IDirect HealthCheck Jun16

Monthly Update
June 15, 2016

Sector View
Health Check
Neutral
US driven Q4; but largely on exclusivities...
Index Performance as on June 14, 2016

Return (%)
Return (%)
1M
3M
YTD
1Y
CNX 500
Nifty
NSE Pharma
-4
-8
-10
-5
Stocks Performance
Return (%)
Company
Mcap
1M
3M
YTD
Sun Pharma.Inds.
-6
-13
-9
Lupin
-9
-22
-21
-16
65359
Dr Reddy's Labs
-5
-1
-7
52603
Aurobindo Pharma
1Y
13-Jun
-8 180550
-4
-14
18
44002
-11
-12
-27
-19
38004
Cadila Health.
-2
-8
-2
-8
32709
Glaxosmit Pharma
29536
Divi's Lab.
12
-2
29
30161
Cipla
Glenmark Pharma.
-11
-7
-16
-12
21735
Torrent Pharma.
-3
-6
22743
Apollo Hospitals
-1
-7
-10
12
18283
Ajanta Pharma
12
19
13938
Biocon
14
48
38
60
14279
Alembic Pharma
-5
-11
-20
-1
10483
Strides Arcolab
-6
-14
9962
Wockhardt
-1
-7
-40
-30
10212
Pfizer
-22
-5
8418
9058
Natco Pharma
15
-10
29
Syngene Int.
-4
-8
NA
7698
Jubilant Life
-10
-9
-15
105
5583
-1
-15
-38
-28
5838
For Q4FY16, the I-direct pharma universe registered YoY revenue growth of
17.1% to | 36766.2 crore, driven by 27.8% YoY growth to | 11785.7 in the
US and 14.4% YoY growth to | 7135.7 crore in domestic formulations
(select pack). EBITDA for the universe grew 51.3% YoY to | 8897.5 crore.
Higher growth vis--vis revenue was on account of margin expansion (547
bps YoY) as the stronger US traction nullified the currency impact in
emerging markets and higher R&D spends. Adjusted net profit grew 38.0%
YoY to | 5540.2 crore driven by the operational performance. The delta vis-vis EBITDA growth was on account of lower other income.
On the revenue front, Natco Pharma (~103%), Lupin (~36%), Divis Labs
(~34%), Syngene (~31%) and Torrent (~30%) were standout performers.
On the other hand, Ipca, Dr Reddys and Jubilant reported a weak set of
numbers due to lack of product approvals, impact of currency volatility and
regulatory issues.
US growth was driven by one-off opportunities at Lupin from gGlumetza
(anti-diabetic), Torrent from gAbilify (CNS) and Sun Pharma from gGleevec
(anti-cancer) besides consolidation of new acquisitions (Natrol by
Aurobindo). Note that US growth has not captured gNexium (GI) traction for
Cipla and gAbilify traction for Alembic for nondisclosure of specific traction.
Companies like Aurobindo and Glenmark have also registered strong YoY
growth whereas Cadila and Dr Reddys were laggards on account of the
base effect, slowdown in product approvals and regulatory issues.
Domestic growth was driven by strong volume growth, new product
launches as well as base effect. Among companies, Cipla, Sun Pharma,
Lupin, Ajanta, Glenmark, Dr Reddys and Unichem witnessed strong growth.
The Indian pharmaceutical market (IPM) grew 7.7% in May 2016. Growth
was mainly driven by price hikes 5.0%, and new product launches 2.9%
Indoco Remedies
8
0
-14
-21
2584
while volumes declined 4.4%. The lower growth was mainly attributable to
Unichem Labs.
-1
7
-8
36
2225 M channel disturbances on account of 1) fixed dosage combinations (FDC) ban
Market cap in | crore
imposed by the government on 344 drugs as despite the stay by the Delhi
High Court, some state governments continued with the order, 2) New price
Price movement
list for NLEM drugs based on WPI, which was negative in FY16 and 3) new
15000
12000
additions in NLEM 2015 list.
14000
13000
10000
Accelerating approvals, plant resolution, low base to drive FY17
12000
11000
After outperforming the broader indices for five fiscals, the Nifty Pharma
10000
8000
9000
Index underperformed in FY16, thanks to scores of USFDA related cGMP
8000
6000
issues, which weighed on sentiments. Paradoxically, the fiscal witnessed
7000
6000
the highest number of USFDA product approvals in the last five years.
5000
4000
Companies like Sun, Dr Reddys, Cadila and Ipca received warning letters.
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Scores of others received Form 483 observations for different facilities.
CNX Pharma
Nifty (RHS)
What came as a surprise even for industry players was the frequency of
inspections and the random nature of issues flagged in the scrutiny. This,
we believe, is likely to be the new normal for generic players and can be a
Research Analyst
blessing in disguise as they will be inclined to focus more rigorously on the
quality aspects. We expect some spillover effect in H1FY17 as well.
Siddhant Khandekar
siddhant.khandekar@icicisecurities.com
However, accelerated USFDA approvals (180 ANDA approvals in FY16 vs.
92 in FY15), plant resolution or at least key product site transfers from
Mitesh Shah
H2FY17 and low base, especially in emerging markets, will support FY17
mitesh.sha@icicisecurities.com
growth. We expect the I-direct pharma universe sales, EBITDA and PAT to
Nandan Kamat
grow at a CAGR of 13.1%, 12.5% and 14.8%, respectively, in FY16E-18E.
nandan.kamat@icicisecurities.com
Ipca Labs.
ICICI Securities Ltd. | Retail Equity Research
Regulatory approvals
Exhibit 1: Summary of USFDA approvals for May, 2016
Company
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Ajanta Pharma
Ajanta Pharma
Cadila Healthcare
Cadila Healthcare
Cadila Healthcare
Glenmarrk Pharma
Lupin
Taro Pharma
Drug Name
Fenofibrate
Zolmitriptan
Hydromorphone Hydrochloride
Bupivacaine Hydrochloride
Methocarbamol
Zolmitriptan
Voriconazole
Glyburide
Voriconazole
Amantadine Hydrochloride
Rufinamide
Ethinyl Estradiol; Northindrone Acetate
Fluocinolone Acetonide
Company
Aurobindo Pharma
Strides Shasun
Strides Shasun
Drug Name
Dalfampridine
Efavirenz
Roflumilast
Final Approvals
Therapeutic Area
CVS
CNS
Pain Management
Anaesthetic
Pain Management
CNS
Anti-Infection
Anti-diabetic
Anti-Infection
Antiviral
Anti-Epilepsy
Contraceptive
Anti-inflammatory
Tentative Approvals
Therapeutic Area
Multiple Sclerosis
Antivirtal
Anti-Inflammatory
Innovator company
Skyepharma
IPR
Purdue Pharma
App Pharms
Eurohlth Intl
IPR
PF Prism CV
Sanofi Aventis
PF Prism CV
Endo Pharma
Eisai
Warner Chilcott
Medimetriks Pharma
Generic Version of
Triglide
Zomig
Dilaudid
Sensorcaine
Robaxin
Zomig
Vfend
Diabeta
Vfend
Symmetrel
Banzel
Estrostep
Synalar
Market Size
US$ 412 million
US$ 46.7 million
US$ 50 million
US$ 5.6 million
NA
US$ 46.7 million
US$ 92.8 million
NA
US$ 92.8 million
US$ 40.1 million
US$ 121.8 million
US$ 38.6 million
NA
Innovator company
Acorda
Bristol Myers Squibb
Astrazeneca
Generic Version of
Ampyra
Sustiva
Daliresp
Market Size
NA
US$ 150 million
US$ 174 million
[5
CNS: Central Nervous System; CVS: Cardiovascular,GI: Gastro Intestinal, NA: Not available;
Source: USFDA, ICICIdirect.com Research
M&As, demergers, tie-ups and JVs
DRL enters into agreement with Teva

DRL has entered into an agreement to buy eight generic drugs from Teva
Pharma and Allergan Plc for US$350 million in cash. The deal consists of
generic drugs awaiting USFDA approval and some that are already on the
market, including complex generic products across diverse dosage forms.
The branded versions of drugs under the deal had US sales of ~US$3.5
billion. The acquisition of this portfolio is contingent on closing the
Teva/Allergan generics transaction and approval by the US Federal Trade
Commission.
DRL enters into consumer healthcare products
Dr Reddy's Labs entered the branded consumer health products segment in
the US market by acquiring six over-the-counter (OTC) brands from Ducere
Pharma for an undisclosed amount. The brands acquired include Doan's,
Bufferin, Nupercainal ointment, Cruex nail gel, comtrex and myoflex. These
are mainly used in treating cough-and-cold, pain and dermatology.
Sun Pharma sells two facilities to Frontida BioPharm
Sun Pharma plans to sell its two oral solid dosage manufacturing plants in
the US to Frontida BioPharm Inc. The sale is a part of the drugmakers plans
to consolidate its manufacturing facilities in the US. As per the company,
the impact of this development on Sun Pharmas consolidated financials
and operations is not material.
Jubilant Life enters into pact with Checkpoint Therapeutics
Jubilant Life Sciences entered into a US$180 million worldwide outlicensing deal with Checkpoint Therapeutics for patented compounds to be
developed for cancer treatment. As per the agreement, Checkpoint will be
responsible for all future pre-clinical, clinical development and
commercialisation responsibilities. The pact includes an upfront payment of
US$2 million and contingent pre-clinical, clinical and regulatory payments
including commercial milestones totaling up to US$180 million.
Page 2
Strides Shasun to divest UK arm

Strides Shasun plans to divest the company's UK arm Shasun Pharma
Solutions to its current management for an enterprise value of 25 million
(~| 240 crore). The transaction is expected to be closed in Q2FY17.
Strides Shasun completes acquisition in Kenya
Strides Shasun has concluded the acquisition of a controlling stake in
Universal Corporation, Kenya. With this acquisition, the company will get a
strong presence in the key east African markets. It will complement its
current capacity of six strategically located plants across major geographies
in sub-Saharan Africa.
Biocon to develop oral insulin drug on its own
Notwithstanding US based pharma firm Bristol Myers Squibb (BMS) opting
out of the joint project, Biocon will go ahead with the development of its
oral insulin drug. Under the agreement, BMS and Biocon had agreed on
jointly developing oral insulin, Tregopil. Post BMS divestment of diabetes
portfolio to Astra Zeneca they continued with the programme until this
stage where they had the option to take a decision. Since they no longer
have a diabetes focus, they decided to exercise their option until this stage.
IFC to invest ~US$68 million in Apollo
International Finance Corporation (IFC), an arm of the World Bank, is likely
to invest US$68 million in Apollo Health & Lifestyle Ltd (AHLL). AHLL is a
subsidiary of Apollo Health Enterprises and includes a network of primary
healthcare clinics across the country.
Price cuts, new launches, recalls, approvals
DRL moves Delhi High court to fix ceiling prices for certain drugs
Dr Reddys moved the Delhi High Court (HC) against the central
governments move to fix the ceiling price for several drugs. The
government, through successive notifications under the Drug Price Control
Order (DPCO), revised the price of certain drugs.
Sun Pharma launches Derma OTC brand
Sun Pharma has launched its sunscreen brand 'Suncros' through the
company's global consumer healthcare business vertical. The company will
focus on dermatology as the fourth engine of growth for its OTC business.
Cipla receives approval to sell HIV drug in India
Cipla received regulatory approval in India to sell its version of Truvada as a
preventive that can be given to healthy people to reduce their risk of getting
HIV.
Glenmark launches Digihaler for COPD patients
Glenmark Pharma has launched Digihaler, the countrys first digital dose
inhaler (DDI), for asthma and chronic obstructive pulmonary disease (COPD)
patients. This next-gen inhaler provides accurate digital dose counter along
with low dose warning indicator to enable asthma and chronic obstructive
pulmonary disease (COPD) patients to track adherence to their therapy. The
device (Digihaler) will enable patients to track the number of doses that
have been consumed while prominently placed indicators provide a low
dose warning which is beneficial to patients. This will further enable doctors
to determine the patients adherence to the prescribed therapy regime.
Lupin recalls anti-bacterial injection
Lupin has recalled over 54,000 vials of anti-bacterial injection Ceftriaxone
manufactured at its Mandideep facility in Madhya Pradesh due to violation
of current good manufacturing norms. According to the report on the
USFDA website, it is a class III recall. The company also recalled 741.171 kg
of Ceftriaxone Sodium (Sterile) active pharmaceutical ingredient as its API
intermediates failed specifications.
Page 3
Taro recalls 62,800 tubes of Topicort

Taro is voluntarily recalling 62,800 tubes of Topicort Cream
(desoximetasone) manufactured in Canada because the product may be
subpotent. The steroid cream is used to treat skin irritations. According to
the report on the USFDA website, it is a class III recall.
DRL recalls Ondansetron tablets
Dr Reddys has recalled over 50,000 bottles of Ondansetron tablets made at
the company's Bachupally plant in India, on account of failed impurities/
degradation specifications. According to the report on the USFDA website,
it is a class II recall.
Lawsuits, court rulings, settlements, regulatory issues
Dr Reddy's under scanner for packaging violations in US

The US Consumer Product Safety Commission has asked the nations
Department of Justice to take action against DRL for its alleged failure to
comply with packaging and reporting rules. As per the company, it has
complied with all legal requirements and will defend itself against
allegations.
Sun Pharma receives grand jury subpoena from US Department of Justice
Sun Pharma has received a grand jury subpoena from the anti-trust division
of the US Department of Justice seeking documents from the company and
its affiliates relating to corporate and employee records, generic products
and pricing, communications with competitors and others regarding the
sale of generic pharmaceutical products. As per the company, the inquiry is
unlikely to have any material adverse impact on the consolidated operations
or consolidated financial results of the company.
Strides Shasun receives EIR for Bengaluru facility
Strides Shasun has received Establishment Inspection Report (EIR) from the
USFDA on closure of inspection of its oral dosage facility at Bengaluru (oral
dosage forms manufacturing site). The site was inspected by the USFDA in
February 2016.
Lupin receives EIR for two of its facilities
The USFDA has cleared Lupin's facilities at Mandideep and Aurangabad
following its audit. Both plants had received observations from the US drug
regulator during inspections in January and February. However, the
company's Goa plant continues to be under FDA scanner. The company
expects to close the findings in the next three to six months.
Indoco receives EIR for Goa facility
Indoco Remedies has received the Establishment Inspection Report (EIR)
from USFDA for its sterile and solid dosages facility (Goa Plant II). This
approval confirms the closure of inspection conducted in July, 2015.
NPPA fixes ceiling price of 56 scheduled formulations
National Pharmaceutical Pricing Authority (NPPA) has fixed/revised ceiling
prices of a 56 scheduled medicines under Drugs (Price Control) Amendment
Order, 2016, and retail prices of eight formulations under DPCO, 2013,
according to the notifications.
Others
Mylan, Biocon present Phase III Trastuzumab Biosimilar data at ASCO

Biocon and Mylan have presented Phase III Trastuzumab Biosimilar data at
the 2016 American Society of Clinical Oncology (ASCO) Annual Meeting in
Chicago. The study confirmed the efficacy, safety and immunogenicity of
MYL-1401O, the proposed biosimilar Trastuzumab co-developed by Biocon
and Mylan. The positive outcomes of the global Phase III clinical study with
of Trastuzumab for HER2-positive breast cancer patients would be a
significant milestone for Biocons biosimilars development program.
Page 4
Biocon to invest | 1060 crore to set up facility at Bengaluru

Biocon will invest | 1060 crore to set up a manufacturing plant near
Bengaluru. The Karnataka government cleared the companys proposal to
set up a plant to manufacture injectables, monoclonal antibodies and oral
solid dosage (OSD) forms as part of its biosimilars, generics formulation
and novel molecules businesses. Monoclonal antibodies are specific
antibodies that are made in a lab to mimic the bodys immune system.
Cadila Healthcare's to initiate a phase II clinical trial of Saroglitazar
The USFDA approved Cadila Healthcare's plan to initiate a phase II clinical
trial of Saroglitazar in patients with non-alcoholic Steatohepatitis (NASH) of
the liver.
Glenmark to raise ~US$200 million through FCCBs
Glenmark Pharma plans to raise ~US$200 million (| 1,340 crore) in foreign
currency convertible bonds. Glenmark is raising the fund to retire a part of
its existing debt and also mobilise money for fresh capex plans. The
company has ~US$450 million of debt.
Apollo Hospitals launches fertility clinic in Chennai
Apollo Hospitals has launched its first standalone fertility centre in Chennai.
The new facility has come up at Anna Nagar and comprises advanced
medical infrastructure, personalised patient care and other labs. The team of
specialists includes experienced doctors in fertility, reproductive medicine,
reproductive endocrinology, embryology, andrology and urology among
others.
Sun Pharma terminates pact with Daiichi Sankyo
Sun Pharma's umbrella pact and transaction agreements signed with Daiichi
Sankyo and its overseas subsidiaries have been terminated due to
divestment of Ranbaxy by the Japanese firm. The agreements were
executed between Daiichi and Ranbaxy, including their overseas
subsidiaries, on June 12, 2013. As per the management, there is no material
impact of the termination on standalone or consolidated operations/
financial operations.
Q4FY16 Results
Lupin - Strong US sales lead robust Q4

Revenues grew 35.8% YoY to | 4181.2 crore mainly due to 58.7% YoY
growth in the US to | 2187.1 crore led by gGlumetza exclusivity and price
hike in gFortamet. EBITDA margins grew 706 bps to 32.7% driven by strong
gross margins, which improved 539 bps to 74.3%. EBITDA grew 73.2% to
| 1367.4 crore. Net profit grew 47.5% YoY to | 807.1 crore owing to a
strong operational performance, which was partially offset by higher
depreciation and taxation
Unichem - margins seen under pressure during quarter
Revenues grew 17.8% YoY to | 301.5 crore on account of 17.1% YoY
growth in domestic sales to | 171.3 crore and 21.7% growth in export sales
to | 100.7 crore. EBITDA margins increased 456 bps YoY to 10.4% due to
high gross margins and low other expenditure. EBITDA increased 110.6%
YoY to | 31.2 crore. Net profit witnessed a YoY increase of 186.7% to | 28.1
crore owing to tax write-back.
Torrent Pharma - growth still driven by gAbilify sales
Revenues grew 29.9% YoY to | 1499 crore mainly due to 129.5% YoY
growth in the US to | 514 crore on the back of continued gAbilify windfall.
EBITDA margins increased 1825 bps to 32.3%. EBITDA grew 198.9% YoY to
| 484 crore. Net profit posted growth of 174.7% YoY to | 357 crore owing to
a strong operating performance.
Jubilant Life - registers strong margins amid flat revenues
Revenues de-grew 2.3% YoY to | 1501. Revenues in the pharmaceutical
business grew 10.1% YoY to | 839 crore while life science ingredients (LSI)
Page 5
revenues de-grew 14.4% YoY to | 662. EBITDA margins increased 523 bps
YoY to 21.3% on the back of a 112 bps YoY increase in pharma segment.
EBITDA margins to 27.4% and 752 bps YoY increase in life science
ingredients margins to 16%. EBITDA increased 29.4% YoY to | 320 crore.
Adjusted net profit de-grew 29.2% to | 54 crore on the back of depreciation
and higher taxation.
Cipla - margins impacted by one-offs
Revenues grew 5.6% YoY to | 3267 crore on account of 15.8% growth in
domestic formulations to | 1258 crore. Export formulations grew 3.2% YoY
to | 1744 crore. EBITDA margins declined 971 bps to 6.7% on account of 1)
inventory write-off and reduction, 2) incremental R&D spending and 3) other
one-offs. EBITDA de-grew 56.9% YoY to | 219 crore. Net profit de-grew
68.9% YoY to | 80.9 crore, mainly on account of a poor operational
performance.
Apollo - margins affected by expansion
Revenues increased 16% YoY to | 1396 crore on the back of 8.5% YoY
increase in healthcare business to | 787 crore and 27.4% YoY increase in
pharmacy business to | 609 crore. EBITDA margins declined 133 bps to
13.2% due to higher marketing expenditure. EBITDA increased 5.3% YoY to
| 184 crore. Adjusted net profit de-grew 1.7% to | 76 crore on account of
higher interest cost and depreciation.
Natco - Q4FY16 numbers driven by Hepatitis C group sales
Revenues grew 102.7% YoY to | 407 crore mainly on account of strong
traction from the Hepatitis-C segment and Venezuela tender sales (FY16
sales recorded in Q4). EBITDA margins declined 190 bps YoY to 22.7%
mainly due to higher raw material and other expenditure. EBITDA grew 87%
to | 93 crore. Adjusted net profit increased 158.9% YoY to | 60 crore mainly
on the back of the strong operational performance and lower interest
expenses.
Indoco Remedies - margins decline on account of high R&D and one-offs
Revenues grew 25.5% YoY to | 263 crore mainly due to 47.3% YoY growth
in export formulations to | 111 crore. Domestic formulations grew 6.4% to
| 131 crore. EBITDA margins declined 227 bps YoY to 15.5% mainly on
account of an increase in employee expenditure and R&D spend. EBITDA
grew 9.5% to | 41 crore. Net profit grew 6.7% YoY to | 20 crore.
Divis Labs - registered healthy Q4FY16 numbers
Revenues grew 34.1% YoY to | 1095 crore. The generics business grew
47% to | 566 crore. The custom synthesis (CS) business grew 25.7% at
| 482 crore YoY. EBITDA margins increased 224 bps YoY to 36.3 due to a
change in the product mix (skewed towards low margin generics). EBITDA
increased 26.3% YoY to | 398 crore. Net profit witnessed YoY increase of
40.8% to | 322 crore owing to higher-than-expected sales growth and
lower-than-expected tax rate.
Sun Q4 driven by robust growth in Taro and gGleevec exclusivity
Revenues grew 7.8% QoQ to | 7634 crore due to 22.2% QoQ increase in US
sales to | 3910 crore. US sales growth was due to gGleevec launch under
exclusivity & Taro sales (US$265 million). Domestic sales fell 4.4% QoQ to
| 1807 crore. EBITDA margins increased 239 bps QoQ to 33% due to strong
margins in Taro. Taros EBITDA margins improved 119 bps QoQ to 69.8%.
EBITDA grew 16.2% QoQ to | 2520 crore. Net profit grew 21% QoQ to
| 1714 crore mainly due to a better operational performance and lower
taxation.
Aurobindo Incremental product launches lead to strong US sales
Revenues grew 18.5% YoY to | 3747 crore on account of 24.3% growth in
the US to | 1666 crore. The Europe business grew 9.3% to | 841 crore.
EBITDA margins increased 280 bps YoY to 23.5% on account of lower other
Page 6
expenditure. EBITDA grew 34.5% to | 882 crore. Adjusted PAT grew 38.7%
YoY to | 558 crore mainly due to a better operational performance.
Ipca - Q4 numbers disappoint yet again
Revenues de-grew 0.5% YoY to | 625 crore mainly due to 25.6% YoY degrowth in API sales to | 114 crore. Domestic formulations grew 9% to | 250
crore while export formulations grew 3.5% to | 249 crore. EBITDA margins
increased 480 bps YoY to 10% on account of the low base in Q4FY15.
Adjusted net profit in Q4FY16 was at | 43 crore against a net loss of | 31
crore in Q4FY15.
Page 7
Q4FY16 Results Review
Geographical/segmental performance in Q4FY16

(| crore)
Ajanta
Alembic
Biocon
Cadila
Glenmark
Indoco
Ipca
Lupin
Cipla
Dr Reddy's
Sun Pharma
Torrent
Unichem
Total
Q4FY16
116.7
259.6
101.0
767.4
539.8
130.8
249.5
761.5
1258.0
526.7
1806.5
447.0
171.3
7135.7
India
Q4FY15 Var. (%) Q3FY16 Var. (%)
97.6
19.5
128.0
-8.9
232.1
11.8
288.3
-9.9
98.0
3.1
104.5
-3.3
679.7
12.9
713.0
7.6
440.6
22.5
488.0
10.6
123.0
6.4
135.7
-3.6
229.0
9.0
308.4
-19.1
663.7
14.7
871.2
-12.6
1086.0
15.8 1194.0
5.4
474.4
11.0
580.5
-9.3
1569.0
15.1 1890.3
-4.4
399.0
12.0
446.0
0.2
146.2
17.1
188.9
-9.3
6238.2
14.4 7336.8
-2.7
(| crore)
Aurobindo
Cadila
Glenmark
Lupin
Dr Reddy's
Sun Pharma
Torrent
Q4FY16
1666.3
961.0
652.0
2187.1
1895.0
3910.3
514.0
US
Q4FY15 Var. (%) Q3FY16 Var. (%)
1340.5
24.3 1570.6
6.1
978.9
-1.8 1071.7
-10.3
536.3
21.6
608.9
7.1
1377.9
58.7 1404.9
55.7
1715.4
10.5 1941.7
-2.4
3047.7
28.3 3200.3
22.2
224.0
129.5
558.0
-7.9
Total
11785.7
(| crore)
Aurobindo
Cadila
Glenmark
Dr Reddy's
Lupin
Torrent
Total
Q4FY16
840.7
70.6
270.5
175.9
125.4
190.0
1673.1
Europe
Q4FY15 Var. (%) Q3FY16 Var. (%)
769.1
9.3
778.6
8.0
74.0
-4.6
76.2
-7.3
243.3
11.2
176.4
53.4
234.1
-24.9
193.7
-9.2
89.1
40.7
101.0
24.2
209.0
-9.1
195.0
-2.6
1618.6
3.4 1520.9
10.0
(| crore)
Cadila
Glenmark
Torrent
Total
Q4FY16
55.3
241.6
119.0
415.9
Latin America
Q4FY15 Var. (%) Q3FY16 Var. (%)
54.7
1.1
54.4
1.7
181.0
33.5
123.7
95.3
140.8
-15.5
118.0
0.8
376.5
10.5
296.1
40.5
(| crore)
Aurobindo
Alembic
Cadila
Glenmark
Indoco
Ipca Labs
Lupin
Cipla
Dr Reddy's
Sun Pharma
Unichem
Total
Q4FY16
774.6
166.9
92.2
222.9
12.0
114.2
283.8
204.0
576.6
392.5
20.1
2859.8
API
Q4FY15 Var. (%) Q3FY16 Var. (%)
676.5
14.5
695.2
11.4
85.3
95.7
101.2
64.9
87.0
6.0
83.8
10.0
154.7
44.0
145.0
53.7
13.0
-7.6
13.3
-9.7
153.6
-25.6
144.6
-21.0
307.5
-7.7
276.0
2.8
205.0
-0.5
143.0
42.7
741.5
-22.2
508.2
13.5
298.2
31.6
461.2
-14.9
21.5
-6.5
21.2
-5.2
2743.8
4.2 2592.7
10.3
9220.7
27.8 10356.0
13.8
For Q4FY16, the I-direct pharma universe registered YoY revenue growth of
17.1% to | 36766.2 crore, driven by 27.8% YoY growth to | 11785.7 in the
US and 14.4% YoY growth to | 7135.7 crore in domestic formulations
(select pack). EBITDA for the universe grew 51.3% YoY to | 8897.5 crore.
Higher growth vis--vis revenue was on account of margin expansion (547
bps YoY) as the stronger US traction nullified the currency impact in
emerging markets and higher R&D spends. Adjusted net profit grew 38.0%
YoY to | 5540.2 crore driven by the operational performance. The delta vis-vis EBITDA growth was on account of lower other income.
Exhibit 2: Actual s vs. estimates
Company
Ajanta Pharma
Alembic Pharma
Aurobindo Pharma
Biocon
Cadila Healthcare
Divi's Lab
Cipla
Dr. Reddys
Glenmark
Indoco Remedies
IPCA Labs
Jubilant Life Sc.
Lupin
Natco Pharma
Sunpharma
Syngene International
Torrent Pharma
Unichem Laboratories
Apollo Hospitals
Total
Revenues
Q4FY16E
437.4
840.2
3644.7
860.5
2488.8
963.2
3195.7
3913.2
1849.6
268.5
695.3
1499.8
4033.0
312.8
7604.8
316.1
1558.6
311.1
1494.1
36287.4
Q4FY16
425.7
626.6
3746.8
978.8
2449.1
1095.4
3266.5
3756.2
2281.3
263.4
624.6
1501.3
4181.2
407.0
7634.2
331.5
1499.0
301.5
1396.3
36766.2
EBITDA
Q4FY16E
160.0
226.9
865.9
197.1
497.8
378.3
565.4
976.4
391.5
46.7
118.2
341.5
1129.2
79.8
2531.4
106.2
483.2
38.1
209.7
9343.3
Q4FY16
140.5
143.3
882.3
213.1
581.4
397.9
219.0
810.4
302.6
40.8
63.5
320.2
1367.4
92.5
2520.3
103.1
484.0
31.2
183.8
8897.5
Net profit
Q4FY16E
Q4FY16
103.7
106.3
165.5
91.2
557.4
562.9
102.5
92.5
359.9
388.1
281.0
322.2
299.1
80.9
578.2
499.6
210.1
171.5
23.1
20.0
62.4
42.5
134.1
54.2
810.6
807.1
47.4
60.2
1817.3
1713.7
70.6
66.5
379.4
357.0
28.1
28.1
106.9
75.7
6137.3
5540.2
Source: Company, ICICIdirect.com Research
Exhibit 3: Quarterly performance of I-direct healthcare coverage

Company
Ajanta Pharma
Alembic Pharma
Aurobindo Pharma
Biocon
Cadila Healthcare
Divi's Lab
Cipla
Dr. Reddys
Glenmark
Indoco Remedies
IPCA Labs
Jubilant Life Sc.
Lupin
Natco Pharma
Sunpharma
Torrent Pharma
Apollo Hospitals
Total
Revenues
Q4FY16 Q4FY15 Var.(%)
425.7
371.5
14.6
626.6
503.0
24.6
3746.8 3162.1
18.5
978.8
837.3
16.9
2449.1 2288.2
7.0
1095.4
817.1
34.1
3266.5 3092.7
5.6
3756.2 3870.4
-3.0
2281.3 1775.8
28.5
263.4
209.9
25.5
624.6
627.9
-0.5
1501.3 1536.5
-2.3
4181.2 3078.2
35.8
407.0
200.8 102.7
7634.2 6157.0
24.0
331.5
251.8
31.7
1499.0 1154.0
29.9
301.5
256.0
17.8
1396.3 1203.7
16.0
36766.2 31394.0
17.1
EBITDA
140.5
130.4
7.7
143.3
98.7
45.2
882.3
656.1
34.5
213.1
184.9
15.3
581.4
495.9
17.2
397.9
315.1
26.3
219.0
507.7
-56.9
810.4
825.6
-1.8
302.6
281.4
7.5
40.8
37.3
9.5
63.5
33.7
88.6
320.2
247.4
29.4
1367.4
789.4
73.2
92.5
49.5
87.0
2520.3
792.4 218.1
103.1
83.4
23.6
484.0
162.0 198.9
31.2
14.8 110.6
183.8
174.5
5.3
8897.5 5880.0
51.3
Profit
106.3
79.9
33.0
91.2
70.9
28.5
562.9
403.8
39.4
92.5
114.7
-19.4
388.1
349.2
11.1
322.2
228.9
40.8
80.9
259.7
-68.9
499.6
514.4
-2.9
171.5
197.7
-13.2
20.0
18.8
6.7
42.5
-30.6
LP
54.2
76.6
-29.2
807.1
547.0
47.5
60.2
23.3
158.9
1713.7
886.9
93.2
66.5
55.6
19.6
357.0
130.0
174.7
28.1
9.8
186.7
75.7
77.0
-1.7
5540.2 4013.6
38.0
Source: Company, ICICIdirect.com Research, LP: Loss to Profit
On the revenue front, Natco Pharma (~103%), Lupin (~36%), Divis Labs
(~34%), Syngene (~31%) and Torrent (~30%) were the standout
performers. On the other hand, Ipca, Dr Reddys and Jubilant reported a
weak set of numbers due to lack of product approvals, impact of currency
volatility and regulatory issues.
Page 8
US growth was driven by one-off opportunities at Lupin from gGlumetza

(anti-diabetic), Torrent from gAbilify (CNS) and Sun Pharma from gGleevec
(anti-cancer) besides consolidation of new acquisitions (Natrol by
Aurobindo). Note that US growth has not captured gNexium (GI) traction for
Cipla and gAbilify traction for Alembic for nondisclosure of specific traction.
Companies such as Aurobindo and Glenmark have also registered strong
YoY growth whereas Cadila and DRL were laggards on account of base
effect, slowdown in product approvals and regulatory issues.
Domestic growth was driven by strong volume growth, new product
launches as well as base effect. Among companies, Cipla, Sun Pharma,
Lupin, Ajanta, Glenmark, DRL and Unichem witnessed strong growth during
the quarter.
Exhibit 4: I-direct Healthcare Universe revenue trend
35000
34843
33971
34581
Exhibit 5: I-direct Healthcare Universe EBITDA trend

36766
12000
10000
31391
8978
8791
8897
Q1FY16
Q2FY16
Q3FY16
Q4FY16
8000
| crore
30000
| crore
8832
25000
6000
5891
4000
20000
2000
0
15000
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY15
Q4FY16
EBITDA
Revenues
Source: Company, ICICIdirect.com, Research
Exhibit 6: I-direct Healthcare Universe profits trend

6000
5000
5439
5280
5584
Exhibit 7: Trends in EBITDA & PAT margin of I-direct Healthcare Universe

30
5540
25
4030
4000
20
%
| crore
25.8
3000
15
2000
26.0
25.4
15.5 15.6
16.1
24.2
18.8
12.8
15.1
10
1000
0
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Profits
Q4FY16
Q4FY15
Q1FY16
Q2FY16
EBITDA Margins (%)
Q3FY16
Q4FY16
PAT Margins (%)
Page 9
Exhibit 8: Deviation from estimates/Change in outlook post Q4FY16 numbers

[5
Company
Ajanta Pharma
Initial Rating
BUY
Current Rating
BUY
Deviation from
estimates
Remarks
Inline
Apollo Hospitals
HOLD
HOLD
Below
Aurobindo Pharma
Alembic Pharma
Biocon
BUY
BUY
HOLD
BUY
HOLD
HOLD
Inline
Below
Above
Cadila Healthcare
BUY
BUY
Above
Cipla
BUY
HOLD
Below
Divi's labs
BUY
BUY
Above
Dr Reddy's Labs
BUY
BUY
Below
Glenmark Pharma
BUY
BUY
Below
Lower than expected growth in Hospital segment

Lower than expected gAbilify sales in US; Higher R&D and caoex guidance
Higher than expected Biosimilar sales led by strong sales in insulin segment and launch of
Trastuzumab in emerging markets
Higher than expected sales in EMs and JVs. EBITDA margins were better than expected due
to higher gross margins and lower other expenses
Margins were impacted by 1) inventory write-off and reduction, 2) incremental R&D spending
and 3) other one-offs..
Higher than expected sales in generic business
Q4 was largely impacted by one-offs on account of remedial expanses, Venezuela adjustment
and volatility in entire RoW and European businesses
Margins were impacted on account of one-off expenses pertaining to sitagliptin and azelaic
acid litigation. Ex one-off EBITDA was ~20% of total revenues
Miss in margins was mainly due to higher than expected R&D expenses
Indoco Remedies
BUY
BUY
Below
Ipca labs
BUY
HOLD
Below
Miss vis--vis our expectations was due seasonality impact. Also higher than expected
remedial cost and employee expenses have impacted EBITDA
Jubilant Life Sciences
HOLD
BUY
Below
One-off impairment charges and higher taxation impacted PAT
Lupin
BUY
BUY
Inline
Natco Pharma
BUY
BUY
Above
Sun Pharma
HOLD
HOLD
Inline
Torrent Pharma
BUY
BUY
Inline
Unichem Labs
BUY
BUY
Inline
Beat vis--vis our expectation was due to higher than expected sales in Hepatitis C segment
and Venezuela tender business
Source: Bloomberg, ICICIdirect.com Research
Page 10
Exhibit 9: Patent litigations (12 months)

[5
Month
Innovator
ANDA Filer
Brand Name
API
Used for
May-15
Apotex Inc.
Lupin
Paxil CR
Paroxitine Hydrochloride
Anti-Anxiety
May-15
Galderma Labs
Glenmark
Epiduo
Adapalene; Benzoyl Peroxide
Acne
May-15
Horizon Pharma
Dr. Reddy's Labs
Vimovo
Esmoprazole Magnesium; Naproxen
Osteoporosis
May-15
Merz Pharma
Taro Pharma
Naftin
Naftifine Hydrochloride
Fungal Infection
May-15
Takeda
Zydus Pharma
Daliresp
Roflumilast
CVS
May-15
Takeda
Strides
Daliresp
Roflumilast
CVS
May-15
Acorda Therapeutics Inc.
Sun Pharma
Ampyra
Dalframpridine
Multiple Sclerosis
May-15
Merck
Lupin
Safyral
Drospiranone; Ethinyl Estradiol; Levomefolate CaBirth Control
May-15
Kowa
Lupin
Livalo
Pitavastatin Calcium
High Cholestrol
Jun-15
Millenium Pharmaceuticals
Dr. Reddy's Labs
Valcade
Bortezomib
Anti-Cancer
Jun-15
Millenium Pharmaceuticals
Sun Pharma
Valcade
Bortezomib
Anti-Cancer
Jun-15
Reckitt Benckiser LLC
Dr. Reddy's Labs
Mucinex
Guaifenesin; Pseudoephedrine HCl
Bronchial Conjestion
Jul-15
Eli Lilly
Lupin
Axiron
Hypogonadism
Testosterone
Jul-15
Fresenius Medical
Gavis Pharma
Phoslo
Calcium Acetate
Kidney Disease
Jul-15
Alcon Research
Lupin
TravatanZ
Travoprost Ophthalmic solution
Elevated Intraocular pressure
Aug-15
Allergan
Lupin
Namenda
Memantine Hydrochoride
Alzheimer's Disease
Aug-15
Galderma Labs
Taro Pharma
Epiduo
Adapalene & Benzoyl peroxide
Acne
Sep-15
Jazz Pharma
Lupin
Xyrem
Sodium Oxybate
Narcolepsy
Sep-15
Gilead Sciences Inc.
Lupin
Tamiflu
Oseltamivir
Influenza
Sep-15
Horizon Pharma
Lupin
Pennsaid
Diclofenac
Osteoarthritis
Sep-15
Bayer Pharma
Alembic Pharma
Staxyn
Vardenafil Hydrochloride
Sex Stimulant
Oct-15
Merck
Lupin
Beyaz
Drospirenone
Birth control
Oct-15
Salix Pharmaceuticals, Inc.
Taro Pharma
Moviprep
Polyethylene glycol electrolyte soln
Gastro Intestinal
Oct-15
Takeda Pharma
Aurobindo
Prevacid
lansoprazole
Stomach ulcers
Oct-15
Janssen Pharma
Aurobindo
Xarelto
Rivaroxaban
Blood Thinner
Oct-15
Novartis Pharma
Natco Pharma
Gleevec
Matinib Mesylate
Anti-cancer
Oct-15
Otsuka Pharma
Zydus Pharma
Abilify
Aripiprazole
Schizophrenia
Oct-15
AstraZeneca
Alembic Pharma
Brilinta
Ticagrelor
CVS
Nov-15
AstraZeneca
InvaGen Pharma
Brilinta
Ticagrelor
CVS
Nov-15
Novartis Pharma
Dr. Reddy's Labs
Exelon Patch
Rivastigmine
Dementia
Nov-15
Allergan
Aurobindo Pharma
Acular LS
Ketorolactromethamine
Ocular Pain
Nov-15
Shire Pharma
Lupin
Lialda
Mesalamine
Ulcerative Colitis
Nov-15
Dexcel Pharma
Sun Pharma
Omeprazole
Omeprazole
GI
Nov-15
Dexcel Pharma
Dr. Reddy's Labs
Omeprazole
Omeprazole
GI
Nov-15
Cephalon Inc.
Aurobindo Pharma
Nuvigili
Modafinil
CNS
Nov-15
Cosmo Techs
Lupin
Uceris
Budesonide
GI
Nov-15
Pfizer
Dr. Reddy's Labs
Toviaz
Fesoterodine
Urotherapy
Nov-15
Vanda Pharma
Lupin
Fanapt
Iloperidone
Schizophrenia
Nov-15
Forest Labs
InvaGen Pharma
Viibryd
Vilazodone
Anti-depressant
Nov-15
Jazz Pharma
Sun Pharma
Xyrem
Gamma-hydroxybutyric acid
CNS
Nov-15
Otsuka Pharma
Alkem Labs
Abilify
Aripiprazole
Schizophrenia
Nov-15
Symed Labs
Glenmark Pharma
Zyvox
Linezolid
Anti-Infective
Dec-15
UCB Inc.
InvaGen Pharma
Zyrtec-D
Cetirizine
Respiratory
Dec-15
Unimed Pharma
Dr. Reddy's Labs
Androgel
Testosterone
Low Testosterone
Dec-15
Helsinn Healthcare
Dr. Reddy's Labs
Aloxi
Palanosetron
Nausea
Dec-15
Sanofi-Aventis
Glenmark Pharma
Multaq
Dronedarone
Atrial Fibrillation
Dec-15
Otsuka Pharma
Ajanta Pharma
Abilify
Aripiprazole
Schizophrenia
Dec-15
Merz Pharma
Taro Pharma
Naftin
Naftifine Hydrochloride
Fungal Infection
Jan-16
Dow Pharma
Taro Pharma
Onexton
Cindamycin Phosphate and Benzoyl Peroxide
Acne
Jan-16
Cubist Pharma
Dr. Reddy's Labs
Cubicin
Daptomycin
Antibiotic
Feb-16
Bayer Pharma
InvaGen Pharma
Xarelto
Rivaroxaban
Blood Thinner
Feb-16
Bristol Myers Squibb
Cipla
Reyataz
Atazanavir
HIV
Feb-16
Janssen Products LP
Lupin
Prezista
Darunavir
HIV
Mar-16
Shire Canada
Lupin
Daliresp
Roflumilast
Respiratory
Mar-16
Daiichi Sankyo
Torrent Pharma
Benicar
Olmesartan
Anti-depressant
Apr-16
Daiichi Sankyo
Alembic Pharma
Benicar
Olmesartan
Anti-depressant
May-16
Daiichi Sankyo
Aurobindo Pharma
Benicar
Olmesartan
Anti-depressant
Source: Bloomberg, ICICIdirect.com Research
Page 11
The Indian pharmaceutical market (IPM) grew 7.7% YoY to | 8449 crore
in May. The growth was mainly driven by price hikes- 5.0%, and new
product launches- 2.9% while volumes declined 4.4%
Fixed dosage combination (FDCs) related market de-grew 14.6% to
| 196 crore
Drugs under NLEM list registered growth of 2.6% to | 1010 crore while
non-NLEM drugs posted growth of 8.6% to | 7046 crore. Volume
growth in NLEM was 0.8% while declining 3.1% in non-NLEM
Among companies under I-direct coverage, Ajanta and Alembic have
registered decent growth of 13.1% and 11.3%, respectively. Cipla, Sun
Indoco, Glenmark and DRL registering growth of 6.4%, 5.6%. 5.2%,
4.7% and 4.1%, respectively, while Lupin de-grew 2.8%
Therapy wise, 14 therapies outpaced IPM growth. Notable among them
with growth rates- diabetic 19.2%, CNS 14.9%, Derma 14.2% and
CVS 13.2% and Anti-Infective -- 6.0%
In all, 360 new brands were launched in May 2016
On a MAT basis, IPM growth was at 11.1% YoY to | 99476 crore.
Domestic companies have grown 7.9% while MNC companies have
grown 7.0% in Mau 2016
May-16
Apr-16
Mar-16
Feb-16
12.3
Jan-16
6.6
7.7
20
12.5
Dec-15
Nov-15
9.6
10
10.5
15
22.9 Oct-15
Sep-15
Aug-15
13.6
20
15.8
25
3.6
5
0
Source: AIOCD data base; Date as per MAT May 16 & May 15
Industry acute to chronic therapy ratio percentage
Jul-15
Therapy
May' 16 May' 15 Gr. (%)
Anti-Infectives 317.5
319.0
-0.5
Respiratory
310.9
228.6
36.0
GI
309.3
178.2
73.5
Anti Diabetic
273.0
220.8
23.6
Anti Diabetic
272.1
187.5
45.1
225.4
6.4
Anti-Infectives 239.9
Vitamins
228.6
243.8
-6.2
Pain
217.0
212.1
2.3
Respiratory
196.1
169.1
16.0
Vaccines
195.1
151.9
28.5
(%)
Brand
Company
Augmentin GSK
Corex
Pfizer
Spasmo Prox Wockhardt
Lantus
Sanofi
Galvus Met Novartis
Clavam
Alkem
Becosules Pfizer
Volini
Sun Pharma
Foracort
Cipla
Synflorix
GSK
13.4
Top brands in Indian pharma market
Jun-15
Exhibit 10: Domestic formulations - growth trend

May-15
Therapy
May' 16 May' 15 YoY (%) Apr' 16 MoM (%)
Anti-Infectives
1156
1126
2.7
1162
-0.5
Cardiac
1093
992
10.2
1103
-0.9
Gastro Intestinal
1051
992
5.9
1046
0.5
Vitamins
798
727
9.8
777
2.7
Anti Diabetic
741
645
14.9
728
1.7
Pain
575
547
5.1
578
-0.5
CNS
539
489
10.3
541
-0.2
Respiratory
524
522
0.6
576
-8.9
Derma
516
475
8.6
516
0.0
Gynaecological
446
412
8.4
442
1.0
Hormones
144
129
12.0
139
3.5
Vaccines
134
129
4.2
132
1.6
Ophthal
134
122
9.7
137
-2.2
Anti-Neoplastics
133
131
1.3
122
9.3
Others
115
81
42.8
108
6.6
Others
104
96
8.5
99
5.4
Urology
101
91
11.3
100
0.5
Sex Stimulants
46
42
9.7
49
-6.2
Stomatologicals
37
33
13.8
36
2.8
Anti Malarials
33
38
-13.2
32
1.1
Source: AIOCD data base
IPM grows mere 7.7% in May
12.9
Therapy wise performance (| crore)
-5
Indian Pharma Market
Source: AIOCD data base, ICICIdirect.com Research
15
(%)
Source: AIOCD data base ; As per AIOCD MAT May 2016
Unichem
Torrent
Sun Pharma
Pfizer
Novartis
Lupin
Ipca Labs
Indoco
GSK Pharma
Glenmark
DRL
Cipla
Cadila
13.1
11.3
10
Biocon
SubChronic,
20263.51,
20.4%
Ajanta
Acute,
47758.82,
48.0%
Exhibit 11: Companies growth in domestic market in May, 2016

Alembic
Chronic,
31453.56,
31.6%
9.5
9.4
6.4
4.6
7.3
4.5
4.7
5.2
3.7
2.0
0.3
3.2
1.4
0
-5
-2.8
Page 12
Sun Pharmaceuticals
Acute : Chronic contribution (MAT Apr16)

May16)
Stock Performance
Chronic,
3915.49,
3941.39,
45.2%
45.3%
Acute,
3562.32,
3572.42,
41.1%
41.0%
150
130
110
90
70
50
Sub-Chronic,
1190.45,
1196.07,
13.7%
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Sun Pharma
21 to 30
31 to 50
Exhibit 13: Market share in Indian formulations market
May-16
Apr-16
Mar-16
Feb-16
5.6
3.6
5.2
7.7
6.6
12.3
9.6
Exhibit 14: Top 10 brands performance
May-16
Apr-16
Mar-16
Feb-16
Jan-16
8.9 8.9 9.0 8.9 9.0

8.7 8.7
Dec-15
Nov-15
Oct-15
Sep-15
8.4 8.3 8.3
Aug-15
Jul-15
Jun-15
9.1 9.1 8.9
May-15
Sun Pharmaceutical Industries
(%)
6.7
8.2
Others
12.3
18.7
12.5
9.6
3.0
5
11 to 20
Jan-16
Dec-15
Nov-15
16.6
10.5
10
10.8
10%
9%
10.0
(%)
15
7%
7%
56%
57%
13.6
9%
9%
12.9
14.5
20
13.4
15.9
17%
19%
15.8
21.7
25
22.9Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Exhibit 12: Company growth vis--vis Indian pharma market growth
Brands contribution to domestic sales (MAT Apr

May16)
16)
12.0
11.4
10.8
10.2
9.6
9.0
8.4
7.8
7.2
6.6
6.0
Jun-16
Source: NSE, ICICIdirect.com Research
Top 10
Apr-16
Sun Pharmaceutical Industries
Source: AIOCD data base, ICICIdirect.com Research * Included Ranbaxys sales
Exhibit 15: Contribution of therapies to domestic sales (MAT May16)

Derma
7%
Cardiac
29%
Anti-Infectives
18%
Gastro Intestinal
19%
Neuro
27%
(| crore)
Brand
Therapy
Volini
Pain
May' 16 May' 15 Var. (%) Apr' 16 Var. (%)

19.3
14.7
31.1
20.5
-5.9
Rosuvas
Cardiac
17.2
12.7
35.2
16.4
4.8
4.1
Istamet
Anti Diabetic
15.4
13.1
17.5
14.8
Gemer
Anti Diabetic
14.7
13.5
9.3
14.2
4.1
Levipil
Neuro
14.3
12.2
17.2
12.9
10.3
Susten
Gynaecological
13.2
13.2
-0.5
13.9
-5.2
Pantocid
Gastro Intestinal
11.6
11.9
-2.7
12.0
-3.6
Revital H
Vitamins
10.8
6.7
61.0
11.7
-7.5
Pantocid Dsr
Gastro Intestinal
10.0
10.2
-2.4
10.3
-3.4
Storvas
Cardiac
9.7
10.3
-5.5
10.5
-7.5
Exhibit 16: Therapy wise performance

Therapy
Cardiac
Neuro
Gastro Intestinal
(| crore)
May' 16
144.9
May' 15
129.6
YoY (%)
11.8
Apr' 16
141.8
132.7
91.7
QoQ (%)
2.2
126.7
4.8
129.5
2.5
90.0
1.8
91.4
0.3
2.0
Anti-Infectives
79.4
77.3
2.7
77.8
Derma
37.8
33.5
12.8
36.3
4.2
Anti Diabetic
70.4
66.4
6.0
68.0
3.5
Gynaecological
29.5
31.1
-5.0
30.3
-2.7
Pain
52.9
49.8
6.3
54.2
-2.3
Respiratory
23.4
23.6
-1.0
24.8
-5.7
Vitamins
31.7
27.2
16.9
32.7
-2.8
Page 13
Cipla
Acute : Chronic contribution (MAT May16)
Stock Performance
Chronic,
1963.95,
39.8%
140
120
100
80
60
SubChronic,
612.89,
12.4%
Acute,
2356.37,
47.8%
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Apr-16
Cipla
May-16
Apr-16
Mar-16
7.7
3.6
6.6
11.6
10.0
9.6
12.3
12.5
16.7
6.4
Others
2.1
31 to 50
3.5
21 to 30
4.6
5
11 to 20
Feb-16
Jan-16
Dec-15
Nov-15
9.6
15.9
21.0
10.5
13.6
11.1
15.8
11.6
(%)
10
13.4
15
8%
12.9
15.9
20
12%
16.7
44%
22.9Oct-15
Sep-15
Aug-15
Jul-15
May-15
25
24%
12%
Jun-15
Brands contribution to domestic sales (MAT May 16)
Top 10
Jun-16
Cipla
(| crore)
Brand
Therapy
Foracort
Respiratory
16.6
14.9
10.9
18.3
-9.6
Budecort
Respiratory
12.9
10.5
22.6
14.1
-8.7
Seroflo
Respiratory
10.5
10.9
-4.1
11.3
-7.3
Asthalin
Respiratory
9.7
10.2
-5.2
11.4
-15.5
Duolin
Respiratory
9.5
8.4
12.0
10.7
-12.0
4.4
Aerocort
Respiratory
7.6
8.1
-6.7
9.0
-15.3
4.2
Dytor
Cardiac
7.1
6.2
13.3
6.5
9.5
Montair Lc
Respiratory
6.3
5.7
10.1
7.1
-12.1
Emeset
Gastro Intestinal
6.2
6.5
-4.5
6.3
-1.8
Urimax
Urology
5.9
5.2
13.2
5.6
5.2
5.4
5.2
5.1
5.0
4.8
(%)
4.8
4.8
5.2
5.1
5.2
5.0 4.9
5.2
4.9
4.8
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jun-15
May-15
Jul-15
4.6 4.6
4.6
Cipla
Other
19%
Respiratory
29%
Urology
5%
Gastro Intestinal
8%
Cardiac
12%
Anti-Infectives
27%
Therapy
Respir at or y
Anti-Infect iv es
May' 16
113.1
(| crore)
May' 15
108.0
YoY (%)
4.8
Apr' 16
128.0
Q oQ (%)
-11.6
-10.1
102.3
96.7
5.8
113.7
Cardiac
52.1
49.6
5.0
54.7
-4.8
Gast ro Intes tinal

Ur ology
35.0
20.0
31.3
18.8
12.1
6.5
37.2
20.0
-5.9
0.1
Neuro
14.6
14.3
2.1
15.2
-4.1
Pain
12.8
11.5
11.1
13.7
-7.0
Derma
10.1
9.3
8.6
11.5
-12.5
Ophthal
10.7
10.0
7.2
11.4
-5.6
Vitamins
8.5
8.1
5.5
8.9
-4.3
Page 14
Dr Reddys Labs
Stock Performance) Stock Performance
Chronic,
723.47,
30.1%
140
120
SubChronic,
490.61,
20.4%
Acute,
1186.42,
49.4%
100
80
60
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Apr-16
Jun-16
Dr. Reddys
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
May-15
Jun-15
Brands contribution to domestic sales (MAT May 16)
Top 10
11 to 20
33.3
21 to 30
31 to 50
7.7
-0.5
4.5
3.6
6.6
12.3
0
-10
Others
Dr. Reddys Laboratories
2.9
2.7
2.5
2.6
2.5
2.3 2.3
2.3
2.3
2.1
2.7
2.6 2.7
2.4
2.2
2.3
2.2
(| crore)
Brand
Therapy
Omez
Gastro Intestinal

10.9
11.2
-2.2
10.3
5.6
Omez D
Gastro Intestinal
7.4
7.8
-5.6
7.4
-0.5
Razo D
Gastro Intestinal
6.5
3.4
87.6
5.9
8.6
Econorm
Gastro Intestinal
6.2
6.9
-10.2
6.4
-2.6
Grafeel
Anti-Neoplastics
5.6
4.2
33.4
3.9
43.0
3.5
11.2
3.6
10.0
3.8
2.8
37.1
3.7
4.2
Stamlo Beta
Cardiac
3.8
4.5
-14.3
4.3
-11.5
May-16
3.9
Respiratory
Apr-16
Gastro Intestinal
Atarax
Mar-16
Razo
Feb-16
-3.9
Jan-16
9.3
5.1
Dec-15
4.9
-6.1
Oct-15
-7.8
5.3
Sep-15
5.9
4.9
Aug-15
5.4
Cardiac
Jul-15
Pain
Stamlo
Jun-15
Nise
1.7
May-15
1.9
Nov-15
(%)
9.6
7.9
9%
2.3
27.9
28.1
12.5
24.1
9.6
10.5
13.6
28.0
13.4
15.8
12.9
23.8
10
8.7
16%
16.1
12%
(%)
20
33.1
30
30%
33%
22.9
31.6
40
Dr. Reddys Laboratories

Other
35%
Gastro Intestinal
23%
Cardiac
15%
Anti-Infectives
8%
Respiratory
8%
AntiNeoplastics
11%

Therapy
Gastro Intestinal
(| crore)
May' 16
44.9
May' 15
43.2
YoY (%)
3.9
Apr' 16
42.7
QoQ (%)
5.0
Cardiac
26.6
28.3
-6.2
27.9
-4.6
Anti-Neoplastics
20.3
19.2
5.7
18.3
11.1
Respiratory
13.6
12.7
6.8
14.1
-3.2
Anti-Infectives
13.9
12.6
10.0
14.3
-3.3
Derma
12.2
10.7
14.5
12.5
-2.8
Pain
12.5
12.9
-3.0
12.0
3.8
Anti Diabetic
13.3
12.4
7.7
13.1
1.6
Urology
7.6
6.8
12.0
8.1
-6.0
Stomatologicals
6.4
6.3
1.0
6.4
-0.5
Page 15
Lupin
Stock Performance
Chronic,
1673.88,
49.0%
140
120
100
80
60
SubChronic,
669.21,
19.6%
Acute,
1076.25,
31.5%
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Apr-16
Jun-16
Lupin
11 to 20
21 to 30
31 to 50
3.7 3.8 3.7
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
3.4 3.5 3.4 3.4

3.4 3.4
3.4 3.3 3.3 3.3
May-15
Lupin
(%)
7.7
-12
Others
3.9
3.7
3.5
3.3
3.1
2.9
2.7
2.5
2.3
-2.8
3.6
6.6
-4
Top 10
May-16
Apr-16
Mar-16
20.5
Feb-16
12.3
18.4
9.6
13.0
12.5
Jan-16
Dec-15
Nov-15
21.7
-4.4
14.4
(%)
13% 9%
7.1
12
11%
10.5
20
20%
12.0
47%
12.9
15.4
28
9.6
Aug-15
13.6
20.8
22.9 Oct-15
Jul-15
13.4
24.6
Sep-15
Jun-15
May-15
15.8
18.0
Brands contribution to domestic sales (MAT May16)
Lupin
(| crore)
Brand
Therapy
Gluconorm-G
Anti Diabetic
14.3
12.3
16.2
13.3
7.7
Tonact
Cardiac
8.4
8.4
-0.5
8.7
-4.1
Budamate
Respiratory
7.3
7.4
-1.3
7.4
-1.8
Rablet-D
Gastro Intestinal
4.8
5.1
-5.1
5.0
-4.6
Rablet
Gastro Intestinal
4.1
4.5
-7.8
4.5
-7.2
Cetil
Anti-Infectives
3.8
2.9
32.8
3.4
12.0
-4.7
Esiflo
Respiratory
3.8
4.7
-19.6
4.0
R-Cinex
Anti-Infectives
3.7
4.7
-21.8
3.9
-5.5
Ramistar
Cardiac
3.7
4.8
-22.6
4.6
-20.5
Gluconorm-Pg
Anti Diabetic
3.5
3.9
-10.2
3.3
7.9
Other
22%
Cardiac
26%
Gastro Intestinal
8%
Anti Diabetic
11%
Anti-Infectives
21%
Respiratory
12%
Therapy
Cardiac
May' 16
72.2
(| crore)
May' 15
73.5
YoY (%)
-1.8
Apr' 16
73.8
QoQ (%)
-2.3
Anti-Infectives
55.2
62.3
-11.5
55.4
-0.4
Respiratory
31.8
33.8
-5.8
33.3
-4.5
Anti Diabetic
36.4
32.5
11.9
34.1
6.5
Gastro Intestinal
22.8
24.4
-6.6
23.3
-2.5
Vitamins
15.6
17.9
-12.8
15.4
1.5
Neuro
14.7
14.6
0.7
14.9
-1.5
Pain
12.7
14.1
-9.7
12.2
4.4
Gynaecological
10.6
9.8
8.1
9.8
8.5
2.2
2.1
3.0
2.1
5.0
Ophthal
Page 16
Cadila Healthcare
Stock Performance
Chronic,
1673.88,
49.0%
140
120
SubChronic,
669.21,
19.6%
Acute,
1076.25,
31.5%
100
80
60
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Apr-16
Jun-16
Cadila Healthcare
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Aug-15
13.6
16.6
Oct-15
Jul-15
13.4
16.7
Sep-15
Jun-15
May-15
15.8
17.5
6.6
4.6
11.6
7.7
12.3
3.6
Others
2.2
31 to 50
7.3
21 to 30
6.8
11 to 20
7.1
Top 10
11.0
10
9.6
15
12.5
12.9
14.9
(%)
13% 9%
9.6
20
11%
18.6
25
20%
10.5
47%
22.9
27.0
30
Cadila Healthcare

Therapy
Skinlite
Derma
16.3
14.1
Atorva
Cardiac
11.0
Mifegest Kit
Gynaecological
10.4
Pantodac
Gastro Intestinal
Deriphyllin
Respiratory
3.8
Zyrop
3.8
4.1
4.1
4.0
3.9
May-16
3.9
3.9
3.9 3.9
Apr-16
Sep-15
Jul-15
Jun-15
May-15
3.9
Aug-15
3.9
3.9
Mar-16
3.9
Feb-16
4.0
Jan-16
3.9
Nov-15
4.0
4.0
Dec-15
4.0 4.0
Oct-15
4.0
(%)
(| crore)
Brand
Cadila Healthcare

15.8
16.7
10.0
10.5
11.6
-4.7
14.5
-28.5
12.9
-19.5
9.5
7.5
26.0
8.9
5.8
8.1
7.7
4.4
8.6
-5.9
Blood Related
5.5
6.0
-8.4
5.0
9.1
Ocid
Gastro Intestinal
5.4
3.6
49.5
4.9
9.8
Amlodac
Cardiac
5.4
6.9
-21.8
5.8
-6.7
Aten
Cardiac
5.3
5.3
0.3
5.1
4.1
Clopitorva
Cardiac
5.0
3.8
30.3
5.1
-2.2
Other
38%
Therapy
Cardiac
Cardiac
17%
Gastro Intestinal
14%
Gynaecological
11%
Pain
10%
Respiratory
10%
-2.2
(| crore)
May' 16
55.6
May' 15
52.8
YoY (%)
5.2
Apr' 16
56.2
QoQ (%)
-1.2
Gastro Intestinal
47.3
Gynaecological
34.6
42.3
11.8
47.6
-0.7
40.4
-14.3
38.0
Respiratory
30.4
-9.0
28.8
5.7
32.3
-5.7
Pain
32.1
27.7
15.8
33.7
-4.5
Derma
26.9
24.7
9.0
27.0
-0.2
-7.7
Anti-Infectives
23.4
21.4
9.4
25.4
Anti-Neoplastics
20.6
18.3
12.6
20.3
1.6
Vitamins
14.5
12.7
14.2
14.1
2.8
4.7
6.9
-32.1
3.9
20.0
Anti Malarials
Page 17
GlaxoSmithKline
Acute : Chronic contribution (MAT May 16)
Stock Performance
Chronic,
427.39,
13.1%
SubChronic,
700.97,
21.6%
Acute,
2122.81,
65.3%
140
120
100
80
60
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Apr-16
Jun-16
GSK Pharma
0.3
6.9
-3.5
3.6
6.6
7.7
12.3
9.6
9.9
11 to 20
21 to 30
31 to 50
-6.4
-5
Top 10
-10
Others
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
11.9
9.6
9.9
5.8
2.7
1.3
4.8
3.4
10.5
13.6
10
(%)
15%
13.4
15
52%
9%
15.8
20
10%
12.9
25
12.5
22.9
27.2
30
14%
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
May-15
Jun-15
Glaxosmithkline Pharmaceuticals

3.8
3.6
3.5
(%)
3.4
3.3 3.3
3.2
3.2
3.3
3.4
3.4 3.4
3.3
3.1 3.1
3.0
3.0 3.1
2.8
2.6
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
2.4
Glaxosmithkline Pharmaceuticals
Anti-Infectives
23%
Respiratory
8%
Pain
9%
Therapy
Augmentin
Anti-Infectives
(| crore)

20.5
24.7
-16.7
23.2
-11.5
Synflorix
Vaccines
18.5
14.0
32.2
17.9
3.2
Zinetac
Gastro Intestinal
15.0
14.4
4.4
14.0
6.9
Calpol
Pain
13.1
11.5
13.3
14.9
-12.0
Eltroxin
Hormones
12.7
10.9
16.9
11.0
15.7
Betnovate N
Derma
11.5
11.7
-1.4
12.2
-5.9
Betnovate C
Derma
11.0
14.9
-26.6
10.7
2.2
Rotarix
Vaccines
10.0
3.1
223.9
9.6
3.9
Ceftum
Anti-Infectives
9.9
10.7
-7.1
10.1
-1.6
T Bact
Derma
8.8
8.6
2.3
1.2
613.9

Other
27%
Brand
Derma
19%
Vaccines
14%

Therapy
Anti-Infectives
(| crore)
May' 16
53.7
May' 15
58.6
YoY (%)
-8.4
Apr' 16
59.0
QoQ (%)
-9.0
Derma
49.2
60.3
Vaccines
44.5
25.9
-18.3
43.5
13.1
71.6
42.0
Pain
23.7
22.0
6.0
7.5
24.4
-3.2
-8.2
Respiratory
17.5
17.6
-0.3
19.1
Hormones
19.9
20.6
-3.3
19.4
2.7
Vitamins
21.1
20.1
4.7
20.3
3.8
Gastro Intestinal
17.0
17.1
-0.2
16.6
2.5
Cardiac
4.8
5.9
-19.0
4.1
16.1
Gynaecological
3.5
2.8
22.1
3.3
5.1
Page 18
Wockhardt
Stock Performance
Chronic,
263.60,
19.6%
Acute,
930.04,
69.3%
400
350
300
250
200
150
100
50
0
SubChronic,
148.49,
11.1%
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Apr-16
Jun-16
Wockhardt
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
13.6
24.4
50.4
38.3
2.5
7.7
9.4
3.6
4.8
6.6
12.3
29.7
22.9
10
Others
5.5
31 to 50
9.6
9.9
21 to 30
12.5
20
12.9
22.2
(%)
30
10.5
14%
15.8
36.0
40
9.6
56%
42.2
50
8%
11 to 20
Jul-15
60
8%
Top 10
13.4
29.2
May-15
14%
Jun-15
Wockhardt

Brand
Therapy
1.26
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jun-15
1.24
1.28
1.42 1.39
1.37 1.38 1.35 1.29
1.37 1.35 1.39
1.34
Jul-15
1.4
1.3
1.2
1.1
1.0
Wockhardt
Gastro Intestinal
25%
0.7
23.8
-5.5
6.0
49.1
8.0
12.2
-5.9
Neuro
5.8
3.9
NA
6.1
Methycobal
Vitamins
4.9
3.5
37.2
4.6
6.8
Bro Zedex
Respiratory
3.2
3.3
-2.0
3.4
-3.8
Biovac V
Vaccines
3.0
6.9
-56.5
2.9
2.4
Wosulin
Anti Diabetic
3.0
1.9
NA
2.9
1.8
Biovac A
Vaccines
2.5
2.8
-10.7
2.5
1.9
Libotryp
Neuro
2.5
1.5
71.3
2.3
11.3
Ace Proxyvon
Pain
2.2
2.7
-17.8
2.2
-0.1

Therapy
Gastro Intestinal
Vitamins
Neuro
Vitamins
15%
Neuro
8%
22.3
8.9
Tryptomer
Respiratory
Anti-Infectives
7%
22.5
Vitamins

Other
33%
(| crore)
Spasmo Proxyvon Plu Gastro Intestinal

Practin
May-15
(%)
1.8
1.7
1.6
1.5
Respiratory
12%
Anti-Infectives
(| crore)
May' 16
24.8
May' 15
24.5
YoY (%)
1.4
Apr' 16
25.7
QoQ (%)
-3.4
20.5
15.8
30.0
19.0
7.7
9.4
10.3
-9.4
10.0
-6.1
10.6
7.1
48.6
10.6
-0.8
5.6
5.8
-3.6
7.0
-20.0
Vaccines
5.6
9.8
-42.9
5.5
2.3
Derma
7.5
6.4
18.4
7.3
2.8
Pain
6.9
6.2
10.9
6.8
1.5
Anti Diabetic
8.5
6.0
42.3
8.4
1.7
Hormones
2.8
2.0
40.4
2.7
1.6
Page 19
Glenmark Pharmaceuticals
Stock Performance
Chronic,
899.55,
37.8%
200
180
160
140
120
100
80
60
SubChronic,
549.64,
23.1%
Acute,
931.50,
39.1%
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
7.7
12.3
19.6
4.7
9.6
16.3
9.6
12.5
18.6
22.9
43.6
Oct-15
Sep-15
Aug-15
13.6
28.0
30.9
13.4
34.6
3.6
4.5
Others
6.6
10.4
31 to 50
11.5
21 to 30
10.5
13.1
11 to 20
15.8
13%
10%
Jul-15
May-15
13%
29.9
(%)
35%
12.9
29%
50
45
40
35
30
25
20
15
10
5
0
Jun-15
Top 10
Apr-16
Glenmark
2.7
(%)
2.5
2.4
2.4 2.3
2.3
2.3
2.5 2.5
2.6
2.5
2.4
2.3
2.3
2.2
2.1
2.1
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
1.9

Anti Diabetic
9%
Derma
29%
Anti-Infectives
13%
Respiratory
15%
Therapy
Telma
Cardiac
(| crore)

13.0
13.4
-2.7
12.7
2.3
Telma H
Cardiac
12.2
10.3
18.5
13.1
-6.7
Candid
Derma
10.2
8.7
17.4
11.2
-9.4
Candid-B
Derma
7.2
6.5
10.8
8.3
-13.7
Telma Am
Cardiac
6.5
5.8
11.8
7.1
-8.3
Ascoril Plus
Respiratory
5.5
5.5
0.5
8.6
-35.9
Zitamet Plus
Anti Diabetic
3.2
0.0
NA
2.9
9.2
Onabet
Derma
3.1
2.4
29.4
3.2
-2.9
Zita Plus
Anti Diabetic
2.7
0.0
NA
2.4
13.9
Bon K2
Vitamins
2.7
2.6
0.9
2.7
-1.5
Other
11%
Brand
Cardiac
23%
(| crore)
Therapy
Derma
May' 16
57.2
May' 15
51.8
YoY (%)
10.2
Apr' 16
61.2
Cardiac
44.8
Respiratory
19.8
QoQ (%)
-6.6
41.3
8.6
46.2
-3.0
20.1
-1.4
26.4
-25.0
Anti-Infectives
22.0
23.7
-7.0
22.9
-3.9
Anti Diabetic
14.5
15.5
-6.7
14.5
0.2
Vitamins
6.0
4.5
33.8
5.6
6.1
Gastro Intestinal
4.8
5.1
-5.2
5.4
-11.6
Pain
4.0
3.7
8.8
4.0
1.6
Gynaecological
3.5
3.1
14.7
3.8
-6.4
Otologicals
2.4
2.8
-14.4
2.3
1.9
Page 20
Torrent Pharmaceuticals
Acute : Chronic contribution (MAT May 16)
Stock Performance
Chronic,
1159.51,
51.0%
200
160
120
80
40
SubChronic,
562.61,
24.8%
Acute,
550.43,
24.2%
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Apr-16
Jun-16
Torrent Pharma
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
May-15
Jun-15

21 to 30
31 to 50
1.4
2.4
3.6
6.6
7.7
12.3
10.2
9.6
7.4
3.8
9.6
5.4
Others
12.5
19.9
13.6
21.7
28.3
-3.0
11 to 20
10
9%
10.5
16.0
12%
Top 10
(%)
15
14%
13.4
18.3
12.9
20
15.8
27.4
25
32%
33%
22.9
30
-5
2.8
2.48 2.50
2.4
(%)
2.35
2.25 2.23
2.23
2.17 2.21
2.35
2.30
2.232.27
2.34
2.0
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
1.6
(| crore)
Brand
Therapy
Shelcal
Vitamins
16.3
18.2
-10.4
16.0
1.9
Chymoral Forte
Pain
9.6
10.3
-6.7
9.9
-2.7
Nikoran
Cardiac
7.3
6.4
13.8
7.3
1.0
Dilzem
Cardiac
5.9
5.4
10.4
5.3
10.7
Azulix-Mf
Anti Diabetic
5.8
4.7
23.1
5.1
11.7
Nebicard
Cardiac
5.4
4.9
8.9
5.5
-1.6
Shelcal Ct
Vitamins
4.5
3.0
52.4
4.4
4.2
Nexpro Rd
Gastro Intestinal
4.4
4.4
0.5
4.4
-0.8
Nexpro
Gastro Intestinal
4.0
3.9
1.2
3.8
4.8
Deplatt-A
Cardiac
3.3
3.1
8.9
2.9
15.0
Other
16%
Cardiac
29%
Pain
8%
Gastro Intestinal
15%
Vitamins
16%
Neuro
16%
Therapy
Cardiac
May' 16
58.0
(| crore)
May' 15
55.0
YoY (%)
5.5
Apr' 16
56.5
QoQ (%)
2.6
Neuro
32.1
30.8
4.1
31.2
2.7
Vitamins
32.5
30.3
7.2
31.5
3.3
Gastro Intestinal
28.2
30.4
-7.1
27.5
2.8
Pain
15.7
15.2
3.4
15.5
1.5
Anti Diabetic
12.6
10.9
15.9
11.6
9.4
Anti-Infectives
6.2
10.1
-38.5
6.4
-2.7
Derma
5.2
4.4
17.7
5.6
-7.5
Gynaecological
3.1
3.8
-17.0
2.7
15.1
Urology
1.0
0.8
NA
0.9
10.7
Page 21
Ipca Laboratories
Stock Performance
150
125
100
75
50
Chronic,
349.06,
27.5%
Acute,
842.34,
66.4%
SubChronic,
76.67, 6.0%
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Ipca
21 to 30
31 to 50
1.8
1.6
1.5 1.4
1.3
1.3 1.2 1.3
1.3 1.2 1.2 1.2

1.2 1.2 1.2
1.0
0.8
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
0.6
Jun-15
May-16
Apr-16
Mar-16
Feb-16
3.7
3.3
1.5
3.6
6.6
7.7
12.3
11.5
9.1
2.0
May-15
Ipca Laboratories
(%)
9.6
12.5
11.8
9.6
6.3
-10
Others
1.2
Jan-16
Dec-15
Nov-15
25.8
10.5
3.6
-5.5
-5.8
0
-5
-0.1
16%
13.6
10
3.0
(%)
11%
13.4
15
13%
15.8
20
37%
12.9
25
23%
11 to 20
22.9
30
Oct-15
Sep-15
Aug-15
Jul-15
May-15
Jun-15
1.4
Jun-16
Top 10
Apr-16
Ipca Laboratories
Pain
26%
Anti-Infectives
6%
Brand
Therapy
Zerodol Sp
Pain
7.5
7.1
6.2
7.8
-3.5
Zerodol P
Pain
5.9
5.5
8.0
7.9
-25.5
Hcqs
Anti Malarials
5.5
4.8
13.9
5.9
-6.2
5.6
Glycinorm M
Anti Diabetic
3.3
2.9
15.3
3.1
Folitrax
Anti-Neoplastics
3.0
2.5
21.5
2.7
9.9
Larinate
Anti Malarials
2.9
2.6
14.5
2.5
18.7
Rapither-Ab
Anti Malarials
2.5
3.6
-28.9
2.9
-13.6
Zerodol
Pain
2.3
2.4
-3.7
2.5
-9.9
Perinorm
Gastro Intestinal
2.1
2.2
-5.9
1.8
20.8
Ctd
Cardiac
2.0
1.6
24.6
2.0
-3.1

Therapy
Pain
Anti Malarials
19%
Cardiac
17%
May' 16
27.3
(| crore)
May' 15
26.0
YoY (%)
5.2
Apr' 16
30.0
QoQ (%)
-9.0
Anti Malarials
15.8
17.1
-7.7
16.4
-3.7
Cardiac
19.0
17.3
10.2
18.5
2.7
9.6
10.0
-3.6
9.4
3.0
-2.0
Gastro Intestinal
Gastro Intestinal
8%

Other
24%
(| crore)
Anti-Infectives
5.5
6.2
-11.3
5.7
Anti Diabetic
5.8
5.4
7.0
5.7
1.5
Respiratory
3.0
3.2
-6.8
3.5
-14.3
Anti-Neoplastics
5.0
3.6
37.5
4.6
8.3
Neuro
3.7
3.3
12.5
3.6
4.0
Derma
2.7
2.4
10.0
2.8
-4.5
Page 22
Biocon
Stock Performance
Chronic,
242.94,
71.3%
180
160
140
120
100
80
60
SubChronic,
28.73, 8.4%
Acute,
69.06,
20.3%
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Jun-16
21 to 30
31 to 50
May-16
Apr-16
Mar-16
3.6
7.7
6.6
7.7
9.4
14.5
Feb-16
12.3
11.3
5.3
5.2
9.6
12.5
Jan-16
Dec-15
Nov-15
9.6
10.0
10.5
13.6
-0.8
0
-5
-10
Others
-11.2
11 to 20
3.7
2%
7.3
10
13.4
6%
5%
6.0
15
4.8
11%
(%)
76%
12.9
20
15.8
25
22.9
Oct-15
Sep-15
Aug-15
Jul-15
May-15
Jun-15
Top 10
Apr-16
Biocon
-15
Biocon
0.39
0.38
0.37
0.36
0.36
0.35
0.34
0.34
0.33
0.33
0.35 0.35
0.34
0.34
Therapy
(| crore)
Insugen
Anti Diabetic
7.8
7.0
12.2
7.5
4.0
Basalog
Anti Diabetic
5.3
4.1
28.0
5.1
2.8
Erypro
Blood Related
2.4
1.6
53.5
1.9
29.9
Canmab
Anti-Neoplastics
1.5
1.7
-13.1
2.2
-32.7
0.29
Insugen R
Anti Diabetic
1.4
1.3
8.3
1.4
0.3
0.27
Blisto Mf
Anti Diabetic
1.2
1.5
-19.7
1.2
-2.8
Abraxane
Anti-Neoplastics
1.1
1.4
-21.7
1.7
-35.1
Biomab Egfr
Anti-Neoplastics
1.0
0.2
502.6
1.0
-4.9
Psorid
Anti-Neoplastics
0.7
0.5
55.7
0.6
26.0
Insugen N
Anti Diabetic
0.6
0.8
-23.2
0.6
6.9
May-16
Apr-16
Feb-16
Mar-16
Jan-16
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Nov-15
0.31
0.31
0.32
Dec-15
0.33
Oct-15
(%)
Brand
Biocon

Cardiac
5%
Blood Related
Derma
3%
Other
5%
6%
AntiNeoplastics
22%
Anti Diabetic
59%

Therapy
Anti Diabetic
(| crore)
May' 16
17.6
May' 15
16.0
YoY (%)
9.9
Apr' 16
17.0
QoQ (%)
3.7
Anti-Neoplastics
6.1
5.5
Blood Related
2.4
1.6
9.9
7.2
-16.2
54.5
1.9
Cardiac
1.5
1.6
-5.9
1.5
28.9
2.4
Derma
0.7
0.8
-14.9
0.7
-2.0
Anti-Infectives
0.4
0.6
-39.8
0.6
-37.5
Gastro Intestinal
0.1
0.1
4.2
0.0
146.6
Others
0.3
0.2
25.4
0.2
41.2
Vitamins
0.1
0.2
-29.6
0.1
12.3
Pain
0.1
0.0
240.1
0.0
162.8
Page 23
Pfizer
Stock Performance
Chronic,
456.49,
15.7%
SubChronic,
561.72,
19.3%
Acute,
1884.77,
64.9%
200
160
120
80
40
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Pfizer
31 to 50
May-16
Apr-16
Mar-16
7.7
7.3
2.8
3.6
6.6
3.5
5.1
-5
21 to 30
12.3
9.6
-3.4
0.9
11 to 20
Feb-16
Jan-16
Dec-15
9.6
3.5
19%
9.9
11.8
(%)
10
10.5
15
50%
10%
12.9
20
10%
15.8
20.3
25
12.5
22.9
25.4
30
11%
Nov-15
Oct-15
Aug-15
13.6
19.7
Sep-15
Jul-15
13.4
17.3
May-15
Jun-15
-10
Others
Pfizer

3.0
2.87
2.93
2.96 2.94
2.91
2.95

2.97
2.91 2.92 2.93

2.84
2.90
2.86
(%)
2.8
2.6
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
2.4
May-15
Jun-16
Top 10
Apr-16
Pfizer
Therapy
Corex
Respiratory
(| crore)

22.4
19.8
13.1
27.6
-18.8
Becosules
Vitamins
19.1
22.4
-14.5
18.8
2.0
Minipress Xl
Cardiac
12.3
10.1
22.0
15.4
-20.1
Dolonex
Pain
11.3
10.2
10.5
10.8
4.6
Gelusil Mps
Gastro Intestinal
10.4
11.3
-8.3
10.6
-1.7
Magnex
Anti-Infectives
10.3
11.0
-6.2
9.4
9.7
Mucaine
Gastro Intestinal
10.2
7.9
30.4
9.7
5.0
Wysolone
Hormones
8.9
6.3
41.6
7.8
14.6
Folvite
Blood Related
7.5
6.1
23.2
7.3
3.3
Ovral L
Gynaecological
5.9
4.3
37.2
6.0
-1.0

Anti-Infectives
16%
Respiratory
14%
Other
41%
Gastro Intestinal
10%
Hormones
9%
Brand
Vitamins
10%

Therapy
Anti-Infectives
May' 15
34.4
YoY (%)
-5.4
Apr' 16
34.6
QoQ (%)
-6.1
Respiratory
28.7
24.7
16.5
34.3
-16.3
Gastro Intestinal
26.3
24.8
5.8
26.0
0.9
Vitamins
24.6
28.0
-12.2
24.2
1.7
Hormones
22.3
18.4
21.1
20.9
6.6
Gynaecological
20.8
17.1
21.6
21.0
-1.2
Neuro
18.4
15.9
15.8
19.6
-6.4
Cardiac
18.0
16.3
10.2
21.2
-15.1
Pain
16.4
15.1
8.4
15.0
8.7
7.9
6.7
18.4
7.7
2.6
Blood Related
May' 16
32.5
(| crore)
Page 24
Novartis
Stock Performance
Chronic,
502.12,
42.2%
190
140
90
SubChronic,
167.09,
14.0%
Acute,
520.36,
43.7%
40
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Novartis India
May-16
Apr-16
Mar-16
Feb-16
9.5
3.7
-2.7
4.2
3.6
6.6
7.7
12.3
5.5
9.6
12.5
0.0
7.8
-10
Others
Novartis India
1.3
1.3
1.24
1.22
1.2
(%)
Jan-16
Dec-15
Nov-15
9.6
10.5
13.6
4.2
-2.0
-5
-1.7
-7.1
31 to 50
13.4
3.1
5
-1.0
(%)
10
78%
21 to 30
15.8
12.9
20
22.9
Oct-15
Sep-15
Aug-15
Jul-15
May-15
25
15
11 to 20
Jun-15
2%
4%4%
12%
1.18
1.16
1.2
1.20 1.20
1.20
1.22
1.23
1.19 1.18
1.13
1.12
1.1
Jun-16
Top 10
Apr-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
May-15
Jun-15
1.1
Novartis India

Anti Diabetic
32%
Respiratory
8%
Vaccines
8% Vitamins
9%
Therapy
Galvus Met
Anti Diabetic
24.5
17.8
37.8
25.2
-2.9
Voveran
Pain
18.0
13.5
33.0
19.5
-7.9
Galvus
Anti Diabetic
9.7
9.2
5.6
10.1
-3.3
Rabipur (Novartis)
Vaccines
6.4
8.5
-25.4
11.0
-42.4
Tegrital
Neuro
4.6
4.5
2.4
5.0
-8.2
Voveran
Pain
3.3
2.7
19.4
3.4
-4.3
Regestrone
Gynaecological
2.9
3.0
-1.6
3.0
-3.0
Genteal
Ophthal
2.4
2.7
-13.1
2.5
-6.9
Syntocinon
Gynaecological
2.3
1.7
33.6
2.0
10.8
Methergin
Gynaecological
2.2
2.5
-10.9
2.5
-12.7
Other
23%
(| crore)
Brand
Pain
20%

Therapy
Anti Diabetic
(| crore)
May' 16
34.8
May' 15
27.6
YoY (%)
26.0
Apr' 16
35.9
QoQ (%)
-2.9
22.8
18.0
26.8
24.4
-6.7
Vitamins
8.9
9.1
-2.2
9.6
-7.8
Vaccines
6.4
8.6
-26.4
11.0
-42.5
Gynaecological
7.7
7.3
4.9
7.8
-1.9
Neuro
4.6
5.8
-19.7
5.1
-8.7
Anti-Infectives
4.0
4.2
-3.4
3.6
12.8
Pain
Ophthal
3.0
3.2
-7.9
3.1
-3.8
Respiratory
1.6
1.5
9.3
1.8
-12.4
Cardiac
0.8
1.1
-20.5
0.8
1.8
Page 25
Stock Performance
Chronic,
519.57,
57.7%
Acute,
325.13,
36.1%
160
130
100
70
SubChronic,
55.05, 6.1%
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Apr-16
Jun-16
Unichem Labs
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
21 to 30
31 to 50
0.97
0.920.95
0.94
0.92
0.90
0.88
0.88 0.88
0.86 0.87
0.89 0.90
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
0.80
May-15
12.3
1.5
3.2
3.6
6.6
2.2
5.8
5.3
2.5
7.7
9.6
9.6
10.5
1.10
(%)
0.99
0.6
12.4
Others
1.00
2.7
5
0
11 to 20
11.0
13%
11.1
10
9%
Top 10
13.6
15
13.4
(%)
11%
12.9
20
46%
15.8
20.5
25
21%
12.5
22.9
26.6
30
Neuro
13%
Losar H
Cardiac
8.2
7.3
12.8
7.9
3.1
Unienzyme
Gastro Intestinal
6.1
7.4
-18.1
5.2
16.7
Losar
Cardiac
5.5
5.3
3.9
5.8
-5.4
Ampoxin
Anti-Infectives
5.4
7.0
-23.1
5.1
4.2
Vizylac
Gastro Intestinal
3.8
3.6
4.7
2.8
32.7
Serta
Neuro
2.0
1.7
16.2
2.0
-1.6
Trika
Neuro
1.8
2.2
-17.2
2.0
-8.8
Unistar (Unichem)
Cardiac
1.7
1.5
17.1
1.6
9.8
Telsar
Cardiac
1.5
1.6
-3.1
1.3
15.0
Ranx
Cardiac
1.4
0.9
57.5
1.4
2.8

Therapy
Cardiac
Other
11%
Gastro Intestinal
12%
Therapy

Pain
4%
(| crore)
Brand
Cardiac
43%
Anti-Infectives
17%
(| crore)
May' 16
34.6
May' 15
31.0
YoY (%)
11.7
Apr' 16
33.8
QoQ (%)
2.2
Anti-Infectives
11.8
13.6
-13.0
11.0
6.9
Neuro
10.5
9.6
10.3
11.2
-5.9
Gastro Intestinal
11.3
12.6
-10.7
9.4
20.6
Pain
3.2
2.9
10.8
3.0
9.8
Anti Diabetic
3.3
2.4
38.4
3.3
2.1
Vitamins
1.7
2.2
-20.4
1.8
-3.3
Respiratory
1.5
1.9
-18.0
1.6
-2.5
Derma
1.9
1.3
55.1
1.9
4.2
Gynaecological
0.4
0.6
-35.4
0.4
-0.3
Page 26
Indoco Remedies
Stock Performance
Acute,
569.74,
82.3%
140
120
100
80
60
Chronic,
41.00, 5.9%
SubChronic,
81.85,
11.8%
Jun-15
Aug-15
Oct-15
Feb-16
CNX Pharma
Apr-16
Jun-16
Indoco
21 to 30
31 to 50
May-16
Apr-16
Mar-16
Feb-16
5.2
3.6
7.7
-1.0
12.3
6.6
5.6
5.4
9.6
12.5
11.0
Jan-16
Dec-15
Nov-15
9.6
16.2
10.3
-5
Others
10.5
-1.3
3.7
0.7
11 to 20
2.6
16%
1.2
(%)
10
9%
-6.4
47%
13.6
15
11%
13.4
12.9
20
17%
15.8
25
22.9Oct-15
Sep-15
Aug-15
Jul-15
May-15
Jun-15
Top 10
Dec-15
-10
Indoco Remedies

Brand
0.8
0.7
0.7
0.7
0.7
0.7
0.6
0.6
0.6
0.7
0.7
0.7
0.7 0.7 0.7

0.7
0.7 0.7
0.7
0.7
0.7
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
0.6
May-15
(%)
Indoco Remedies
Respiratory
18%
Vitamins
7%
Gastro Intestinal
14%
(| crore)
Febrex Plus
Respiratory
4.2
5.1
-17.7
4.3
-0.9
Cital
Urology
3.9
3.3
17.2
3.9
0.4
Cyclopam
Gastro Intestinal
3.8
4.0
-5.7
3.6
4.6
Sensodent-K
Stomatologicals
3.0
2.5
23.9
3.2
-4.3
Oxipod
Anti-Infectives
2.6
2.3
12.3
2.6
-3.0
Cloben G
Derma
1.9
1.6
16.2
1.8
4.8
Atm
Anti-Infectives
1.9
2.0
-5.2
1.9
-1.7
Cyclopam
Gastro Intestinal
1.8
1.9
-9.1
1.7
3.9
Sensodent-Kf
Stomatologicals
1.8
1.5
15.7
1.7
2.1
Sensoform
Stomatologicals
1.7
1.5
15.0
1.7
1.5

Other
27%
Therapy
Anti-Infectives
18%
Stomatologicals
16%

Therapy
Respiratory
(| crore)
May' 16
7.1
May' 15
7.9
YoY (%)
-10.6
Apr' 16
7.5
QoQ (%)
-5.2
Anti-Infectives
8.7
8.1
6.9
8.5
2.1
Stomatologicals
9.9
8.3
19.8
9.8
1.7
Gastro Intestinal
8.5
9.1
-7.0
8.0
5.3
Vitamins
4.6
4.2
10.4
4.0
14.5
Urology
4.4
3.6
21.4
4.2
3.4
Derma
2.4
2.2
11.8
2.3
3.3
Pain
2.6
2.2
16.5
2.3
9.9
Ophthal
2.2
2.2
1.8
2.1
7.6
Anti Diabetic
1.9
1.7
12.8
1.7
12.5
Page 27
Ajanta Pharmaceuticals
Stock Performance
Chronic,
235.73,
48.7%
290
240
190
140
90
40
SubChronic,
56.73,
11.7%
Acute,
191.48,
39.6%
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
CNX Pharma
Apr-16
Jun-16
Ajanta
11 to 20
21 to 30
31 to 50
7.7
3.6
7.6
6.6
7.6
5
Top 10
May-16
13.1
Apr-16
Mar-16
Feb-16
12.3
10.5
9.6
6.9
12.5
14.3
Jan-16
Dec-15
Nov-15
9.6
6.5
10.5
12.6
9.9
9.5
10.0
10
12%
10.9
(%)
10%
13.6
18.3
15
12%
13.4
12.9
20
43%
15.8
25
23%
22.9
Oct-15
Sep-15
Aug-15
Jul-15
May-15
Jun-15
Others
0
0.5
0.5
0.51 0.52
0.49
0.48 0.47 0.48
0.5
0.49
0.46
0.51
0.51
0.48 0.48
0.45
Brand
Therapy
Met Xl
Cardiac
Melacare
Derma
Atorfit Cv
Cardiac
Soft Drops
Ophthal
(| crore)

4.9
3.8
30.7
3.4
45.8
3.1
3.6
-13.5
3.2
-1.2
2.9
3.0
-1.3
2.9
1.1
1.4
1.2
19.6
1.2
17.4
1.2
5.9
32.3
1.3
-5.4
0.4
Met Xl Am
Cardiac
1.2
1.0
22.8
1.2
5.1
Cinod
Cardiac
0.9
0.7
24.9
0.8
7.3
Rosutor Gold
Cardiac
0.9
0.4
93.9
0.8
3.8
Olopat
Ophthal
0.8
0.7
22.8
0.8
4.2
Jan-16
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
May-16
44.0
0.9
Apr-16
0.9
1.2
Mar-16
1.3
Cardiac
Feb-16
Pain
Rosufit Cv
Dec-15
Feburic
0.4
0.4
Nov-15
(%)
0.5
0.5
Ajanta Pharma
Ajanta Pharma
Pain
5%
Others
10%
Vitamins
6%
Derma
22%
Cardiac
34%
Ophthal
23%
(| crore)
Therapy
Cardiac
May' 16
15.7
May' 15
12.7
YoY (%)
23.2
Apr' 16
13.7
QoQ (%)
14.3
Ophthal
9.9
8.9
11.4
9.8
0.6
Derma
8.4
8.7
-3.2
8.6
-1.8
Vitamins
2.2
2.4
-7.8
2.2
1.4
Pain
2.1
1.9
11.3
2.0
5.6
Gastro Intestinal
1.0
1.0
-8.5
0.9
2.7
Neuro
0.9
0.9
-0.6
0.7
19.4
Anti-Infectives
0.7
0.5
53.0
0.7
13.3
Ophthal
0.9
0.5
70.1
0.7
22.9
Anti Diabetic
0.5
0.0
NA
0.5
-5.0
Page 28
Alembic Pharmaceuticals
Stock Performance
200
180
160
140
120
100
80
60
40
Chronic,
300.17,
21.6%
Acute,
831.89,
59.8%
SubChronic,
257.93,
18.6%
Jun-15
Aug-15
Oct-15
Dec-15
CNX Pharma
Feb-16
Apr-16
Jun-16
Alembic Pharma
11 to 20
21 to 30
31 to 50
Others
1.43 1.44
1.44
1.37
1.32
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-16
1.32 1.31
1.26 1.26
May-15
(%)
Alembic Pharma
May-16
Apr-16
7.7
11.3
Therapy
Azithral
Anti-Infectives

8.7
9.8
-10.7
9.0
-2.9
Althrocin
Anti-Infectives
6.6
5.4
23.3
5.8
14.3
Gestofit
Gynaecological
5.3
4.6
16.5
5.3
0.5
Roxid
Anti-Infectives
4.1
4.3
-4.6
4.3
-3.2
Ulgel
Gastro Intestinal
2.7
2.6
2.8
2.7
-0.7
Wikoryl
Respiratory
2.5
2.2
12.0
2.7
-6.4
Richar
Gynaecological
2.3
1.4
62.8
2.0
16.5
Rekool D
Gastro Intestinal
2.3
2.4
-1.9
2.5
-6.2
Rekool
Gastro Intestinal
2.0
1.7
21.9
2.0
3.0
Rekool L
Gastro Intestinal
1.9
1.9
-2.0
1.9
-3.7
Anti-Infectives
24%
Gynaecological
11%
Therapy
May' 15
YoY (%)
Apr' 16
QoQ (%)
22.8
23.0
-0.9
22.5
1.5
Gastro Intestinal
15.9
15.0
6.3
15.6
2.0
Cardiac
16.8
13.7
22.1
17.6
-4.8
9.7
10.2
-5.2
11.2
-13.5
Gynaecological
Gastro Intestinal
14%
May' 16
(| crore)
Anti-Infectives
Respiratory
Cardiac
14%
3.6
5.7
6.6
8.1
Brand
Respiratory
13%
Mar-16
12.3
13.7
9.6
(| crore)
Other
24%
Feb-16
Jan-16
23.0
24.0
12.5
9.6
Alembic Pharma
1.49 1.50 1.49

1.41

1.6
1.5
1.5
1.4
1.4
1.3
1.3
1.2
1.2
1.1
10.5
14%
10%
6.0
(%)
10
13%
Top 10
15
12.9
15.2
20
36%
13.6
21.2
25
18.8
22.9
30
27%
Dec-15
31.4
35
Nov-15
Oct-15
Jul-15
13.4
17.0
Sep-15
Jun-15
15.8
18.1
May-15
Aug-15

13.7
11.4
21.0
13.4
2.3
Vitamins
8.5
6.5
32.4
8.4
1.8
Anti Diabetic
7.4
6.0
24.1
7.7
-4.5
Pain
4.7
3.8
22.9
4.5
5.1
Derma
2.0
2.2
-7.1
2.1
-4.4
Urology
2.4
1.8
30.6
2.3
2.2
Page 29
ICICIdirect.com coverage universe (Healthcare)

CMP
(|)
TP
(|)
I-Direct
Code
Ajanta Pharma
AJAPHA 1557 1,780
Buy
13701.5
45.7
52.4
63.6
34.1
29.7
24.5
22.7
19.3
16.8
43.7
37.9
35.6
34.4
30.0
Apollo Hospitals
APOHOS 1328 1,420 Hold
18469.6
22.2
35.0
49.2
59.8
38.0
27.0
26.6
19.2
15.3
8.2
10.9
13.3
8.9
12.6
15.4
Aurobindo Pharma
AURPHA 750.1 990
Buy
43893.6
33.9
37.7
45.1
22.1
19.9
16.6
24.8
22.0
18.5
25.0
24.6
26.4
28.1
24.3
22.9
Alembic Pharma
ALEMPHA 551
620
Hold
10394.8
38.2
19.6
28.3
14.5
28.1
19.5
12.6
23.9
17.3
58.0
24.8
29.7
51.5
22.3
26.2
Biocon
BIOCON 713.5 545
Hold
14269.0
22.1
28.3
30.5
32.3
25.2
23.4
8.7
7.3
6.0
9.1
10.9
11.1
10.9
12.7
12.5
Cadila Healthcare
Cipla
CADHEA 319 390

CIPLA 482.2 470
Buy
Hold
32667.6
38748.1
15.0
18.8
15.5
19.9
20.6
26.2
21.3
25.7
20.6
24.2
15.5
18.4
14.2
16.6
14.1
14.8
11.0
11.9
27.9
12.1
24.6
13.1
29.5
16.0
28.6
12.7
24.4
12.1
26.3
14.1
Divi's Laboratories
DIVLAB
1113 1,260
Buy
29545.3
41.7
45.8
52.4
26.7
24.3
21.3
19.2
16.9
15.3
30.6
29.1
28.4
25.8
23.6
22.6
Dr Reddy's Labs
DRREDD 2974 3,480
Buy
52819.3
142.1 139.2 174.0
20.9
21.4
17.1
13.1
12.8
9.7
15.1
15.1
18.3
18.9
16.1
16.8
M Cap
(| Cr)
28.2
Glenmark Pharma
GLEPHA
Buy
21722.6
32.2
41.4
50.1
26.7
20.7
17.1
17.0
13.9
11.4
16.2
18.8
20.3
21.2
21.7
21.0
Indoco Remedies
INDREM 280.2 365
Buy
2582.0
9.3
15.1
20.4
30.1
18.6
13.7
16.1
11.6
9.2
13.2
19.7
24.4
14.7
20.9
24.2
IPCLAB
455
Hold
5852.5
10.0
24.1
30.4
46.3
19.2
15.2
17.9
11.1
8.6
5.8
12.4
14.5
5.5
12.0
13.3
VAMORG 349.7 405
Buy
5570.7
26.0
41.6
56.1
13.5
8.4
6.2
7.6
6.1
4.8
12.0
15.1
17.8
14.2
18.9
20.6
Ipca Laboratories
Jubilant Life Sciences
Lupin
LUPIN
858 1,000
Rating
EPS (|)
PE(x)
EV/EBITDA (x)
RoCE (%)
RoE (%)
FY16P FY17E FY18E FY16P FY17E FY18E FY16P FY17E FY18E FY16P FY17E FY18E FY16P FY17E FY18E
Company
464
Buy
65407.8
50.4
66.0
74.1
28.8
22.0
19.6
19.4
13.5
12.1
18.6
22.5
23.1
20.7
22.1
19.9
Natco Pharma
NATPHA 516.1 600
1451 1,850
Buy
8988.3
8.9
10.9
13.0
57.9
47.1
39.6
30.0
26.9
22.8
16.1
16.4
17.3
12.0
13.0
13.7
Sun Pharma
SUNPHA
181156.4
23.4
26.2
31.3
32.1
28.7
24.0
20.8
18.1
14.9
18.6
19.5
20.1
18.0
17.3
17.6
753
785
Hold
445
SYNINT
399
Buy
7971.0
8.8
11.1
15.6
43.3
34.2
24.3
26.1
20.5
17.0
19.5
13.3
16.7
20.7
21.2
23.5
Torrent Pharma
TORPHA
1342 1,650
Buy
22703.4
115.5
67.8
75.0
11.6
19.8
17.9
8.3
14.2
12.1
51.1
27.0
26.8
57.7
27.0
24.4
UNILAB
249.3 310
Buy
2265.1
12.3
15.5
22.1
20.3
16.0
11.3
14.5
11.6
8.4
13.8
16.2
20.4
11.7
13.4
16.8
Exhibit 97: One year forward P/E of CNX Pharma vs. Sensex
25.9%Premium
35
30
25
20
15
10
5
CNX Pharma
Mar-16
Mar-15
Mar-14
Mar-13
Mar-12
Mar-11
Mar-10
Mar-09
Mar-08
Mar-07
Mar-06
Sensex
[
Source: Company, ICICIdirect.com Research
Page 30
RATING RATIONALE
ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns

ratings to its stocks according to their notional target price vs. current market price and then categorises them
as Strong Buy, Buy, Add, Reduce and Sell. The performance horizon is two years unless specified and the
notional target price is defined as the analysts' valuation for a stock.
Sector view:
Over weight compared to index
Equal weight compared to index
Under weight compared to index
Index here refers to BSE 500
Pankaj Pandey
Head Research
pankaj.pandey@icicisecurities.com
ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No. 7, MIDC,
Andheri (East)
Mumbai 400 093
research@icicidirect.com
Page 31
ANALYST CERTIFICATION
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expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the
specific recommendation(s) or view(s) in this report.
Terms & conditions and other disclosures:

ICICI Securities Limited is a Sebi registered Research Analyst having registration no. INH000000990. ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia,
engaged in the business of stock brokering and distribution of financial products. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is Indias largest private sector bank and has its various
subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (associates), the details in respect of which are
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ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking
and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts
and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and
meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without
prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securitiesis is under no obligation to update or keep the information
current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended
temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this
company, or in certain other circumstances.
This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This
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instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their
receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific
circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
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Page 32

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Monthly Update

June 15, 2016

US driven Q4; but largely on exclusivities...

Index Performance as on June 14, 2016

ICICI Securities Ltd. | Retail Equity Research

M&As, demergers, tie-ups and JVs

DRL enters into agreement with Teva

ICICI Securities Ltd. | Retail Equity Research

Strides Shasun to divest UK arm

ICICI Securities Ltd. | Retail Equity Research

Taro recalls 62,800 tubes of Topicort

Dr Reddy's under scanner for packaging violations in US

Mylan, Biocon present Phase III Trastuzumab Biosimilar data at ASCO

ICICI Securities Ltd. | Retail Equity Research

Biocon to invest | 1060 crore to set up facility at Bengaluru

Lupin - Strong US sales lead robust Q4

ICICI Securities Ltd. | Retail Equity Research

ICICI Securities Ltd. | Retail Equity Research

ICICI Securities Ltd. | Retail Equity Research

Q4FY16 Results Review

Geographical/segmental performance in Q4FY16

ICICI Securities Ltd. | Retail Equity Research

Source: Company, ICICIdirect.com Research

Exhibit 3: Quarterly performance of I-direct healthcare coverage

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

US growth was driven by one-off opportunities at Lupin from gGlumetza

Exhibit 5: I-direct Healthcare Universe EBITDA trend

Source: Company, ICICIdirect.com, Research

Source: Company, ICICIdirect.com, Research

Exhibit 6: I-direct Healthcare Universe profits trend

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

Source: Company, ICICIdirect.com, Research

ICICI Securities Ltd. | Retail Equity Research

EBITDA Margins (%)

PAT Margins (%)

Source: Company, ICICIdirect.com, Research

Exhibit 8: Deviation from estimates/Change in outlook post Q4FY16 numbers

Lower than expected growth in Hospital segment

Jubilant Life Sciences

One-off impairment charges and higher taxation impacted PAT

Source: Bloomberg, ICICIdirect.com Research

ICICI Securities Ltd. | Retail Equity Research

Exhibit 9: Patent litigations (12 months)

Adapalene; Benzoyl Peroxide

Dr. Reddy's Labs

Esmoprazole Magnesium; Naproxen

Acorda Therapeutics Inc.

Drospiranone; Ethinyl Estradiol; Levomefolate CaBirth Control

Dr. Reddy's Labs

Reckitt Benckiser LLC

Dr. Reddy's Labs

Guaifenesin; Pseudoephedrine HCl

Travoprost Ophthalmic solution

Elevated Intraocular pressure

Adapalene & Benzoyl peroxide

Gilead Sciences Inc.

Salix Pharmaceuticals, Inc.

Polyethylene glycol electrolyte soln

Dr. Reddy's Labs

Dr. Reddy's Labs

Dr. Reddy's Labs

Dr. Reddy's Labs

Dr. Reddy's Labs