IDirect HealthCheck Sep16 - NSE / BSE Share & Stock Market …content.icicidirect.com › ... › IDirect_HealthCheck_Sep16.pdf · 2016-09-21 · Summary of USFDA approvals for Aug,

ICICI Securities Ltd. | Retail Equity Research

September 21, 2016

Monthly Update

Syngene opens new centre; Domestic growth recovers… In a significant tie-up, Syngene has opened a dedicated centre for US based leading biologics dedicated player Amgen Inc. in Bangalore. This centre, christened as Syngene Amgen Research and Development Centre (SARC), will be Syngene’s fourth such exclusive R&D centre and the first for a biologics company. Syngene already operates dedicated R&D centres for Bristol-Myers Squibb (BMS), Abbott Nutrition (Abbott) and Baxter Inc. SARC will be staffed by a team of more than 100 Syngene scientists, working with Amgen researchers around the world on the discovery and development of innovative medicines. The Indian pharmaceutical market (IPM) grew 15% YoY to | 9643 crore for the month of August, the highest growth in nine months mainly due to recovery in volume growth (albeit on lower base) and seasonality benefit. The growth was largely driven by volumes increase – 9.1% followed by price hikes- 2.9% and new product launches- 2.9%. On a MAT basis, IPM growth stood at 10.5% YoY to | 102537 crore. On an innovation front, Glenmark has announced the discovery and initiation of investigating new drug (IND) enabling studies for a novel clinical development candidate, GBR 1372. GBR 1372 adds to Glenmark’s expanding oncology portfolio of biologics including GBR 1302 (HER2xCD3 bispecific antibody) and GBR 1342 (CD38xCD3 bispecific antibody) based on its proprietary BEAT technology. Glenmark is likely to file an IND with the USFDA in 2HFY18. Glenmark presently has a pipeline of six Novel Biologics Entity (NBE) and tow Novel chemical Entity (NCE) in various stages of preclinical and clinical development. Glenmark has entered into a tie-up with US based Particle Sciences, Inc. to develop and market a generic version of Celgene’s oncology injection Abraxane (paclitaxel protein (albumin)-bound particles for injectable suspension). As per the agreement, Glenmark has obtained global exclusive marketing and distribution rights of the product upon commercialization. Particle Sciences will develop this product exclusively for Glenmark. On a regulation front, Indoco’s Goa plant II (sterile and solid dosages facility) received six 483 observations from USFDA. Inspection was conducted between 31st August 31, 2016 to 4th September, 2016. The injectable ANDA filings triggered this inspection. In Mar 2016, Goa plant received establishment inspection report (EIR) for inspection conducted in July 2015. No red flag on earnings front; regulatory worries waning… Despite pricing pressure and client consolidation in the US, which were thought to be the significant headwinds post Q4FY16 numbers, most of the players (barring few) managed to expand volumes in Q1 thereby neutralising these headwinds. Regarding USFDA issues the Indian players have moved on and seem better prepared than 12-18 months ago as reflected by growing number of EIRs by the USFDA for Indian facilities. The Indian formulations also did reasonably well despite NLEM / FDC issues. We expect earnings momentum to continue on the back of incremental product launches in the US and likely positive outcome from the 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 16%, respectively, in FY16-18E. The growth will be steered by US (~13% CAGR over FY16-18E) and Indian formulations (~14% CAGR over FY16-18E).

Health CheckSector View

Positive

Index Performance as on September 21, 2016

Return (%) 1M 3M YTD 1Y

CNX 500 1.3 8.8 11.4 12.7

Nifty 1.3 6.8 10.5 10.0

NSE Pharma 1.2 10.4 -1.9 -7.7

Return (%)

Stocks Performance Mcap

Company 1M 3M YTD 1Y 21-Sep

Sun Pharma.Inds. -0.6 5.8 -5.0 -13.5 187445

Lupin -1.9 6.6 -15.9 -17.8 69689

Dr Reddy's Labs 4.7 3.4 1.4 -20.3 52244

Cipla 8.0 24.4 -7.4 -7.4 48323

Aurobindo Pharma 5.6 12.0 -7.8 13.5 47261

Cadila Health. 4.9 24.1 19.5 -1.6 40069

Divi's Lab. 2.3 19.0 15.1 19.0 35287

Torrent Pharma. 4.2 21.6 12.7 13.8 27360

Glenmark Pharma. 4.0 18.1 -2.4 -12.0 25394

Glaxosmit Pharma -10.0 -20.0 -15.2 -16.1 23806

Biocon 11.6 30.5 82.5 114.9 18911

Apollo Hospitals -5.8 0.4 -10.5 -3.8 18251

Ajanta Pharma -0.2 34.1 47.6 35.8 17298

Alembic Pharma 1.1 20.3 -6.2 -5.8 12310

Natco Pharma -0.8 26.9 10.0 41.2 11094

Jubilant Life 24.1 84.3 52.7 81.3 10007

Wockhardt 11.8 -1.0 -41.7 -35.4 9851

Syngene Int. 13.8 17.9 15.7 49.7 9641

Strides Arcolab 4.6 -5.2 -20.0 -14.1 9211

Pfizer 4.7 5.9 -15.3 -22.4 9140

Ipca Labs. 15.2 20.2 -20.3 -22.2 7457

Indoco Remedies 8.1 25.7 1.2 1.1 3051

Unichem Labs. -2.7 1.1 -1.6 -3.6 2389

Return (%)

MMarket cap in | crore

Price movement

4000

6000

8000

10000

12000

50006000700080009000

100001100012000130001400015000

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

CNX Pharma Nifty (RHS)

Research Analyst

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


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Regulatory approvals

Exhibit 1: Summary of USFDA approvals for Aug, 2016 [5

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeSun Pharma Metformin Hydrochloride Anti-Diabetic Santarus Inc Glumetza US$ 1200 millionNatco Pharma Oseltamivir Phosphate Anti-Infective Roche Tamiflu US$ 403 millionAurobindo Pharma Linezolid Anti-Bacterial Harmacia Zyvox US$ 87 millionSun Pharm Buprenorphine Hydrochloride; Naloxone Hydrochloride Anti-Addictive Indivior Inc Suboxone NAAurobindo Pharma Galantamine Hydrobromide Anti-Alzheimer Janssen Pharma Razadyne NAGlenmark Pharma Triamcinolone Acetonide Dermatology NA NA US$ 4.4 millionAurobindo Pharma Esomeprazole Sodium GI Astrazeneca Nexium IV NADr Reddys Labs Paricalcitol Hormonal Abbvie Zemplar US$ 110 millionJubilant Felodipine Er Tablets CVS Astrazeneca Plendil NAAurobindo Pharma Omeprazole; Sodium Bicarbonate Gi Santarus Zegerid NAJubilant Telmisartan Tablets CVS Boehringer Ingelheim Pha Micardis US$ 250 millionCipla Trospium Chloride Cns Valeant Wellbutrin XL US$ 792 millionSun Pharm Morphine Sulfate Pain Management Purdue Pharma Ms Contin NADr Reddys Labs Nitroglycerin CVS Pfizer Nitrostat US$ 108 millionAjanta Pharma Olanzapine Cns Lilly Zyprexa NA

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeTorrent Pharms Rosuvastatin Calcium CVS Astrazeneca Crestor NALupin Paroxetine Anti-Depressant Apotex Paxil NAAjanta Pharma Eletriptan Hydrobromide Pain Management Pfizer Relpax NA

Final Approvals

Tentative Approvals

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

M&As, Demergers, Tie-ups and JVs DRL to market three of Amgen’s Biological drugs in India DRL will be commercialising Amgen’s three biological drugs XGEVA (denosumab), Vectibix (panitumumab) and Prolia (denosumab) in India in the therapeutic areas of oncology and osteoporosis. Cadila partners Takeda for chikungunya vaccine Cadila health entered in to a strategic partnership with Japan's Takeda Pharma to develop vaccine for vector borne chikungunya. The agreement includes early stage development to the final commercialisation of the vaccine. As per management, there is currently no vaccine to prevent chikungunya virus infection. Glenmark Signs agreement with Particle Sciences For gAbraxane Glenmark Pharma entered into a strategic agreement with Particle Sciences, Inc. to develop and market a generic version of Celgene’s oncology injection Abraxane (paclitaxel protein (albumin)-bound particles for injectable suspension). As per the agreement, Glenmark has obtained global exclusive marketing and distribution rights of the product upon commercialization. Particle Sciences will develop this product exclusively for Glenmark, and shall receive certain milestone payments during various stages of the product’s development from Glenmark, including royalties on sales. Development of the product has been initiated for the US market and Glenmark intends to file the ANDA in FY19. The product will be subsequently filed in other key markets across the globe. Branded Abraxane marketed globally by Celgene has reported sales of US$ 967 million in CY15. Indoco acquires manufacturing plant at Baddi Indoco Remedies has acquired the manufacturing facility at Baddi from Micro Labs Ltd. The facility is spread over an area of 18000 sq mt, out of which 11,000 sq mt is the built-up area. It produces 4.3 billion tablets and 50


Page 3

million capsules p.a. With this acquisition, Indoco will now have six facilities for formulations and three for APIs. Price cuts / New Launches / Recalls/Approvals Glenmark announces Initiation of IND studies for GBR 1372 Glenmark has announced the discovery and initiation of investigating new drug (IND) enabling studies for a novel clinical development candidate, GBR 1372. GBR 1372 is the third Bispecific Antibody and also Glenmark’s third clinical candidate targeting an oncology indication. Law suits / Court rulings / Settlements / Regulatory Issues

Indoco Goa Plant II received six observations from USFDA Indoco remedies’s Goa plant II (sterile and solid dosages facility) received six 483 observations from USFDA. Inspection was conducted between 31st August 31, 2016 to 4th September, 2016. The injectable ANDA filings triggered this inspection. As per the management, none of these observations are related to data integrity issue. It expects to complete the corrective and preventive actions within a period of 30 days. In Mar 2016, Goa plant received establishment inspection report (EIR) from USFDA for inspection conducted in July 2015. Taro Pharma under anti-trust scanner for price hike Taro Pharma has been summoned by the US Department of Justice (DOJ) over its pricing policy. The DOJ's investigation comes at a time when pharma companies in the US are being accused of exorbitantly increasing the price of essential medicines. US FDA completes Aurobindo's Unit IV audit The company's management has indicated that the USFDA has completed inspection of unit IV plant at Andhra Pradesh and issued 2-3 observations. As per the management, the observations are minor which should not impact the approval of pending products from the site. Aurobindo, Sun and Lupin recall drugs in the US Lupin Pharma is recalling 26436 bottles of Lisinopril Tablet from US due to deviation from current good manufacturing practice (CGMP). Sun Pharma is also recalling 12109 HDPE bottles of Carvediol Tablets due to Failed Impurities/Degradation Specifications. As per the report, all the recalls are fall under a class III recall category. Aurobindo is also recalling 23016 bottles of Pantoprazole Sodium Delayed-Release Tablets under Class II category due to received a market complaint stating the presence of one foreign tablet (Montelukast Sodium Chewable Tab 4mg) in the product bottle of Pantoprazole. Others

Syngene sets up R&D centre for Amgen in Bengaluru Syngene has announced the establishment of a dedicated centre for Amgen, Inc. in Bangalore. This centre, called Syngene Amgen Research and Development Centre (SARC), will be Syngene’s fourth such exclusive R&D centre and the first for a biologics company. Syngene already operates dedicated R&D centres for Bristol-Myers Squibb (BMS), Abbott Nutrition (Abbott) and Baxter Inc. SARC will be staffed by a team of more than 100 Syngene scientists, working with Amgen researchers around the world on the discovery and development of innovative medicines. Q1FY17 Results

Apollo Hospital- Lower occupancy, Ind AS hit margins Standalone revenues increased 12% YoY to | 1465 crore on the back of a 22% increase in pharmacy business to | 633 crore. Healthcare business grew 6% to | 833 crore. EBITDA margins declined 85 bps to 12.8% on the back of adverse product mix and Ind AS, which impacted EBITDA margins of healthcare services negatively by 130-140 bps. Adjusted net profit de-grew 18% to | 72 crore due to higher interest cost and lower EBITDA.


Page 4

Exhibit 2: Patent litigations (12 months) [5

Month Innovator ANDA Filer Brand Name API Used for Sep-15 Jazz Pharma Lupin Xyrem Sodium Oxybate NarcolepsySep-15 Gilead Sciences Inc. Lupin Tamiflu Oseltamivir InfluenzaSep-15 Horizon Pharma Lupin Pennsaid Diclofenac OsteoarthritisSep-15 Bayer Pharma Alembic Pharma Staxyn Vardenafil Hydrochloride Sex StimulantOct-15 Merck Lupin Beyaz Drospirenone Birth controlOct-15 Salix Pharmaceuticals, Inc. Taro Pharma Moviprep Polyethylene glycol electrolyte soln Gastro IntestinalOct-15 Takeda Pharma Aurobindo Prevacid lansoprazole Stomach ulcersOct-15 Janssen Pharma Aurobindo Xarelto Rivaroxaban Blood ThinnerOct-15 Novartis Pharma Natco Pharma Gleevec Matinib Mesylate Anti-cancerOct-15 Otsuka Pharma Zydus Pharma Abilify Aripiprazole SchizophreniaOct-15 AstraZeneca Alembic Pharma Brilinta Ticagrelor CVSNov-15 AstraZeneca InvaGen Pharma Brilinta Ticagrelor CVSNov-15 Novartis Pharma Dr. Reddy's Labs Exelon Patch Rivastigmine DementiaNov-15 Allergan Aurobindo Pharma Acular LS Ketorolactromethamine Ocular PainNov-15 Shire Pharma Lupin Lialda Mesalamine Ulcerative ColitisNov-15 Dexcel Pharma Sun Pharma Omeprazole Omeprazole GINov-15 Dexcel Pharma Dr. Reddy's Labs Omeprazole Omeprazole GINov-15 Cephalon Inc. Aurobindo Pharma Nuvigili Modafinil CNSNov-15 Cosmo Techs Lupin Uceris Budesonide GINov-15 Pfizer Dr. Reddy's Labs Toviaz Fesoterodine UrotherapyNov-15 Vanda Pharma Lupin Fanapt Iloperidone SchizophreniaNov-15 Forest Labs InvaGen Pharma Viibryd Vilazodone Anti-depressantNov-15 Jazz Pharma Sun Pharma Xyrem Gamma-hydroxybutyric acid CNSNov-15 Otsuka Pharma Alkem Labs Abilify Aripiprazole SchizophreniaNov-15 Symed Labs Glenmark Pharma Zyvox Linezolid Anti-InfectiveDec-15 UCB Inc. InvaGen Pharma Zyrtec-D Cetirizine RespiratoryDec-15 Unimed Pharma Dr. Reddy's Labs Androgel Testosterone Low TestosteroneDec-15 Helsinn Healthcare Dr. Reddy's Labs Aloxi Palanosetron NauseaDec-15 Sanofi-Aventis Glenmark Pharma Multaq Dronedarone Atrial FibrillationDec-15 Otsuka Pharma Ajanta Pharma Abilify Aripiprazole SchizophreniaDec-15 Merz Pharma Taro Pharma Naftin Naftifine Hydrochloride Fungal InfectionJan-16 Dow Pharma Taro Pharma Onexton Cindamycin Phosphate and Benzoyl Peroxide AcneJan-16 Cubist Pharma Dr. Reddy's Labs Cubicin Daptomycin AntibioticFeb-16 Bayer Pharma InvaGen Pharma Xarelto Rivaroxaban Blood ThinnerFeb-16 Bristol Myers Squibb Cipla Reyataz Atazanavir HIVFeb-16 Janssen Products LP Lupin Prezista Darunavir HIVMar-16 Shire Canada Lupin Daliresp Roflumilast RespiratoryMar-16 Daiichi Sankyo Torrent Pharma Benicar Olmesartan Anti-depressantApr-16 Daiichi Sankyo Alembic Pharma Benicar Olmesartan Anti-depressantMay-16 Daiichi Sankyo Aurobindo Pharma Benicar Olmesartan Anti-depressantJun-16 Apicore Aurobindo Pharma LYMPHAZURIN isosulfan blue lymphatic imaging agentJun-16 UCB, Inc. Aurobindo Pharma VIMPAT lacosamide partial-onset seizuresJun-16 Gilead Aurobindo Pharma EMTRIVA emtricitabine HIVJun-16 Janssen Biotech Glenmark Pharma ZYTIGA abiraterone OncologyJun-16 Sanofi-Aventis Cadila Healthcare MOZOBIL plerixafor non-Hodgkin's lymphomaJul-16 Sanofi-Aventis Cadila Healthcare MOZOBIL plerixafor non-Hodgkin's lymphomaJul-16 Roche Cadila Aloxi palonosetron hydrochloride prevention of acute nausea Jul-16 AstraZeneca AB Aurobindo Nexium 24HR esomeprazole magnesium treatment of acid refluxJul-16 Hyperion Therapeutics Lupin RAVICTI Glycerol Phenylbutyrate urea cycle disordersJul-16 Gilead Sciences, Inc. Aurobindo Truvada emtricitabine / tenofovir disoproxil fumarate HIVAug-16 Lupin InvaGen Pharma Antara fenofibrate hypercholesterolemia; dyslipidemAug-16 Gilead Sciences Inc Hetero Complera Emtricitabine; Rilpivirine Hydrochloride; TenofoHIVAug-16 Shire LLC Alkem Lab Fosrenol lanthanum carbonate end stage renal diseaseAug-16 AbbVie Inc. Amgen Inc. Humira adalimumab immunosuppressantAug-16 Galderma Laboratories, LP SEEGPharm Metrogel metronidazole rosacea Aug-16 Reckitt Benckiser Inc. Sun Pharma Mucinex guaifenesin / pseudoephedrine hydrochloride bronchial congestionAug-16 Takeda Pharma Dexcel Pharma Prevacid lansoprazole stomach ulcersAug-16 Dexcel Aurobindo Prilosec Omeprazole HeartburnAug-16 Shionogi Inc Hi-Tech Pharmacal Ulesfia benzyl alcohol anti-parasiteAug-16 Nestle Skin Health Perrigo Co. MIRVASO brimonidine Dermatology

Source: Bloomberg, ICICIdirect.com Research


Page 5

IPM grew 15% in Aug- highest growth in 9 months • The Indian pharmaceutical market (IPM) grew 15.3% YoY to | 9643

crore for the month of August. The growth was driven by volumes increase – 9.1%, price hikes- 2.9% and new product launches- 2.9% and.

• The (Fixed dosage combination) FDCs related market de-grew 11.5%. • Drugs under NLEM list increased 4.5% to |1101 crore while non-NLEM

drugs posted a robust growth of 17.3% to | 8141 crore. Volume growth in NLEM and Non-NLEM was 14.9% and 9.6% respectively.

• Among companies under I-Direct coverage, Indoco, IPCA and Unichem, glenmark, Alembic and Sun have registered robust growth of 33.7%, 28.0%, 26.4%, 20.9%, 20.5% and 20.3% respectively. DRL, Torrent, Ajanta, Lupin, Cipla and Cadila registered growth of 17.3%, 12.7%, 10.0%, 9.3%, 8.6% and 6.7% respectively.

• Therapy wise, 6 therapies have outpaced the IPM growth. Notable among them with growth rates- Anti-Malarials – 38.6%, Anti infective – 19.6%, Respiratory—32.3%, Anti Diabetic —19.0%, Pain/Analgesics – 15.4% and GI – 14.2%.

• In all, 340 new brands were launched in Aug-16. • On a MAT basis, IPM growth stood at 10.5% YoY to | 102537 crore.

Domestic companies have grown 17.1%, while MNC companies have grown 9.0% in Aug-2016.

Exhibit 3: Domestic formulations - growth trend

12.2 13

.7

10.6

9.8

8.8

15.8

23.0

13.1

10.1 12

.6

20

4.7 6.

7

14.9

-5

0

5

10

15

20

25

Jul-1

5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Indian Pharma Market

[

Source: AIOCD data base, ICICIdirect.com Research

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

11.9

28.0

8.8 8.2

12.3 15.6

19.7

7.2

34.034.5

13.5

2.9 5.8

12.4

7.3

19.9

0

5

10

15

20

25

30

35

40

Ajan

ta

Alem

bic

Bioc

on

Cadil

a

Cipla

DRL

Glen

mar

k

GSK P

harm

a

Indo

co

Ipca

Labs

Lupin

Nova

rtis

Pfize

r

Sun P

harm

a

Torre

nt

Unich

em

(%)


Therapy wise performance (| crore) Therapy Aug' 16 Aug' 15 YoY (%) July' 16 MoM (%)Anti-Infectives 1562 1306 19.6 1409 10.9GI 1138 997 14.2 1133 0.4Cardiac 1119 1002 11.6 1084 3.2Vitamins 848 761 11.4 824 2.9Anti Diabetic 800 672 19.0 755 5.9Respiratory 771 583 32.3 685 12.6Pain 694 602 15.4 650 6.9Derma 554 494 12.2 527 5.3Neuro 552 504 9.5 527 4.7Gynaecological 472 426 10.8 473 -0.2Vaccines 163 163 0.1 172 -5.1Ophthal 162 156 4.5 155 5.1Hormones 159 139 14.0 149 6.7Anti-Neoplastics 149 146 2.1 145 2.7Others 117 87 35.2 108 8.4Blood Related 111 102 8.4 107 3.2Urology 105 91 15.0 101 3.4Anti Malarials 77 56 38.6 60 28.1Sex Stimulants 48 42 14.4 48 -0.3Stomatologicals 43 38 13.4 43 -0.4 Source: AIOCD data base

Top brands in Indian pharma market Brand Company Therapy Aug' 16 Aug' 15 Gr. (%)Corex Pfizer Respiratory 315.6 261.7 20.6Spasmo Prox Wockhardt GI 308.8 234.4 31.8Lantus Sanofi Anti Diabetic 304.5 241.2 26.2Galvus Met Novartis Anti Diabetic 295.8 216.4 36.7Augmentin GSK Anti-Infectives 295.4 329.2 -10.3Clavam Alkem Anti-Infectives 255.9 221.7 15.4Volini Ranbaxy Pain 236.8 204.3 15.9Becosules Sun Pharma Vitamins 219.5 257.8 -14.9Pan Alkem GI 205.8 182.3 12.9Voveran Novartis Pain 205.1 161.0 27.3

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

Acute, 44636.31,

48.8%

Chronic, 28318.03,

31.0%Sub-

Chronic, 18529.19,

20.3%

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


Page 6

Sun Pharmaceuticals

Stock Performance

507090

110130150

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

CNX Pharma Sun Pharma

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

13.7

10.6

23.0

9.8

13.1

10.1 12

.6

7.0

4.7

8.8

6.7

14.9 15.8

11.6 12.5

18.1

4.5

9.9

8.2

20.3

12.3

5.2

5.2

3.3

9.9 12

.4

0

5

10

15

20

25

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Indian Pharma Market Sun Pharmaceutical Industries


Exhibit 6: Market share in Indian formulations market

8.3 8.3 8.38.6 8.7

8.9 8.9 9.0 8.8 8.9 8.9 8.8 8.7

6.0

6.6

7.2

7.8

8.4

9.0

9.6

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Sun Pharmaceutical Industries

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

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

Volini Pain 22.1 19.2 15.2 21.3 3.7

Gemer Anti Diabetic 17.4 12.3 41.5 16.3 7.0

Rosuvas Cardiac 17.0 13.0 30.3 16.1 5.1

Istamet Anti Diabetic 16.6 12.1 37.4 16.2 2.6

Levipil Neuro 14.3 11.7 22.7 14.3 0.4

Revital H Vitamins 14.3 10.2 40.2 13.7 4.8

Pantocid Gastro Intestinal 13.5 11.2 21.0 13.1 3.2

Susten Gynaecological 12.8 11.5 10.8 12.8 -0.2

Pantocid Dsr Gastro Intestinal 11.1 9.6 15.5 10.8 3.0

Mox Anti-Infectives 10.1 8.2 23.3 9.9 1.1


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

z

Cardiac29%

Neuro 27%

Gastro Intestinal

19%

Anti-Infectives18%

Derma7%


Exhibit 9: Therapy wise performance (| crore)

Therapy Aug' 16 Aug' 15 YoY (%) July' 16 MoM (%)

Cardiac 153.6 120.4 27.6 146.0 5.2

Neuro 141.4 117.4 20.5 136.0 3.9

Gastro Intestinal 102.2 87.9 16.2 100.0 2.2

Anti-Infectives 96.5 86.8 11.2 90.8 6.2

Derma 41.0 32.7 25.4 73.1 -43.9

Anti Diabetic 76.3 61.6 23.9 57.3 33.0

Vitamins 35.4 28.6 23.7 38.2 -7.4

Pain 59.6 51.9 14.8 34.3 73.8

Respiratory 33.8 22.7 49.0 30.0 12.7

Gynaecological 29.9 28.2 6.0 30.3 -1.5


Acute : Chronic contribution (MAT Aug’16)

Acute, 3376.53,

42.1%

Chronic, 3570.21,

44.5%

Sub-Chronic, 1072.35,

13.4%

Source: AIOCD data base

Brands contribution to domestic sales (MAT Aug’16)

18%

9%

7%

10%

56%

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


September 21, 2016

Cipla

Stock Performance

6080

100120140


CNX Pharma Cipla

Source: NSE, ICICIdirect.com Research

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

13.7

10.6

23.0

9.8

13.1

10.1 12

.6

7.0

4.7

8.8

6.7

14.9 15.8

11.0

4.6

21.0

15.9

16.6

10.0 11

.5

3.5

2.0 6.

1

8.8

14.2

12.3

0

5

10

15

20

25

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Indian Pharma Market Cipla



4.84.9 4.9

5.15.2

5.15.2

4.9

5.2

4.7 4.74.6

4.5

4.0

4.2

4.4

4.6

4.8

5.0

5.2

5.4

Aug

-15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

(%)

Cipla



Foracort Respiratory 16.5 15.3 7.8 16.3 1.6

Duolin Respiratory 12.4 9.4 31.5 10.8 15.0

Budecort Respiratory 12.0 11.0 9.1 12.3 -2.5

Seroflo Respiratory 11.4 10.7 6.7 10.9 5.1

Asthalin Respiratory 11.4 10.6 7.8 10.3 10.3

Montair Lc Respiratory 8.0 5.9 35.5 7.3 10.6

Aerocort Respiratory 8.0 7.8 2.0 7.7 3.8

Azee Anti-Infectives 7.6 7.7 -0.4 7.9 -3.5

Advent Anti-Infectives 7.3 5.5 32.6 5.4 35.0

Ibugesic Plus Pain 7.0 5.4 30.3 6.4 9.7



Respiratory30%

Anti-Infectives27%

Cardiac12%

Gastro Intestinal

8%

Urology5%

Other18%



Therapy Aug' 16 Aug' 15 YoY (%) July' 16 MoM (% )

Respiratory 132.2 112.8 1 7.2 122.1 8.3

Ant i- Infectives 113.4 109.6 3.5 110.9 2.3

Cardiac 51.1 46.9 8.9 52.0 -1.7

Gastro Intest inal 37.5 32.3 1 6.0 38.2 -1.8

Urology 20.1 19.7 1.8 20.1 -0.1

Neuro 13.6 15.7 -1 3.6 13.2 3.1

Ophthal 13.4 13.8 -2.8 13.8 -2.8

Pain 15.8 13.6 1 6.0 14.8 6.9

Derma 12.0 10.9 9.4 11.1 8.0

V itamins 7.9 7.4 6.5 8.4 -5.5



Acute, 2119.70,

46.5%

Chronic, 1877.72,

41.2% Sub-Chronic, 556.57, 12.2%



25%

13%

8%11%

43%



Page 8

Dr. Reddy’s Labs

Stock Performance) Stock Performance

6080

100120140


CNX Pharma Dr. Reddys


13.7

10.6

23.0

9.8 13

.1

10.1 12

.6

7.0

4.7 8.

8

6.7

14.9

15.8

14.6

7.5

30.7

23.6 27

.4

26.5 31

.7

6.7

-1.4

4.1

1.5

4.3

15.6

-10

0

10

20

30

40

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Indian Pharma Market Dr. Reddys Laboratories



2.32.2

2.3

2.5

2.72.6

2.2 2.2

2.3

2.2

2.6

2.3

2.3

2.1

2.2

2.3

2.4

2.5

2.6

2.7

2.8

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Dr. Reddys Laboratories



Omez D Gastro Intestinal 9.1 7.2 26.1 8.6 5.7

Omez Gastro Intestinal 8.9 10.7 -16.7 9.4 -5.5

Peggrafeel Anti-Neoplastics 7.2 1.7 309.9 5.4 33.2

Grafeel Anti-Neoplastics 6.3 5.7 12.0 7.9 -20.1

Nise Pain 5.8 5.4 7.2 5.2 10.5

Atarax Respiratory 5.6 3.3 70.1 5.1 9.6

Econorm Gastro Intestinal 5.5 5.7 -4.2 6.5 -16.7

Docetere Anti-Neoplastics 5.3 2.5 112.9 4.1 28.5

Razo D Gastro Intestinal 5.2 4.4 19.3 4.7 11.3

Razo Gastro Intestinal 5.1 3.7 37.7 4.8 6.1



Gastro Intestinal

21%

Cardiac14%

Anti-Neoplastics

11%Respiratory

9%

Anti-Infectives8%

Other37%





Cardiac 27.7 27.1 2.0 25.6 8.1

Anti-Neoplastics 35.6 26.0 36.9 28.8 23.7

Respiratory 21.5 15.3 40.8 18.7 14.6

Anti-Infectives 21.1 15.1 39.8 16.3 29.4

Pain 14.5 13.3 9.4 13.4 8.6

Derma 11.4 10.1 12.1 10.7 6.6

Anti Diabetic 13.5 12.3 9.5 12.7 5.9

Urology 8.7 7.2 20.0 8.3 4.1

Neuro 7.3 6.7 7.8 6.6 10.7



Acute, 1053.63,

50.0%

Chronic, 648.79, 30.8%

Sub-Chronic, 405.29, 19.2%



29%

16%9%

12%

34%



Page 9

Lupin

Stock Performance

6080

100120140


CNX Pharma Lupin



13.7

10.6

23.0

9.8 13

.1

10.1 12

.6

7.0

4.7

8.8

14.9

20.9

12.1

21.8

7.2

14.5

12.9

18.4 20

.5

9.9 11.7

4.7

11.1 13

.5

6.7

15.8

-4

4

12

20

28

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Indian Pharma Market Lupin



3.3 3.3 3.3 3.33.4 3.4 3.4 3.4

3.3 3.33.2 3.2 3.2

2.3

2.5

2.7

2.9

3.1

3.3

3.5

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Lupin



Gluconorm-G Anti Diabetic 15.0 11.4 30.8 14.6 2.2

Budamate Respiratory 8.4 6.1 39.0 7.6 11.4

Tonact Cardiac 7.7 8.4 -8.1 7.5 3.6

Rablet-D Gastro Intestinal 5.2 4.7 12.1 5.4 -3.5

Rablet Gastro Intestinal 4.5 4.5 1.1 4.5 1.4

Tazar Anti-Infectives 4.2 3.5 20.2 3.8 10.0

Esiflo Respiratory 4.0 4.4 -7.5 3.6 11.4

Telekast-L Respiratory 4.0 3.4 18.9 4.2 -4.4

Cetil Anti-Infectives 3.9 3.4 14.2 4.2 -6.4

Ramistar Cardiac 3.7 4.3 -15.2 3.5 3.7



Cardiac24%

Anti-Infectives21%

Respiratory13%

Anti Diabetic12%

Gastro Intestinal

8%

Other22%




Cardiac 71.9 70.0 2.8 68.5 5.0

Anti-Infectives 63.9 62.1 2.9 60.8 5.0

Respiratory 38.0 30.8 23.4 34.4 10.6

Anti Diabetic 38.2 29.5 29.4 36.9 3.5


Vitamins 15.8 16.8 -5.9 15.6 1.3

Neuro 14.4 14.0 2.9 13.8 4.4

Pain 13.2 12.8 3.3 12.7 3.4

Gynaecological 11.4 9.8 16.7 10.7 6.8

Ophthal 2.0 1.8 12.6 2.0 0.9



Acute, 933.57, 31.3%Chronic, 1428.21,

47.9%

Sub-Chronic, 617.73, 20.7%



20%

11%

9%13%

47%



Page 10

Cadila Healthcare

Stock Performance

6080

100120140


CNX Pharma Cadila Healthcare


13.7

10.6

23.0

9.8

13.1

10.1 12

.6

7.0

4.7

8.8

6.7

14.9 15.8

14.2 15

.8

24.9

6.3

12.7

7.6

12.8

8.4

4.1

7.0

2.1 6.

4 8.2

0

5

10

15

20

25

30

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Indian Pharma Market Cadila Healthcare



3.93.9 3.9

3.9 3.9 3.94.0

4.14.0

3.93.8

3.7 3.6

3.43.53.63.73.83.94.04.14.2

Aug

-15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

(%)

Cadila Healthcare



Skinlite Derma 13.9 13.9 0.2 13.3 4.4

Mifegest Kit Gynaecological 9.4 11.2 -16.4 10.7 -12.8

Deriphyllin Respiratory 9.2 6.5 41.9 8.4 9.8

Pantodac Gastro Intestinal 9.1 8.0 13.6 10.5 -12.9

Atorva Cardiac 9.0 10.5 -13.8 8.4 7.3

Falcigo Anti Malarials 6.5 7.9 -17.7 5.7 14.4

Zyrop Blood Related 6.5 5.8 12.2 6.9 -6.5

Vivitra Anti-Neoplastics 5.7 0.0 NA 6.4 -10.3

Thrombophob Pain 5.6 4.7 20.0 5.0 12.8

Sovihep Anti-Infectives 5.5 5.2 6.9 5.2 6.7



Cardiac16%

Gastro Intestinal

14%

Respiratory11%

Gynaecological10%Pain

10%

Other39%




Cardiac 52.8 54.3 -2.6 51.4 2.9

Gastro Intestinal 47.4 44.4 6.8 48.4 -2.0

Respiratory 38.5 31.3 22.7 33.9 13.4

Gynaecological 31.9 35.3 -9.7 32.8 -2.9

Pain 36.1 31.4 15.1 32.7 10.5

Derma 26.9 25.0 7.8 25.3 6.3

Anti-Infectives 30.9 27.1 14.2 28.0 10.4

Anti-Neoplastics 23.0 21.3 7.9 23.0 -0.3

Vitamins 17.5 13.3 30.9 16.7 4.4

Anti Malarials 8.3 10.1 -17.8 7.3 14.6



Acute, 933.57, 31.3%Chronic, 1428.21,

47.9%

Sub-Chronic, 617.73, 20.7%



20%

11%

9%13%

47%



Page 11

GlaxoSmithKline

Stock Performance

6080

100120140


CNX Pharma GSK Pharma



13.7

10.6

23.0

9.8 13

.1

10.1 12

.6

7.0

4.7

8.8

6.7

14.9

15.8

-1.1

1.2

21.2

4.5 6.9

4.7

2.2

-7.2

-9.5

0.3 -6

.7

6.4 7.2

-15

-10

-5

0

5

10

15

20

25

Aug

-15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

(%)

Indian Pharma Market Glaxosmithkline Pharmaceuticals



3.33.4

3.53.4 3.4

3.3

3.1 3.13.0 3.0

2.9

3.03.0

2.4

2.6

2.8

3.0

3.2

3.4

3.6

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Glaxosmithkline Pharmaceuticals



Augmentin Anti-Infectives 25.7 27.2 -5.6 20.9 22.8

Calpol Pain 23.5 14.9 57.8 23.4 0.7

Synflorix Vaccines 18.3 14.6 25.0 16.2 13.1

Zinetac Gastro Intestinal 13.1 12.6 3.4 14.8 -11.6

Ceftum Anti-Infectives 12.2 11.1 9.9 11.4 7.3

Eltroxin Hormones 11.6 11.3 2.8 12.2 -5.1

Betnovate C Derma 10.1 12.1 -16.6 9.2 9.6

Betnovate N Derma 8.6 12.2 -29.2 9.2 -5.6

Betnesol Hormones 8.6 8.0 7.4 8.1 6.0

T Bact Derma 8.1 7.9 3.2 9.3 -12.5


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

23%

Derma18%

Vaccines15%

Pain 10%

Respiratory8%

Other26%




Anti-Infectives 66.7 66.1 0.9 61.2 9.0

Derma 45.4 53.3 -15.0 46.0 -1.4

Vaccines 43.2 34.6 24.6 39.9 8.2

Pain 34.5 25.5 35.4 34.9 -1.0

Respiratory 23.0 20.9 9.9 20.8 10.4

Hormones 20.9 20.1 4.4 21.0 -0.3

Vitamins 23.4 22.2 5.7 24.0 -2.6

Gastro Intestinal 14.9 15.2 -1.8 16.7 -10.7

Cardiac 4.5 6.1 -26.6 4.6 -3.3

Gynaecological 2.2 2.8 -21.5 3.4 -34.1



Acute, 2117.94,

66.3%

Chronic, 411.83, 12.9%

Sub-Chronic, 664.88, 20.8%



51%

16%

9%

10%

14%



Page 12

Wockhardt

Stock Performance

050

100150200250300350400


CNX Pharma Wockhardt


13.7

10.6

23.0

9.8 13

.1

10.1 12

.6

7.0

4.7 8.

8

6.7

14.9

15.8

24.7

38.3

2.5

42.6

50.5

29.8

9.9

5.5

4.9 9.

4

1.8

14.4

9.2

0

10

20

30

40

50

60Au

g-15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Indian Pharma Market Wockhardt



1.351.39 1.41 1.38

1.33 1.37 1.37 1.341.28 1.25 1.22

1.29

1.28

1.01.11.21.31.41.51.61.71.8

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Wockhardt



Spasmo Proxyvon PluGastro Intestinal 27.0 22.9 18.1 25.6 5.4

Practin Vitamins 7.6 6.2 21.8 7.3 4.8

Tryptomer Neuro 5.7 5.8 -0.2 5.1 12.9

Wepox Blood Related 5.6 0.7 644.5 6.0 -6.3

Bro Zedex Respiratory 4.8 3.5 37.9 4.7 2.7

Methycobal Vitamins 4.5 4.6 -3.8 4.3 4.8

Biovac A Vaccines 4.1 5.5 -24.7 2.7 52.3

Zedex Respiratory 3.4 2.4 41.9 3.4 1.3

Biovac V Vaccines 3.4 5.7 -40.0 3.5 -1.4

Wosulin Anti Diabetic 2.7 2.0 32.7 2.3 15.5


Exhibit 38: Contribution of therapies to domestic sales (MAT Aug’16) Gastro Intestinal

25%

Vitamins 15%

Respiratory12%

Neuro 8%

Anti-Infectives7%

Other33%





Vitamins 19.4 17.9 8.5 18.5 5.3

Respiratory 15.7 10.4 51.7 15.4 2.2

Neuro 9.7 9.5 1.9 8.9 7.9

Anti-Infectives 8.6 8.7 -0.9 7.5 15.6

Anti Diabetic 8.0 7.0 14.9 7.2 11.3

Derma 8.3 7.4 12.1 7.4 12.6

Pain 6.3 8.4 -25.5 5.9 6.0

Vaccines 7.7 11.2 -31.4 6.2 24.2

Hormones 2.5 1.9 30.5 2.6 -3.1



Acute, 803.34, 69.7%

Chronic, 223.03, 19.3%

Sub-Chronic, 126.85, 11.0%



54%

15%

9%

8%

14%



Page 13

Glenmark Pharmaceuticals

Stock Performance

6080

100120140160180200


CNX Pharma Glenmark



13.7

10.6

23.0

9.8 13

.1

10.1 12

.6

7.0

4.7 8.

8

6.7

14.9

15.828

.0

13.0

43.6

11.5

18.6

16.3 19

.6

14.8

8.6

8.9

7.1

15.8 19

.7

05

101520253035404550

Aug

-15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

(%)

Indian Pharma Market Glenmark Pharmaceuticals



2.32.4

2.5 2.5

2.62.5

2.4 2.42.4

2.2

2.3 2.3

2.4

1.9

2.1

2.3

2.5

2.7

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Glenmark Pharmaceuticals



Telma Cardiac 13.6 14.0 -3.0 12.5 9.1

Telma H Cardiac 12.9 11.2 16.1 11.9 8.7

Ascoril Plus Respiratory 11.4 7.1 59.8 10.0 14.1

Candid Derma 9.1 7.6 20.1 10.0 -9.1

Candid-B Derma 8.6 7.6 13.7 9.6 -10.5

Telma Am Cardiac 6.9 5.9 15.8 6.4 7.0

Ascoril Ls Respiratory 5.5 3.2 72.9 4.0 39.2

Onabet Derma 4.9 3.2 49.8 4.2 15.1

Zitamet Plus Anti Diabetic 3.8 0.0 NA 3.5 8.1

Lizolid Anti-Infectives 3.5 2.7 32.6 2.9 22.9



Derma29%

Cardiac22%

Respiratory16%

Anti-Infectives13%

Anti Diabetic8%

Other12%




Derma 63.2 56.1 12.8 61.3 3.1

Cardiac 47.4 43.0 10.2 43.8 8.2

Respiratory 40.4 25.6 57.7 33.6 20.2

Anti-Infectives 36.9 28.1 31.4 32.0 15.5

Anti Diabetic 14.7 17.7 -17.1 13.7 6.7

Vitamins 5.2 5.7 -8.7 5.1 1.8


Gynaecological 5.9 4.7 26.3 5.9 -0.6

Pain 4.1 4.4 -7.2 3.9 5.8

Ophthal 4.4 3.9 15.2 3.9 14.4



Acute, 844.70, 40.2%

Chronic, 781.54, 37.2%

Sub-Chronic, 473.14, 22.5%



36%

12%10%

13%

29%



Page 14

Torrent Pharmaceuticals

Stock Performance

4080

120160200


CNX Pharma Torrent Pharma


13.7

10.6

23.0

9.8

13.1

10.1 12

.6

7.0

4.7

8.8

6.7

14.9 15.821.7

16.0

19.9

5.4

3.8

7.4 10

.2

2.4

-3.0

1.4

-2.7

2.4

7.3

-5

0

5

10

15

20

25

Aug

-15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

(%)

Indian Pharma Market Torrent Pharmaceuticals



2.242.22

2.162.19

2.22

2.29

2.34

2.212.25

2.322.29

2.24

2.19

2.1

2.1

2.2

2.2

2.3

2.3

2.4

2.4

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Torrent Pharmaceuticals



Shelcal Vitamins 17.5 14.5 20.4 17.6 -0.6

Chymoral Forte Pain 11.2 11.9 -5.6 10.6 6.2

Nikoran Cardiac 7.6 7.2 5.8 7.2 6.4

Azulix-Mf Anti Diabetic 6.1 4.5 36.9 5.7 7.1

Nebicard Cardiac 5.7 4.7 19.9 5.3 7.2

Dilzem Cardiac 5.4 4.9 10.9 5.5 -1.2

Nexpro Rd Gastro Intestinal 5.3 4.1 30.5 5.5 -2.9

Nexpro Gastro Intestinal 4.7 3.9 19.1 4.6 2.2

Shelcal Ct Vitamins 4.5 3.2 37.2 4.5 -0.3

Rozucor Cardiac 3.6 3.1 16.3 3.3 7.1



Cardiac29%

Neuro 16%

Vitamins 16%

Gastro Intestinal

15%

Pain 8%

Other16%




Cardiac 58.6 54.3 8.1 56.7 3.4

Neuro 33.9 30.1 12.4 32.4 4.5

Vitamins 33.8 27.5 23.0 33.9 -0.2


Pain 17.8 16.9 4.9 16.9 5.4

Anti Diabetic 13.8 10.9 26.9 13.0 6.0

Anti-Infectives 8.7 9.3 -7.0 7.9 9.1

Derma 5.9 4.4 35.5 5.6 4.9

Gynaecological 3.0 3.2 -5.5 2.9 6.5

Urology 1.0 0.8 33.1 1.0 -1.9



Acute, 555.14, 26.0%

Chronic, 1069.36,

50.1% Sub-Chronic, 509.42, 23.9%



33%

14%9%

12%

32%




Page 15

Ipca Laboratories

Stock Performance

5075

100125150


CNX Pharma Ipca


13.7

10.6

23.0

9.8 13

.1

10.1 12

.6

7.0

4.7

8.8

6.7

14.9

15.8

3.0

3.5

25.8

6.3

11.8

11.5

3.7

4.0

27.7

9.1

1.5 3.3

34.5

0

5

10

15

20

25

30

35

40

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Indian Pharma Market Ipca Laboratories



1.31.4 1.4

1.3 1.2 1.2 1.2 1.2 1.2 1.2 1.21.4

1.5

0.60.81.01.21.41.61.82.0

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Ipca Laboratories



Zerodol P Pain 9.6 6.6 43.9 5.7 67.4

Rapither-Ab Anti Malarials 9.2 3.8 139.9 7.0 30.6

Zerodol Sp Pain 8.5 8.2 4.3 8.4 1.2

Larinate Anti Malarials 8.2 4.3 89.9 6.0 37.4

Lariago Anti Malarials 7.5 3.1 138.6 5.0 49.9

Hcqs Anti Malarials 5.1 4.9 3.0 5.2 -2.6

Lumerax Anti Malarials 4.6 3.0 55.7 3.4 36.8

Glycinorm M Anti Diabetic 3.3 2.8 20.0 3.6 -7.1

Folitrax Anti-Neoplastics 3.1 2.5 22.3 3.0 3.3

Malirid Anti Malarials 2.5 1.5 66.9 2.0 28.3



Pain 25%

Anti Malarials20%

Cardiac17%

Gastro Intestinal

8%

Anti-Infectives6%

Other24%




Pain 34.6 29.0 19.3 29.8 16.4

Anti Malarials 39.4 22.5 75.0 30.7 28.4

Cardiac 19.2 18.2 5.3 18.9 1.5


Anti-Infectives 8.6 7.5 14.1 7.3 17.6

Anti Diabetic 6.1 5.6 10.3 6.3 -3.1

Respiratory 5.7 4.4 30.2 4.8 20.1


Neuro 5.0 4.1 21.9 4.4 13.7

Derma 4.1 3.2 30.0 3.9 6.6



Acute, 797.43, 66.9%

Chronic, 325.51, 27.3%

Sub-Chronic, 68.40, 5.7%



38%

16%11%

12%

23%



Page 16

Biocon

Stock Performance

60

80

100

120

140

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



13.7

10.6

23.0

9.8 13

.1

10.1 12

.6

7.0

4.7 6.

7

14.9

15.8

7.3

-11.

2

8.810

.0

-0.8

5.2

5.3

11.3 14

.5

7.7 9.

4

3.5

0.1

8.8

-15

-10

-5

0

5

10

15

20

25

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Indian Pharma Market Biocon



0.33

0.31

0.330.32

0.34

0.36

0.34

0.38

0.34 0.34 0.35

0.320.31

0.27

0.29

0.31

0.33

0.35

0.37

0.39

Aug

-15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

(%)

Biocon



Insugen Anti Diabetic 7.7 7.2 6.3 7.1 7.8

Basalog Anti Diabetic 5.6 4.7 18.6 5.5 2.6

Erypro Blood Related 2.4 2.0 19.2 2.3 1.8

Biomab Egfr Anti-Neoplastics 1.9 0.2 938.6 0.1 1284.8

Canmab Anti-Neoplastics 1.8 1.7 4.4 1.7 6.1

Abraxane Anti-Neoplastics 1.7 1.0 68.9 2.3 -27.7

Insugen R Anti Diabetic 1.5 1.5 4.3 1.4 13.0

Blisto Mf Anti Diabetic 1.3 1.4 -9.6 1.2 7.5

Insugen N Anti Diabetic 0.6 0.8 -19.4 0.5 32.0

Psorid Anti-Neoplastics 0.6 0.7 -10.4 0.7 -6.7



Anti Diabetic59%

Anti-Neoplastics

23%

Blood Related6%

Cardiac5%

Derma3%

Other 4%




Anti Diabetic 17.9 16.9 6.3 16.8 6.5


Blood Related 2.4 2.0 21.7 2.4 1.9

Cardiac 1.3 1.3 -5.8 1.2 2.2

Derma 0.7 0.7 0.9 0.8 -7.8

Anti-Infectives 0.5 0.7 -24.6 0.6 -16.1

Others 0.2 0.2 17.4 0.2 -4.5

Gastro Intestinal 0.1 0.4 -74.5 0.1 -13.2

Vitamins 0.1 0.2 -40.8 0.1 -16.3

Pain 0.0 0.0 3.8 0.1 -61.7



Acute, 68.01, 20.9%

Chronic, 234.38, 72.0%




78%10%

5%5%

2%




Page 17

Pfizer

Stock Performance

4080

120160200


CNX Pharma Pfizer


13.7

10.6

23.0

9.8 13

.1

10.1 12

.6

7.0

4.7

8.8

6.7

14.9

15.8

18.5

8.9

25.0

3.3

1.6

-3.5

5.1

3.4

2.7 7.

2

-1.0

8.9 5.

8

-10

-5

0

5

10

15

20

25

30

Aug

-15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

(%)

Indian Pharma Market Pfizer



2.932.90

2.932.90 2.91 2.92

2.832.88

2.95

2.84

2.732.79

2.72

2.4

2.6

2.8

3.0

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Pfizer



Corex Respiratory 24.4 27.4 -11.0 24.1 1.1

Becosules Vitamins 20.8 21.7 -4.5 21.5 -3.2

Minipress Xl Cardiac 13.1 9.6 36.9 16.3 -19.9

Magnex Anti-Infectives 12.7 12.3 3.1 11.9 6.6

Gelusil Mps Gastro Intestinal 12.3 11.6 5.6 12.3 0.0

Dolonex Pain 12.1 11.4 5.7 12.8 -6.1

Mucaine Gastro Intestinal 10.5 8.9 17.3 10.2 2.5

Wysolone Hormones 10.4 9.0 15.1 9.6 7.8

Prevenar 13 Vaccines 7.1 3.0 133.8 6.0 17.8

Dalacin C Anti-Infectives 6.6 6.6 0.6 5.7 16.8



Anti-Infectives16%

Respiratory14%

Gastro Intestinal

11%

Vitamins 10%Hormones

9%

Other40%




Anti-Infectives 37.7 39.6 -4.7 35.0 7.9

Respiratory 33.5 32.6 2.8 31.6 6.0


Vitamins 27.3 27.5 -0.8 27.9 -2.1

Hormones 23.7 22.0 7.4 22.2 6.4

Gynaecological 21.1 17.8 18.9 20.8 1.6

Neuro 16.4 17.1 -4.3 14.8 10.4

Cardiac 19.1 15.3 24.4 21.9 -12.8

Pain 17.3 15.9 8.8 16.9 2.2

Vaccines 12.3 6.9 77.7 11.2 9.6



Acute, 1754.51,

63.8%

Chronic, 433.18, 15.7%

Sub-Chronic, 564.23, 20.5%



50%

19%

10%

10%

11%




Page 18

Novartis

Stock Performance

40

90

140

190


CNX Pharma Novartis India



13.7

10.6

23.0

9.8

13.1

10.1 12

.6

7.0

4.7

8.8

6.7

14.9 15.8

21.7

15.3

27.4

20.4

17.3

14.9

25.1

21.6

18.7

3.9

4.4

2.9

10.2

0

5

10

15

20

25

30

Aug

-15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

(%)

Indian Pharma Market Novartis India



1.15 1.161.21

1.16 1.17 1.16 1.151.19 1.19

1.10 1.10

1.021.06

0.9

1.0

1.0

1.1

1.1

1.2

1.2

1.3

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Novartis India



Galvus Met Anti Diabetic 27.0 24.7 9.2 26.6 1.2

Voveran Pain 19.7 14.9 32.7 18.6 6.1

Galvus Anti Diabetic 10.1 10.3 -2.6 9.6 5.0

Rabipur (Novartis) Vaccines 8.2 7.0 16.5 5.6 45.7

Tegrital Neuro 4.4 4.5 -2.5 4.2 6.2

Voveran Pain 3.5 3.1 13.7 3.4 3.5

Regestrone Gynaecological 2.5 2.9 -12.9 2.9 -14.1

Methergin Gynaecological 2.4 3.0 -20.6 2.3 3.8

Syntocinon Gynaecological 2.4 2.2 9.0 2.2 6.0

Pybactum Anti-Infectives 2.0 0.5 273.4 0.2 712.6



Anti Diabetic35%

Pain 23%

Vitamins 10%

Vaccines9%

Gynaecological8%

Other15%




Anti Diabetic 37.6 35.7 5.3 36.8 2.2

Pain 24.6 19.8 24.5 23.4 5.3

Vitamins 8.8 9.9 -10.8 8.8 0.2

Vaccines 8.3 7.1 16.3 5.7 45.8

Gynaecological 7.4 8.3 -11.4 7.6 -2.8

Neuro 4.4 5.6 -20.5 4.2 6.2

Anti-Infectives 5.4 4.6 16.0 3.2 70.8

Respiratory 1.9 1.8 10.7 1.8 10.5


Cardiac 0.7 1.2 -39.1 0.7 2.2



Acute, 427.68, 42.6%

Chronic, 414.61, 41.3%

Sub-Chronic, 162.81, 16.2%



79%

11%4%4%2%




Page 19

Unichem Laboratories

Stock Performance

70100130160


CNX Pharma Unichem Labs



13.7

10.6

23.0

9.8

13.1

10.1 12

.6

7.0

4.7

8.8

6.7

14.9 15.8

2.7

28.3

3.8

11.3

9.9

10.0

3.1

0.6

2.3

4.0

8.4

13.5

19.9

0

5

10

15

20

25

30

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Indian Pharma Market Unichem Laboratories



0.84 0.820.84 0.85

0.89

0.94

0.89 0.90 0.90 0.920.94 0.950.92

0.80

0.90

1.00

1.10

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Unichem Laboratories


Exhibit 72: Top 10 brands performance (| crore)

Brand Therapy Aug' 16 Aug' 15 Var. (%) July' 16 Var. (%)

Losar H Cardiac 8.4 6.2 36.6 8.3 1.3

Ampoxin Anti-Infectives 7.4 5.8 28.0 6.8 8.6

Losar Cardiac 5.9 5.0 16.7 5.6 5.9

Unienzyme Gastro Intestinal 5.5 4.6 18.7 5.3 3.5

Vizylac Gastro Intestinal 3.5 3.1 14.2 3.2 10.7

Arkamin Cardiac 2.1 1.2 86.0 2.1 0.1

Serta Neuro 2.0 1.6 22.3 1.9 7.6

Trika Neuro 1.9 2.1 -8.3 1.9 -1.4

Unistar (Unichem) Cardiac 1.7 1.4 23.8 1.6 9.4

Linox Anti-Infectives 1.7 0.9 90.4 1.5 8.6



Cardiac42%

Anti-Infectives17%

Neuro 14%

Gastro Intestinal

12%

Pain 4% Other

11%




Cardiac 34.8 28.5 22.1 34.2 1.8

Anti-Infectives 16.3 12.3 32.9 14.9 9.8

Neuro 11.9 9.3 28.9 11.2 6.9


Pain 4.0 3.0 33.9 4.0 1.0

Anti Diabetic 3.8 2.2 70.8 3.5 10.1

Respiratory 2.2 1.7 30.7 2.1 6.3

Vitamins 2.1 1.9 9.9 1.9 6.9

Derma 2.0 1.4 42.4 1.8 13.1

Gynaecological 0.4 0.5 -25.4 0.4 -7.9



Acute, 312.14, 37.5%

Chronic, 472.89, 56.7%




33%

14%9%

12%

32%




Page 20

Indoco Remedies

Stock Performance

6080

100120140


CNX Pharma Indoco



13.7

10.6

23.0

9.8 13

.1

10.1 12

.6

7.0

4.7 8.

8

6.7

14.9

15.8

-1.3

-6.4

16.2

10.3

11.0

5.6

5.4

34.0

0.7

-0.9

5.2

11.5

40.9

-10

0

10

20

30

40

50

Aug

-15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

(%)

Indian Pharma Market Indoco Remedies



0.7 0.7

0.7 0.70.7 0.7 0.7

0.7

0.60.7

0.7

0.8 0.8

0.6

0.7

0.7

0.8

0.8

0.9

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Indoco Remedies



Febrex Plus Respiratory 10.8 5.3 106.0 9.0 20.5

Oxipod Anti-Infectives 6.3 3.0 110.9 5.0 27.9

Cyclopam Gastro Intestinal 4.6 4.1 12.7 5.6 -17.0

Atm Anti-Infectives 3.7 2.4 54.6 3.0 20.9

Sensodent-K Stomatologicals 3.2 2.7 21.8 3.7 -12.5

Cital Urology 2.9 2.6 8.9 2.7 5.8

Cyclopam Gastro Intestinal 2.5 1.8 39.4 3.0 -17.2

Cloben G Derma 2.3 2.0 18.8 2.2 5.6

Karvol Plus Respiratory 2.2 1.5 48.1 1.9 14.4

Sensodent-Kf Stomatologicals 1.8 2.0 -8.3 2.1 -10.1


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

19%

Anti-Infectives19%

Stomatologicals

16%

Gastro Intestinal

14%

Vitamins 7%

Other25%




Respiratory 17.4 9.8 78.2 14.5 20.2

Anti-Infectives 16.7 10.5 58.1 13.8 20.3

Stomatologicals 10.5 9.2 13.8 11.7 -10.3


Vitamins 5.5 4.3 26.4 5.3 3.0

Urology 3.3 3.0 11.8 3.2 6.1

Ophthal 3.5 3.1 13.5 3.1 12.6

Pain 3.0 2.4 23.9 3.0 -0.2

Derma 3.1 2.6 17.2 2.9 4.5

Anti Diabetic 2.2 1.8 17.9 2.2 -0.7



Acute, 547.10, 81.8%

Chronic, 43.70, 6.5%




48%

15%

9%

10%

18%




Page 21

Ajanta Pharmaceuticals

Stock Performance

4090

140190240290


CNX Pharma Ajanta



13.7

10.6

23.0

9.8

13.1

10.1 12

.6

7.0

4.7

8.8

6.7

14.9 15.8

18.3

9.9

6.5 7.

6

12.6

14.3

6.9

10.5

7.6

13.1

11.4

10.9 11

.9

0

5

10

15

20

25

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Indian Pharma Market Ajanta Pharma



0.48

0.460.45

0.51 0.51

0.490.50

0.48 0.48

0.51 0.50

0.460.46

0.4

0.4

0.4

0.5

0.5

0.5

0.5

Aug

-15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

(%)

Ajanta Pharma



Met Xl Cardiac 4.4 3.9 11.7 4.3 1.3

Melacare Derma 3.2 3.4 -6.6 3.8 -16.4

Atorfit Cv Cardiac 3.1 3.3 -3.6 2.9 9.2

Rosufit Cv Cardiac 1.6 1.1 44.4 1.4 13.5

Feburic Pain 1.4 1.3 13.8 1.3 10.1

Soft Drops Ophthal 1.3 1.2 5.6 1.4 -4.1

Met Xl Am Cardiac 1.2 0.9 33.4 1.2 6.6

Cinod Cardiac 1.0 0.7 34.2 0.9 15.7

Rosutor Gold Cardiac 0.9 0.6 44.6 0.9 -1.8

Peroclin Derma 0.8 0.8 1.4 0.7 12.1



Cardiac34%

Ophthal 24%Derma

22%

Vitamins 6%

Pain 5%

Others9%




Cardiac 16.2 13.7 17.9 15.2 6.7

Ophthal 10.2 9.6 5.4 10.2 -0.5

Derma 8.9 8.7 2.7 8.9 -0.1

Vitamins 2.2 2.5 -13.3 2.0 8.2

Pain 2.2 2.2 -0.3 2.0 6.0

Gastro Intestinal 1.0 1.1 -8.9 0.9 4.1

Neuro 1.0 0.8 12.9 0.8 12.5

Anti-Infectives 1.0 0.7 40.7 0.8 19.6

Anti Diabetic 0.8 0.0 1850.1 0.7 14.5

Respiratory 0.3 0.3 -3.6 0.3 9.3



Acute, 176.88, 39.8%

Chronic, 215.14, 48.4%




42%

12%10%

13%

23%




Page 22

Alembic Pharmaceuticals

Stock Performance

406080

100120140160180200


CNX Pharma Alembic Pharma



13.7

10.6

23.0

9.8

13.1

10.1 12

.6

7.0

4.7

8.8

6.7

14.9

15.8

21.3

6.0

31.5

19.0

8.1

24.1

23.3

13.7

5.6

11.3

11.4

29.3

28.0

0

5

10

15

20

25

30

35A

ug-1

5

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

(%)

Indian Pharma Market Alembic Pharma



1.411.42 1.44

1.49 1.49 1.49

1.43

1.36

1.31 1.301.32

1.431.47

1.2

1.3

1.3

1.4

1.4

1.5

1.5

1.6

Aug-

15

Sep-

15

Oct-1

5

Nov

-15

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Aug-

16

(%)

Alembic Pharma


Exhibit 87: Top 10 brands performance (| crore)

Brand Therapy Aug' 16 Aug' 15 Var. (%) July' 16 Var. (%)

Azithral Anti-Infectives 14.3 11.6 23.8 12.1 18.9

Althrocin Anti-Infectives 8.9 8.3 6.9 8.5 4.5

Roxid Anti-Infectives 5.7 4.7 21.2 4.6 25.3

Gestofit Gynaecological 5.1 4.4 17.3 5.4 -5.4

Wikoryl Respiratory 5.1 2.9 72.8 4.2 21.0

Ulgel Gastro Intestinal 3.4 3.3 3.2 3.4 0.4

Rekool D Gastro Intestinal 2.9 3.1 -4.3 3.1 -4.9

Richar Gynaecological 2.7 2.0 34.8 2.7 2.1

Glisen Mf Anti Diabetic 2.3 2.2 4.3 2.3 -1.8

Rekool Gastro Intestinal 2.1 2.2 -5.1 2.3 -9.7



Anti-Infectives23%

Cardiac14%Gastro

Intestinal14%

Respiratory13%

Gynaecological11%

Other25%



Therapy Aug' 16 Aug' 15 YoY (%) July' 16 MoM (%)Anti-Infectives 34.5 29.3 17.7 29.7 16.1Cardiac 18.8 15.8 19.3 18.1 3.7Gastro Intestinal 18.7 17.6 6.5 18.8 -0.8Respiratory 19.4 13.6 41.9 15.8 22.3Gynaecological 14.9 12.5 19.9 14.8 0.7Vitamins 11.0 8.6 27.7 11.1 -0.4Anti Diabetic 9.0 6.6 37.6 8.7 3.3Pain 5.1 4.3 18.9 4.6 11.4Urology 3.1 2.1 46.5 2.8 9.5Derma 2.3 2.6 -13.2 2.1 5.9



Acute, 784.06, 63.8%

Chronic 231.46, 18.8%

Sub-Chronic 214.35, 17.4%



42%

12%10%

13%

23%



Page 23

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

0

5

10

15

20

25

30

35

40

45

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

x

CNX Pharma Sensex

[

Source: Company, ICICIdirect.com Research

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

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

Ajanta Pharma AJAPHA 1966 1,780 Hold 17298.3 45.4 52.8 63.6 43.3 37.2 30.9 29.9 25.0 21.2 42.9 37.1 35.0 34.2 30.2 28.2

Apollo Hospitals APOHOS 1299 1,440 Hold 18069.6 22.2 18.5 28.7 58.5 70.2 45.3 27.8 27.9 22.5 8.2 7.3 9.6 8.9 7.0 9.9

Aurobindo Pharma AURPHA 805 1,055 Buy 47126.6 33.9 41.3 48.0 23.7 19.5 16.8 25.0 20.5 17.7 23.3 24.6 25.5 28.1 26.0 23.5

Alembic Pharma ALEMPHA 652 620 Hold 12287.4 38.2 20.4 28.1 17.1 32.0 23.2 12.4 23.1 17.5 51.5 23.2 26.2 44.9 20.5 23.5

Biocon BIOCON 959 1,030 Buy 19184.0 22.5 33.3 38.4 42.6 28.8 25.0 11.5 8.7 7.0 9.1 13.1 14.8 11.1 14.7 15.0

Cadila Healthcare CADHEA 393 405 Buy 40238.2 15.0 15.8 20.3 26.3 24.9 19.4 17.1 17.5 13.8 26.7 22.9 26.8 28.6 24.7 25.6Cipla CIPLA 602 510 Hold 48405.4 18.5 17.6 25.4 32.5 34.2 23.7 20.3 18.5 13.7 12.0 11.1 15.2 12.5 10.8 13.8

Divi's Laboratories DIVLAB 1340 1,415 Buy 35575.4 41.8 45.1 54.5 32.1 29.7 24.6 24.7 21.8 18.1 30.7 29.2 29.8 25.9 23.3 23.4

Dr Reddy's Labs DRREDD 2974 2,875 Hold 53942.7 142.1 86.5 143.5 20.9 34.4 20.7 13.2 17.6 11.8 17.3 10.9 17.8 20.7 11.4 16.3

Glenmark Pharma GLEPHA 858 1,000 Buy 25565.9 32.2 41.4 49.8 26.7 20.7 17.2 17.8 14.9 12.1 16.2 18.7 20.6 21.2 21.7 20.9

Indoco Remedies INDREM 329 365 Buy 3035.9 9.0 13.6 19.4 36.6 24.3 17.0 17.9 13.5 10.4 12.5 17.3 23.4 14.2 18.3 21.7

Ipca Laboratories IPCLAB 590 605 Buy 7447.1 10.0 21.9 30.2 58.9 27.0 19.5 23.0 14.5 11.5 5.7 11.5 14.4 5.5 11.0 13.5

Jubilant Life Sciences VAMORG 591 635 Buy 9413.8 26.0 41.4 52.7 22.7 14.3 11.2 10.6 8.7 7.2 12.0 15.1 17.0 14.2 18.8 19.6

Lupin LUPIN 1549 1,890 Buy 69859.5 50.4 64.6 75.5 30.7 24.0 20.5 20.2 15.4 12.7 18.6 20.6 22.1 20.7 21.7 20.2

Natco Pharma NATPHA 647 700 Buy 11273.4 8.9 11.6 13.8 72.7 55.8 46.9 41.7 36.0 30.2 16.0 17.3 18.0 11.9 13.7 14.3

Sun Pharma SUNPHA 778 890 Buy 187341.7 23.4 29.9 35.5 33.2 26.1 21.9 20.9 16.8 14.2 18.6 20.7 21.2 18.0 19.3 19.2

Syngene International SYNINT 473 550 Buy 9454.0 11.1 15.8 18.7 42.7 29.9 25.3 26.1 20.8 16.7 13.2 17.4 19.3 21.0 23.6 22.3

Torrent Pharma TORPHA 1605 1,650 Buy 27159.8 107.8 68.0 74.9 14.9 23.6 21.4 10.5 16.6 15.6 46.7 28.5 27.5 53.8 27.0 24.3

Unichem Laboratories UNILAB 268 340 Buy 2434.4 12.3 15.3 21.1 21.8 17.6 12.7 14.9 12.0 8.6 13.8 15.7 18.9 11.7 12.9 15.5

RoE (%)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

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Page 25

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IDirect HealthCheck Sep16 - NSE / BSE Share & Stock Market …content.icicidirect.com › ... › IDirect_HealthCheck_Sep16.pdf · 2016-09-21 · Summary of USFDA approvals for Aug,

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IDirect HealthCheck Sep16 - NSE / BSE Share & Stock Market …content.icicidirect.com › ... › IDirect_HealthCheck_Sep16.pdf · 2016-09-21 · Summary of USFDA approvals for Aug,