metadoze-Ipr Anti Diabetic 0.4 0.6 -21 0.4 1



Anti Diabetic59%

Anti-Neoplastics

21%

Cardiac8%

Blood Related4%

Derma3%

Other 5%




Anti Diabetic 16.3 15.6 4.2 16.0 1.6

Anti-Neoplastics 5.5 4.8 14.7 5.5 0.4

Cardiac 1.8 2.9 -37.1 1.6 12.4

Blood Related 2.7 1.2 113.8 1.6 69.0

Derma 0.8 0.8 6.6 0.8 -3.7

Anti-Infectives 0.9 1.2 -28.8 0.6 43.9

Others 0.3 0.3 4.0 0.2 30.6

Vitamins 0.2 0.2 -24.5 0.2 6.9


Hormones 0.0 0.0 170.7 0.1 -38.2



Acute, 91.1, 28%

Chronic, 233.0, 72%


73%12%

7%

5%

3%



Page 19

Pfizer

Stock Performance

80110140170200230


CNX Pharma Pfizer


13.9

10.8

11.6

21.0

7.8 12

.4 14.9

13.6

19.7 21

.5

17.7

12.1 14

.9

9.9

6.7

3.3

24.2

9.9

34.1

24.8

26.1

22.8

18.0

18.5

11.6

20.2

-10-505

10152025303540

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Pfizer



2.82 2.862.80

2.922.86

3.06

3.253.34

3.042.98 3.01

2.882.95

2.4

2.6

2.8

3.0

3.2

3.4

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Pfizer



Becosules Vitamins 21.1 18.8 12 22.4 -5

Corex Respiratory 19.4 14.0 39 19.8 -2

Magnex Anti-Infectives 12.0 8.4 43 11.0 9

Gelusil Mps Gastro Intestinal 11.8 8.5 39 11.3 4

Minipress Xl Cardiac 11.6 9.6 21 9.7 19

Dolonex Pain 10.7 10.2 5 10.2 4

Mucaine Gastro Intestinal 8.1 6.9 18 7.9 4

Wysolone Hormones 7.8 6.1 28 6.3 23

Folvite Blood Related 6.8 5.1 34 6.1 11

Dalacin C Anti-Infectives 6.1 5.7 7 5.8 5



Anti-Infectives17%

Vitamins 12%

Respiratory12%

Gastro Intestinal11%Hormones

9%

Other39%




Anti-Infectives 37.9 33.3 13.8 34.4 10.2

Vitamins 26.7 23.0 15.8 27.8 -4.0

Respiratory 23.7 17.4 36.1 24.7 -3.8


Hormones 20.0 16.8 19.2 18.4 8.6

Gynaecological 17.9 14.7 21.6 17.3 3.7

Cardiac 18.2 15.6 16.8 15.9 14.7

Pain 15.8 14.2 11.1 15.1 4.6

Neuro 16.2 14.0 15.1 15.9 1.8

Vaccines 7.2 6.6 9.4 8.4 -14.2



Acute, 2298.6, 85%

Chronic, 399.2, 15%


49%

19%

10%

10%

12%


Source: AIOCD data base l


Page 20

Novartis India

Stock Performance

80

130

180


CNX Pharma Novartis India



13.9

10.8

11.6

21.0

7.8

12.4 14

.9

13.6

19.7 21

.5

17.7

12.1 14

.9

-1.9

-2.5

-0.6

13.4

5.8

5.1 6.

7

1.1

2.6

-0.1

2.5

9.1

5.9

-5

0

5

10

15

20

25

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Novartis India



1.35 1.341.29

1.34

1.42

1.32

1.381.34

1.26 1.25 1.24 1.241.28

1.1

1.2

1.2

1.3

1.3

1.4

1.4

1.5

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Novartis India



Galvus Met Anti Diabetic 19.6 14.2 39 17.8 10

Voveran Pain 14.1 13.1 7 13.5 4

Galvus Anti Diabetic 9.6 7.5 29 9.2 4

Rabipur (Novartis) Vaccines 8.4 7.9 7 8.5 -1

Tegrital Neuro 4.7 4.6 2 4.5 4

Otrivin Respiratory 4.3 3.8 13 4.2 1

Voveran Pain 3.0 2.4 23 2.7 9

Methergin Gynaecological 3.0 2.4 24 2.5 19

Regestrone Gynaecological 2.9 3.0 -2 3.0 0

Calcium Sandoz Vitamins 2.7 2.7 -1 2.4 12



Anti Diabetic27%

Pain 19%

Respiratory11%

Vitamins 10%

Gynaecological8%

Other25%




Anti Diabetic 30.1 22.5 34.2 27.7 8.9

Pain 20.1 18.8 6.9 19.2 4.6

Respiratory 7.0 8.8 -20.6 6.9 2.1

Vitamins 10.4 10.6 -2.1 9.9 5.0


Vaccines 8.6 8.0 7.2 8.6 -0.6

Neuro 7.5 7.2 4.3 7.3 3.5

Anti-Infectives 4.3 4.0 7.7 4.2 3.8

Ophthal 3.0 2.7 13.5 3.2 -5.5

Cardiac 1.1 1.4 -20.5 1.1 4.3



Acute, 751.6, 64%

Chronic, 427.2, 36%


68%

15%

6%6% 5%




Page 21

Unichem Laboratories

Stock Performance

70100130160


CNX Pharma Unichem Labs



13.9

10.8

11.6

21.0

7.8

12.4 14

.9

13.6

19.7 21

.5

17.7

12.1 14

.9

10.3 13

.9

13.0

13.8

-15.

9

2.9

3.8 6.6

13.6 16

.7

12.9

12.4

20.5

-20

-15

-10

-5

0

5

10

15

20

25

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Unichem Laboratories



0.930.97

0.90

0.97

0.85

0.95 0.94

0.980.95

0.970.94

0.98

1.00

0.80

0.90

1.00

1.10

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Unichem Laboratories



Losar H Cardiac 7.1 5.9 19 7.3 -3

Unienzyme Gastro Intestinal 6.6 5.0 32 7.4 -10

Ampoxin Anti-Infectives 5.9 5.0 20 7.0 -15

Losar Cardiac 5.7 4.5 28 5.3 8

Vizylac Gastro Intestinal 3.0 2.8 7 3.6 -17

Trika Neuro 2.1 1.8 17 2.2 -4

Serta Neuro 1.9 1.5 23 1.7 12

Telsar Cardiac 1.5 1.5 4 1.6 -3

Unistar (Unichem) Cardiac 1.4 1.4 2 1.5 -3

Telsar-H Cardiac 1.3 1.0 24 1.2 5



Cardiac41%

Anti-Infectives18%


Neuro 13%

Pain 4% Other

11%




Cardiac 31.5 27.4 14.8 31.0 1.7

Anti-Infectives 13.1 11.1 18.6 13.6 -3.3


Neuro 9.8 7.5 30.3 9.6 2.7

Pain 3.0 2.5 17.6 2.9 1.8

Anti Diabetic 2.5 2.4 4.6 2.4 3.6

Respiratory 1.8 1.6 14.5 1.9 -1.9

Vitamins 2.6 1.3 91.7 2.2 14.6

Derma 1.2 1.0 30.4 1.3 -0.6

Gynaecological 0.4 0.5 -4.3 0.5 -15.2



Acute, 373.3, 44%Chronic,

483.0, 56%


48%

13%

10%

11%

18%




Page 22

Indoco Remedies

Stock Performance

80

180

280


CNX Pharma Indoco



13.9

10.8

11.6

21.0

7.8

12.4 14

.9

13.6

19.7 21

.5

17.7

12.1 14

.9

19.0

8.5

17.5

34.4

6.1

4.8 8.

6

1.2

8.9

18.9 22

.0

2.4

2.6

0

5

10

15

20

25

30

35

40

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Indoco Remedies



0.8 0.8

0.8

0.9

0.8

0.7 0.7 0.70.8

0.7

0.7 0.7 0.7

0.6

0.7

0.7

0.8

0.8

0.9

0.9

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indoco Remedies



Febrex Plus Respiratory 4.8 4.8 -1 5.1 -7

Cyclopam Gastro Intestinal 3.9 3.7 6 4.0 -4

Cital Urology 2.9 3.0 -1 3.3 -11

Sensodent-K Stomatologicals 2.8 2.9 -3 2.5 16

Oxipod Anti-Infectives 1.9 2.2 -12 2.3 -16

Cyclopam Gastro Intestinal 1.9 1.7 14 1.9 -2

Cloben G Derma 1.8 1.8 2 1.6 12

Atm Anti-Infectives 1.7 1.8 -9 2.0 -15

Sensodent-Kf Stomatologicals 1.7 1.5 12 1.5 9

Sensoform Stomatologicals 1.5 1.6 -7 1.4 4


Exhibit 85: Contribution of therapies to domestic sales (MAT June’15) Respiratory

19%

Stomatologicals17%

Anti-Infectives16%


Vitamins 6%

Other28%




Respiratory 7.4 7.8 -4.3 7.9 -6.4

Stomatologicals 9.0 8.4 7.4 8.3 9.0

Anti-Infectives 7.7 8.4 -8.4 8.1 -4.8


Vitamins 3.5 3.0 19.2 3.4 2.8

Urology 3.3 3.2 2.2 3.6 -9.4

Pain 2.4 2.6 -9.0 2.2 9.2

Derma 2.3 2.2 4.1 2.2 7.7

Anti Diabetic 1.8 2.0 -11.6 1.7 5.9

Ophthal 2.0 1.8 8.1 2.2 -8.9



Acute, 624.7, 93%

Chronic, 44.4, 7%


48%

17%

8%

10%

17%




Page 23

Ajanta Pharma

Stock Performance

50100150200250300350400


CNX Pharma Ajanta



13.9

10.8

11.6

21.0

7.8

12.4 14

.9

13.6

19.7 21

.5

17.7

12.1 14

.9

44.8

27.5

36.0

14.6

41.5

23.2

33.1

19.9

16.2

15.4

10.5

9.5 10

.9

05

1015

2025

3035

4045

50Ju

n-14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Indian Pharma Market Ajanta Pharma



0.500.49

0.470.45

0.50

0.53

0.51 0.510.52

0.480.47

0.490.48

0.4

0.4

0.4

0.5

0.5

0.5

0.5

0.5

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

(%)

Ajanta


Exhibit 89: Top 10 brands performance (| crore) Brand Therapy June'15 June'14 Var. (%) May'15 Var. (%)Met Xl Cardiac 3.7 4.0 -7.8 3.8 -2.9

Melacare Derma 3.3 2.8 17.5 3.6 -8.6

Atorfit Cv Cardiac 3.2 2.5 27.8 3.0 5.9

Soft Drops Ophthal 1.2 1.0 18.2 1.2 -0.9

Feburic Pain 1.1 0.9 18.6 0.9 24.9

Rosufit Cv Cardiac 1.0 0.8 17.0 0.9 5.3

Met Xl Am Cardiac 0.9 0.9 1.0 1.0 -5.8

Cinod Cardiac 0.7 0.5 51.8 0.7 2.3

Peroclin Derma 0.7 0.7 1.7 0.6 10.6

Metaspan Vitamins 0.7 0.8 -9.2 0.6 19.0



Cardiac33%

Derma24%

Ophthal22%

Vitamins 6%

Pain 5%

Others10%




Cardiac 13.0 11.2 15.7 12.7 2.3

Derma 8.3 7.9 5.9 8.7 -4.0

Ophthal 8.6 8.0 7.4 8.9 -3.1

Vitamins 2.6 2.0 29.5 2.4 5.8

Pain 2.1 1.8 18.6 1.9 12.2

Gastro Intestinal 1.1 1.2 -7.2 1.0 5.4

Neuro 0.8 0.9 -9.9 0.9 -5.5

Ophthal 0.5 0.6 -8.6 0.5 -0.2

Respiratory 0.2 0.4 -43.4 0.2 -7.0

Anti-Infectives 0.5 0.2 204.0 0.5 12.4



Acute, 227.5, 52%

Chronic, 213.7, 48%


43%

13%9%

13%

22%




Page 24

Exhibit 92: One year forward P/E of CNX Pharma vs. Nifty

0

5

10

15

20

25

30

35

Mar

-06

Oct-0

6

May

-07

Dec-

07

Jul-0

8

Feb-

09

Sep-

09

Apr-1

0

Nov

-10

Jun-

11

Jan-

12

Aug-

12

Mar

-13

Oct-1

3

May

-14

Dec-

14

x

CNX Pharma Sensex [

Source: Company, ICICIdirect.com Research

Exhibit 93: Two year forward P/E of CNX Pharma Index vs. Nifty

0

5

10

15

20

25

30

Mar

-07

Aug-

07

Jan-

08

Jun-

08

Nov

-08

Apr-0

9

Sep-

09

Feb-

10

Jul-1

0

Dec-

10

May

-11

Oct-1

1

Mar

-12

Aug-

12

Jan-

13

Jun-

13

Nov

-13

Apr-1

4

Sep-

14

Feb-

15

x

CNX Pharma Sensex

Source: Company, ICICIdirect.com Research

ICICIdirect.com coverage universe (Healthcare) ICICIdirect Healthcare coverage Universe

I-Direct CMP TP Rating M CapCode (|) (|) (| Cr) FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E

Ajanta Pharma AJAPHA 1647 1488 BUY 14489.8 38.3 45.6 53.1 33.1 27.8 23.9 7.8 6.5 5.3 50.6 48.7 46.4 41.9 38.5 35.9

Apollo Hospitals APOHOS 1367 1454 BUY 19017.7 24.0 35.3 0.0 57.0 38.7 0.0 27.7 18.8 0.0 11.6 10.3 14.4 10.6 10.4 13.7

Aurobindo Pharma AURPHA 752.3 840 BUY 43923.6 28.0 36.7 42.0 27.9 20.5 17.9 10.1 7.8 6.3 23.5 25.5 25.0 30.3 29.9 26.1

Biocon BIOCON 460.7 447 HOLD 9211.3 20.1 21.9 26.8 29.2 33.2 27.1 21.1 18.4 15.4 10.7 11.5 12.8 15.2 12.2 13.3

Cadila Healthcare CADHEA 1987 1913 BUY 40677.1 56.2 75.1 95.6 20.8 15.6 12.2 14.7 11.2 8.6 21.3 24.6 26.6 26.4 27.3 26.8

Cipla CIPLA 674.6 650 HOLD 54167.6 14.9 22.3 29.5 30.1 20.1 15.2 3.4 2.8 2.2 13.2 17.6 19.9 10.8 14.3 16.2

Dr Reddy's Labs DRREDD 3848 3949 BUY 65614.4 123.6 144.4 176.6 22.8 19.5 16.0 13.9 11.8 10.0 18.1 20.0 21.1 19.3 19.0 19.3

Glenmark Pharma GLEPHA 868 927 HOLD 29845.3 17.1 32.9 46.8 37.2 19.3 13.6 16.5 12.0 8.8 12.7 21.8 28.1 14.3 22.9 26.6

Indoco Remedies INDREM 362 410 BUY 3376.2 8.8 14.1 19.9 24.8 15.4 11.0 12.6 9.2 6.9 19.4 24.2 28.0 15.5 20.6 23.1

Ipca Laboratories IPCLAB 690.4 625 HOLD 8711.2 20.5 23.1 39.0 35.4 31.4 18.6 19.1 18.4 12.2 11.4 10.2 16.1 12.1 12.4 18.0

Jubilant Life Sciences VAMORG 213 168 HOLD 3396.8 -3.7 13.2 23.6 0.0 11.8 6.6 9.5 7.2 5.3 5.7 8.9 12.1 -2.4 8.2 13.4

Lupin LUPIN 1824 1899 BUY 82041.8 53.6 59.0 75.9 22.0 20.0 15.6 14.0 12.2 9.3 31.1 29.2 30.4 25.3 22.8 23.6

Natco Pharma NATPHA 2337 2200 HOLD 7767.1 31.2 46.4 67.1 23.0 15.5 10.7 15.9 12.2 9.2 15.6 19.6 23.0 12.4 16.6 19.8

Sun Pharma SUNPHA 834.6 850 HOLD 200791.4 19.6 21.1 32.6 44.2 39.4 25.5 24.6 24.3 16.4 19.0 17.9 22.2 20.7 18.5 23.1

Torrent Pharma TORPHA 1329 1450 BUY 22489.0 47.2 58.1 72.2 15.8 12.8 10.3 11.7 8.0 6.4 19.7 27.7 30.5 32.4 31.0 29.8

Unichem Laboratories UNILAB 255.5 214 HOLD 2319.1 8.3 14.8 21.4 24.8 13.9 9.6 17.9 9.4 6.5 8.4 17.1 21.5 8.7 14.5 18.5

RoNW (%)Company

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


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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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ANALYST CERTIFICATION We /I, Siddhant Khandekar CA-INTER Mitesh Shah MS (Finance) Nandan Kamat MBA 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.

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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) Nandan Kamat MBA Finance, Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. 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