IDirect HealthCheck Oct15

ICICI Securities Ltd. | Retail Equity Research

October 15, 2015

Monthly Update

US windfalls, rupee depreciation to drive Q2 Companies under the I-direct healthcare coverage (ex-Sun, Ajanta Pharma) in Q2FY16 are expected to post growth of 19.1% YoY to | 28085.4 crore. US sales from the select pack are expected to grow 36.5% to | 7303.6 crore on the back of 1) rupee depreciation (~7% YoY), 2) exclusivity launches (gAbilify by Torrent, Alembic), 3) market share gains (Aurobindo, Cadila) and 4) Natrol acquisition by Aurobindo. Similarly, Cipla through gNexium supply to Teva and Alembic through gAbilify exclusivity are also likely to register strong growth in the US. On the domestic front, Indian formulations from the select pack are likely to grow 14.6% YoY to | 5993.4 crore driven by strong growth in the chronic segment and a recovery in the acute segment. On the flip side, currency headwinds in other geographies like Europe, Japan and emerging economies such as Russia, Brazil and Venezuela are likely to impact the overall performance negatively. On the companies’ front, we expect Alembic, Cipla, Cadila, Aurobindo and Torrent to register strong growth mainly due to robust US sales while Ajanta and Natco are likely to grow on the back of strong growth in the domestic market. On the other hand, Lupin and Glenmark are likely to deliver a weak set of numbers due to lack of meaningful US launches while Ipca’s numbers are likely to be impacted due to ongoing cGMP issues. Restructuring at Sun is likely to continue in Q2 also. Biocon has acquired the USFDA approved API unit from Vizag-based Acacia Life sciences. Sun Pharma’s subsidiary Taro has entered into an all-share purchase agreement with Epirus for its subsidiary Zalicus, which is developing a pain management drug. Cipla has entered into a deal with Serum Institute of India to supply its vaccines to South Africa. Cipla Medpro will be responsible for obtaining regulatory approvals and marketing the vaccines. In its quest to expand the diabetology portfolio, Lupin has formed a strategic alliance with German MNC Boehringer Ingelheim to co-market an anti-diabetic drug Linagliptin in India. On the domestic front, The Indian pharmaceutical market (IPM) registered growth of 9.9% YoY to | 7852 crore for September. In Q2FY16, growth was at 11.7% YoY to | 25218 crore in Q2FY16. Among our covered companies, Glenmark registered highest growth of 23.2% YoY in Q2FY16 followed by Lupin, Torrent, Dr Reddy’s and Alembic clocking growth of 19.4%, 18.6%, 15.9% and 14.1%, respectively. On a MAT basis, IPM growth was at 13.7% YoY to | 93021 crore. Q2 numbers, product approvals, currency tailwinds, M&As to weigh With a marked improvement on the USFDA approvals front (82 approvals YTD FY16 including new acquisitions vs. 85 approvals in the whole of FY15), buying activity has resumed in most US focused pharma stocks. Similarly, the rupee has weakened vis-à-vis the US$ and is likely to stay at the higher level, which is likely to nullify the currency impact in Europe and RoW. We continue to maintain our long term bullish view on the sector despite premium valuations on the back of earning visibility, consistent operating cash flows and strong balance sheets. Lupin and Dr Reddy’s are our top picks from the large cap pharma space whereas Cadila, Torrent and Ajanta are our preferred picks from the midcap space among others.

Health CheckSector View

Outperformer

Index Performance as on October 14, 2015

Return (%) 1M 3M YTD 1Y

CNX 500 4 -3 1 8

Nifty 4 -4 -1 4

CNX Pharma 5 2 20 29

Return (%)

Stocks Performance Mcap

Company 1M 3M YTD 1Y 14-Oct

Sun Pharma.Inds. 4 -3 7 11 213692

Lupin 11 7 43 54 92202

Dr Reddy's Labs 4 12 30 44 71839

Cipla 2 1 7 16 53953

Aurobindo Pharma 11 4 39 70 46139

Cadila Health. 17 10 32 57 43151

Glaxosmit Pharma 0 -3 4 21 28077

Glenmark Pharma. -2 -4 31 37 28484

Divi's Lab. -2 14 25 22 28535

Torrent Pharma. 4 15 35 80 25752

Apollo Hospitals 6 7 28 35 20161

Wockhardt 10 3 53 104 17056

Ajanta Pharma 6 -6 61 122 13199

Pfizer 3 13 11 52 10920

Biocon -2 -7 3 -8 8782

Ipca Labs. -1 7 1 3 9327

Natco Pharma 20 17 74 89 9294

Strides Arcolab 6 1 31 81 7483

Indoco Remedies -5 -11 3 11 2968

Jubilant Life 23 99 224 163 6260

Unichem Labs. 11 36 28 38 2820

Return (%)

Mcap: Market cap in | crore

Price movement

50006000700080009000

100001100012000130001400015000

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

4000

6000

8000

10000

12000

CNX Pharma Nifty (RHS)

Research Analyst

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

Nandan Kamat [email protected]


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Regulatory approvals

Exhibit 1: Summary of USFDA approvals for September 2015

[5

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeAurobindo Pharma Gemfibrozil CVS Pfizer Lopid US$ 44 millionAurobindo Pharma Telmisartan CVS Boehringer Ingelheim Micardis US$ 250 millionAurobindo Pharma Caffeine Citrate CNS Eurohlth Intl Sarl Cafcit NAAlembic Pharma Zolmitriptan CNS IPR Zomig US$ 152.8 millionDr. Reddy's Labs Esomeprazole Magnesium GI Astrazeneca Pharma Nexium US$ 7.3 billionGlenmark Pharma Voriconazole Anti-Infection PF Prism CV Vfend US$ 800 millionJubilant Life Sciences Zolmitriptan CNS Astrazeneca Zomig US$ 152.8 millionLupin Clarithromycin Antibiotic Abbvie Biaxin NASun Pharma Dexmethylphenidate Hydrochloride CNS Novartis Focalin US$ 683 million

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeNatco Pharma Lapatinib Anti-Cancer Glaxo Smith Kline Tykerb US$ 362.5 millionStrides Acrolab Rilpivirine HIV Janssen Prods Edurant NA

Final Approvals

Tentative Approvals

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

M&As, demergers and JVs

DRL to buy IP rights of Alchemia’s fondaparinux Dr Reddy’s entered into an agreement with Australian bio-pharmaceutical company Alchemia Ltd to acquire exclusive global intellectual property rights for its anti-coagulant drug fondaparinux sodium for the equivalent of | 116 crore. Under the terms of the sale, Alchemia will receive US$17.5 million in cash from Dr Reddy’s at the close of the transaction. In addition, the company received a payment of US$1.15 million for its share of net profit from US-only sales of fondaparinux for Q1FY16. Torrent Pharma Board approves Zyg Pharma amalgamation The Board of Directors of Torrent Pharma has approved the scheme of amalgamation of Zyg Pharma. In May 2015, Torrent Pharma had acquired a 100% stake in Encore Group’s Zyg Pharma Pvt Ltd. Biocon acquires USFDA approved API facility Biocon acquired the manufacturing unit from Vizag-based Acacia Lifesciences. The USFDA approved unit is currently manufacturing advanced intermediates of potent APIs useful to the company's business as well as for supply to third-party customers. Cipla to supply Serum Institute’s vaccines in South Africa Cipla has entered into a deal with Serum Institute of India to supply its vaccines to South Africa. Cipla Medpro will be responsible for obtaining regulatory approvals and marketing the vaccines. Taro Pharma acquires Zalicus Pharmaceuticals of Canada Taro has entered into an all-share purchase agreement with US based Epirus for its subsidiary Zalicus, which is developing a pain management drug candidate coded Z944. Taro will pay cash of US$3.8 million in addition to issuing a non-interest bearing, limited recourse promissory note of an equal amount with maturity date of July 1, 2017. Z944 has successfully completed phase one clinical trials and was poised to enter phase two trials. Lupin, Boehringer to co-market anti-diabetes drug in India Lupin and German firm Boehringer Ingelheim have formed a strategic alliance for co-marketing an anti-diabetic drug Linagliptin, a novel dipeptidylpeptidase-4 (DPP-4) inhibitor in India. According to the


Page 3

agreement, Lupin will market and sell linagliptin under a separate brand name Ondero (monotherapy) and Ondero Met (fixed-dose combination with Metformin). Boehringer will continue to sell its linagliptin under the brand names Trajenta (monotherapy) and TrajentaDuo (fixed-dose combination with Metformin).

Capex, investments, fund raising

Sun Pharma to raise up to | 12000 crore Sun Pharma has sought shareholders approval to raise up to | 12,000 crore through convertible debentures or a qualified institutional placement (QIP). The funds raised will be used for expansion and acquisitions. Aurobindo Pharma to raise US$ 300 million through QIP Aurobindo Pharma is set to launch a share sale to institutional investors to raise US$ 300 million. In January, Aurobindo's board gave approval to raise up to US$ 350 million via 'issue of shares to qualified institutional buyers under qualified institutional placement'. AHLL to invest | 500 crore to fund growth Apollo Health and Lifestyle (AHLL) is planning to invest up to | 500 crore to fund the growth of its business, going forward. Apollo Health & Lifestyle also plans to invite private equity investors to participate in this growth opportunity. AHLL operates a network of primary care and specialty care formats across India. In the primary care space, it currently has five formats - Apollo Clinics, Apollo Sugar, Apollo Diagnostics, Apollo White and Apollo Dialysis. Lawsuits, court rulings, settlements

Sun Pharma withdraws lawsuit filed by Ranbaxy Sun Pharmaceutical has withdrawn its appeal in the lawsuit filed by Ranbaxy against the US health regulator challenging FDA's decision to revoke approvals for generic versions of Nexium (Gastro intestinal) and Valcyte (antiviral). HC restrains Glenmark from manufacturing, selling Zita, Zita-Met The Delhi High Court has restrained Glenmark Pharma from manufacturing and selling its anti-diabetes drugs Zita and Zita-Met, saying it has infringed the patent of the Merck Sharp and Dohme. Price cuts, new launches, recalls

Glenmark launches Anti Diabetic Agent Teneligliptin in India Glenmark Pharma has launched generic Teneligliptin, a new third-generation oral anti-diabetic drug, at a substantially lower price compared to other Gliptins available in India. Only 10.5 lakh out of the 6.5 crore diabetic patients in India use Gliptins as they are relatively expensive. Gliptins account for ~19% i.e. | 1,200 crore of the | 6,600 crore diabetic market in India.


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Exhibit 2: Patent litigations in last 12 months [5

Month Innovator ANDA Filer Brand Name API Used for Sep-14 Millenium Pharmaceuticals Glenmark Pharma Valcade Bortezomib Multiple MylomaSep-14 Teva Pharma Dr. Reddy's Labs Copaxon Glatiramer Acetate Multiple SclerosisSep-14 Reckitt Benckiser LLC Aurobindo Pharma Mucinex Guaifenesin MucusSep-14 Cephalon Inc. Dr. Reddy's Labs Treanda Bendamustine LeukemiaSep-14 Cephalon Inc. Sun Pharma Treanda Bendamustine LeukemiaOct-14 Novartis Pharma Dr. Reddy's Labs Gleevec Imatinib LeukemiaOct-14 Braintree Laboratory Inc. Taro Pharma Suprep Sodium Sulphate Bowel PreparationOct-14 Cephalon Inc. Wockhardt Treanda Bendamustine LeukemiaNov-14 Biomarin Pharma Dr. Reddy's Labs Kuvan Sapropterin Dihydrochloride phenylketonuriaNov-14 Otsuka Pharma Cadila Healthcare Abilify Aripiprazole CNSNov-14 Otsuka Pharma Alembic Pharma Abilify Aripiprazole CNS

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

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

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

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

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

Feb-15 Cephalon Inc. Glenmark Generics Treanda Bendamustine Leukemia

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

Mar-15 Otsuka Pharma Indoco Remedies Abilify Aripiprazole CNS

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

Apr-15 Sanofi Aventis Glenmark Jevtana KIT Cabazitaxel Prostate Cancer

Apr-15 Medicis Pharma Taro Pharma Zyclara Imiquimod Actinic Keratoses

Apr-15 Alcon Research Wockhardt Patanol Olopatadine hydrochloride Allergic Conjunctivitis

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

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

Apr-15 Eli Lilly Lupin Effient Prasugrel CVS

Apr-15 Horizon Pharma Lupin Pennsaid Diclofenac Osteoporosis

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

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

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

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

May-15 Takeda Zydus Pharma Daliresp Roflumilast CVS

May-15 Takeda Strides Daliresp Roflumilast CVS

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

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

May-15 Kowa Lupin Livalo Pitavastatin Calcium High Cholestrol

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

Source: Bloomberg, ICICIdirect.com Research


Page 5

IPM grows 10% in September… • The Indian pharmaceutical market (IPM) registered growth of 9.9% YoY

to | 7852 crore for September. The growth was mainly driven by price hikes – 4.7%, volume growth – 2.3% and new product launches – 3.1%

• Drugs under the NLEM list witnessed growth of 2.8% YoY to | 1078 crore while non-NLEM drugs posted growth of 10.9% to | 7179 crore. Volume growth in NLEM, non-NLEM was 1.2% and 1.1%, respectively

• Among our covered companies, Torrent registered highest growth of 16.0% YoY followed by Glenmark, Ajanta, Cadila, Lupin and Sun registering growth of 13.1%, 12.6%, 12.6%, 12.4% and 11.8%, respectively

• Therapy wise, 12 therapies have outpaced IPM growth. Notable among them with growth rates- anti-diabetic – 18.1%, CNS- 15.2%, gynaecology – 13.4%, dermatology – 12.9% and gastro intestinal 12.8%. Anti-infective and respiratory segments grew just 3.2% and 4.1%, respectively

• In all, 253 new brands were launched in September 2015 • On a MAT basis, IPM growth was at 13.7% YoY to | 93021 crore • Domestic companies have grown 9.6% while MNC companies have

grown 10.7% in September 2015

Exhibit 3: Domestic formulations - growth trend

20.6

8.1

12.8 15

.3

14.0

19.9

12.8

21.8

18.5

20

15.5

13.0

9.9

-5

0

5

10

15

20

25

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market[

Source: AIOCD data base, ICICIdirect.com Research

Exhibit 4: Companies growth in domestic market in September, 2015

16.011.8

-6.7

4.5

12.6

42.3

0.6

9.7 9.7 12.4

3.62.6

13.1 7.512.9

-11.2-15

-5

5

15

25

35

45

55

Woc

khar

dt

Unic

hem

Torr

ent

Sun

Phar

ma

Pfize

r

Nov

artis

Lupi

n

Ipca

Lab

s

Indo

co

GSK

Phar

ma

Glen

mar

k

Dr. R

eddy

s

Cipl

a

Cadi

la

Bioc

on

Ajan

ta

(%)


Therapy wise performance (| crore) Therapy Sep'15 Sep'14 YoY (%) Aug'15 MoM (%)Anti-Infectives 1438 1394 3.2 1286 11.8Cardiac 1016 908 11.8 1007 0.8Gastro Intestinal 996 883 12.8 990 0.6Vitamins 759 716 5.9 757 0.2Anti Diabetic 671 568 18.1 664 1.1Respiratory 663 636 4.1 579 14.4Pain 612 562 9.0 592 3.5CNS 515 447 15.2 502 2.5Derma 507 449 12.9 495 2.3Gynaecological 424 374 13.4 408 3.9Hormones 148 128 15.4 150 -1.0Vaccines 146 131 11.2 137 6.4Anti-Neoplastics 127 125 2.2 145 -11.9Ophthal 119 108 9.5 119 -0.8Blood Related 103 86 18.9 101 1.7Others 93 83 12.1 91 2.2Urology 105 74 42.4 97 8.5Anti Malarials 80 74 7.5 54 48.3Sex Stimulants 41 37 10.2 40 1.8Stomatologicals 34 34 0.8 33 1.3 Source: AIOCD data base

Top brands in Indian pharma market Brand Company Therapy Sep'15 Sep'14 Gr. (%)Augmentin GSK Anti-Infectives 328.3 276.3 18.8Corex Pfizer Respiratory 270.3 221.0 22.3Becosules Pfizer Vitamins 253.9 238.3 6.5Spasmo Prox Wockhardt GI 251.8 151.3 66.4Lantus Sanofi Anti Diabetic 244.0 192.7 26.6Clavam Alkem Anti-Infectives 222.8 222.1 0.3Galvus Met Novartis Anti Diabetic 222.7 165.6 34.5Volini Ranbaxy Pain 202.5 219.1 -7.6Shelcal Torrent Vitamins 195.1 111.0 75.7Skinlite Cadila Derma 192.6 158.8 21.3

Source: AIOCD data base; Date as per MAT Sep15 & Sep 14 Industry acute to chronic therapy ratio percentage…

Acute, 44790.5,

48.2%

Chronic, 29123.9,

31.3%

Sub-Chronic, 19107.1,

20.5%

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


Page 6

IPM grows 11.7% in Q2FY16 • The Indian pharmaceutical market (IPM) has registered growth of 11.7%

YoY to | 25218 crore in Q2FY16 • The growth was mainly driven by price hikes – 4.6% followed by volume

growth of 4.2% and new product launches – 2.9% • Drugs under NLEM list witnessed growth of 3.7% YoY to | 2989.2 crore

while non-NLEM drugs posted growth of 13.1% to | 18581.0 crore • Among our covered companies Glenmark registered highest growth of

23.2% YoY followed by Lupin, Torrent, Dr Reddy’s and Alembic clocking growth of 19.4%, 18.6%, 15.9% and 14.1%, respectively

• Therapy wise, 12 therapies have outpaced IPM growth. Notable among them with growth rates- anti-diabetic – 22.9%, dermatology- 16.9%, gastro intestinal – 14.8% CNS – 16.4% and respiratory – 15.7%. Anti-infective and respiratory segments registered just 2.1% and 4.8% growth, respectively, in Q2FY16

Therapy wise performance (| crore) Therapy Q2FY16 Q2FY15 YoY (%) Q1FY16 QoQ (%)Anti-Infectives 3938 3857 2.1 3449 14.2Cardiac 3068 2654 15.6 3064 0.1Gastro Intestinal 3026 2637 14.8 2970 1.9Vitamins 2298 2089 10.0 2220 3.5Anti Diabetic 2017 1641 22.9 1974 2.2Respiratory 1782 1700 4.8 1627 9.5Pain 1788 1631 9.6 1652 8.2CNS 1536 1320 16.4 1487 3.3Derma 1500 1284 16.9 1432 4.8Gynaecological 1254 1116 12.3 1229 2.0Hormones 442 371 19.1 404 9.3Vaccines 418 376 11.3 394 6.2Anti-Neoplastics 419 372 12.8 406 3.3Ophthal 358 315 13.7 367 -2.2Blood Related 306 270 13.2 295 3.7Others 277 240 15.7 274 1.2Urology 297 218 36.3 265 11.9Anti Malarials 179 185 -3.1 109 64.4Sex Stimulants 121 110 10.7 128 -5.3Stomatologicals 102 97 4.7 102 0.4

Source: AIOCD data base

Exhibit 5: Domestic formulations – quarterly growth trend

9.6 8.1

3.5

9.27.2

4.2

0.1 3.6

5.2

5.2

4.9

4.6

1.1

2.0

2.4

2.7

2.9

2.9

10.8

13.7

11.1

17.115.0

11.7

-113579

1113151719

Q1FY15 Q2FY15 Q3FY15 Q4FY15 1QFY16 2QFY16

(%)

Volumes Price Increases New Products

[


Exhibit 6: Company wise growth trends in Q2FY16

14.1

4.6

18.6

13.415.2

13.1

19.4

2.2

(1.9)

0.3

23.2

15.9

8.811.7

0.1

13.5

(5.0)

-

5.0

10.0

15.0

20.0

25.0

Alem

bic

Unic

hem

Torre

nt

Sun

Phar

ma

Pfize

r

Nov

artis

Lupi

n

Ipca

Lab

s

Indo

co

GSK

Phar

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Glen

mar

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Dr. R

eddy

s

Cipl

a

Cadi

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Bioc

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(%)



Page 7

Sun Pharmaceuticals

Stock Performance

80100120140

Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15

CNX Pharma Sun Pharma

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

20.6

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6

15.5

12.8

13.0

9.9

11.6

5.6

12.7

15.8

11.1

10.7

14.4

18.4

15.8

23.0

17.1

11.1 11.8

0

5

10

15

20

25

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Sun Pharmaceutical Industries


Exhibit 8: Market share in Indian formulations market

8.38.8

9.2 9.0 9.2

8.48.7 8.9

9.3 9.2 9.08.5 8.4

6.0

6.6

7.2

7.8

8.4

9.0

9.6

10.2

10.8

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Sun Pharmaceutical Industries

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

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

Volini Pain 18.2 20.0 -9.2 19.2 -5.4

Rosuvas Cardiac 12.8 10.0 28.9 13.0 -1.3

Gemer Anti Diabetic 12.6 10.5 19.8 12.3 2.6

Istamet Anti Diabetic 12.5 9.1 37.3 12.1 3.3

Levipil Neuro 12.3 9.2 33.9 11.7 4.9

Susten Gynaecological 11.7 9.8 19.5 11.5 1.1

Pantocid Gastro Intestinal 11.6 11.9 -2.7 11.2 3.9

Pantocid Dsr Gastro Intestinal 10.0 8.2 NA 9.6 4.0

Mox Anti-Infectives 9.6 9.7 -0.6 8.2 18.0

Aztor Cardiac 9.1 7.9 16.0 9.0 1.1


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

Neuro 26%

Cardiac26%

Gastro Intestinal18%

Anti-Infectives17%

Anti Diabetic13%


Exhibit 11: Therapy wise performance (| crore)

Therapy Sep'15 Sep'14 YoY (%) Aug'15 QoQ (%)

Neuro 126.7 110.0 15.2 122.7 3.3

Cardiac 122.2 105.0 16.4 119.8 2.0

Gastro Intestinal 88.5 75.4 17.4 87.5 1.1

Anti-Infectives 96.3 84.6 13.9 85.6 12.5

Anti Diabetic 62.6 51.5 21.7 61.6 1.8

Pain 50.6 49.8 1.8 51.9 -2.4

Derma 34.1 30.1 13.4 31.8 7.5

Gynaecological 27.6 24.6 12.4 26.7 3.7

Respiratory 25.3 24.5 3.4 22.4 12.9

Ophthal 17.7 15.9 10.8 18.4 -3.8


Acute : Chronic contribution (MAT Sep’15)

Acute, 3357.0, 40.6%

Chronic, 3767.3, 45.6%

Sub-Chronic, 1145.8, 13.9%


Brands contribution to domestic sales (MAT Sep’15)

17%

9%

7%

9%58%

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



October 15, 2015

Cipla

Stock Performance

6080

100120140


CNX Pharma Cipla

Source: NSE, ICICIdirect.com Research

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

20.6

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

9.9

33.3

10.3

8.3

13.5

13.2

24.0

24.8

25.4

15.9

16.6

11.5

11.0

4.5

0

5

10

15

20

25

30

35

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Cipla



5.4

5.04.8

5.05.1

5.25.1

5.3

4.8

4.6 4.74.8

5.0

4.2

4.4

4.6

4.8

5.0

5.2

5.4

5.6

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Cipla



Foracort Respiratory 15.9 15.0 6.0 15.3 3.6

Budecort Respiratory 13.4 11.4 16.8 11.0 21.5

Seroflo Respiratory 11.2 11.2 0.3 10.7 4.9

Asthalin Respiratory 10.9 11.8 -7.6 10.6 3.5

Duolin Respiratory 10.2 9.8 3.4 9.4 8.3

Azee Anti-Infectives 9.4 8.5 10.9 7.7 23.1

Aerocort Respiratory 8.2 8.8 -7.4 7.8 4.3

Novamox Anti-Infectives 7.1 8.1 -11.6 5.8 23.8

Montair Lc Respiratory 6.7 6.1 9.8 5.9 13.3

Advent Anti-Infectives 6.6 6.3 5.0 5.5 20.4


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

Respiratory29%

Anti-Infectives26%

Cardiac13%

Gastro Intestinal8%

Urology5%

Other19%



Therapy Sep'15 Sep'14 YoY (%) Aug'15 QoQ (%)Respiratory 124.2 120.6 3.0 112.8 10.1Anti-Infect ives 121.4 118.8 2.2 109.4 10.9

Cardiac 47.7 48.6 -1.9 46.7 2.1Gastro Intestinal 33.1 29.8 11.2 32.2 2.8

Urology 20.2 18.2 11.0 19.7 2.3Neuro 15.2 13.7 10.9 15.7 -2.9

Pain 15.4 12.0 28.1 13.6 12.8

Ophthal 10.1 9.2 8.8 9.6 4.5

Derma 10.7 10.0 6.6 10.2 5.1

Vitamins 8.3 8.4 -0.7 8.2 2.0


Acute : Chronic contribution (MAT Sep ’15)

Acute, 2123.5, 46.1%

Chronic, 1912.5, 41.5%

Sub-Chronic, 573.3, 12.4%



24%

12%

9%12%

43%




Page 9

Dr Reddy’s Laboratories

Stock Performance

6080

100120140

Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15CNX Pharma Dr. Reddys



20.6

8.1 12

.8 15.3

14.0 19

.9 21.8

18.5

12.6 15

.5

12.8

13.0

9.9

25.7

10.3

18.4 22

.8

22.2 24

.1

34.3

35.0

22.8

32.2

26.9

14.9

7.5

-10

20

50

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Dr. Reddys Laboratories



2.3

2.2

2.3

2.4

2.2

2.32.3

2.4

2.3 2.3

2.22.3

2.3

2.02.12.12.22.22.32.32.42.42.52.5

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Dr. Reddys Laboratories



Omez Gastro Intestinal 10.8 6.8 59.6 10.7 1.2

Omez D Gastro Intestinal 8.4 6.6 28.4 7.2 16.6

Razo D Gastro Intestinal 6.2 3.9 60.7 6.0 4.2

Nise Pain 5.9 6.8 -12.7 5.4 9.4

Econorm Gastro Intestinal 5.7 4.4 29.5 5.7 0.6

Grafeel Anti-Neoplastics 5.7 2.5 126.3 5.7 0.3

Stamlo Cardiac 5.6 4.5 23.2 5.1 8.8

Clamp Anti-Infectives 4.5 4.7 -5.3 3.6 24.0

Stamlo Beta Cardiac 4.3 4.2 2.9 3.6 21.2

Atarax Respiratory 4.0 4.1 -1.8 3.3 22.6




Cardiac15%

Anti-Neoplastics

10%Respiratory9%

Anti-Infectives8%

Other36%





Cardiac 30.0 26.5 13.3 27.1 10.5

Anti-Neoplastics 17.1 20.6 -17.2 26.0 -34.3

Respiratory 17.2 17.4 -0.8 15.3 13.1

Anti-Infectives 16.9 18.0 -6.4 15.1 11.6

Pain 14.0 14.6 -3.6 13.3 5.8

Anti Diabetic 13.2 11.9 10.2 12.3 7.0

Derma 11.7 11.2 4.3 10.1 15.1

Urology 7.7 6.1 26.6 7.2 6.6

Stomatologicals 6.2 6.3 -0.5 6.2 -0.1



Acute, 1070.1, 50.2%

Chronic, 647.1, 30.4%




30%

17%

9%12%

32%




Page 10

Lupin

Stock Performance

6080

100120140


CNX Pharma Lupin



20.6

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

13.0

19.7

10.5 13

.7

18.1

14.9

22.8

19.1

16.1 18

.5

25.1

21.2

12.4

12.8

9.9

-4

12

28

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Lupin



3.3 3.3 3.4 3.4 3.43.2

3.0

3.63.8 3.8 3.7

3.4 3.4

2.32.52.72.93.13.33.53.73.9

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Lupin



Gluconorm-G Anti Diabetic 11.7 10.2 15.0 11.4 2.3

Tonact Cardiac 8.1 7.9 1.4 8.4 -4.4

Budamate Respiratory 7.4 5.4 36.3 7.0 5.5

Rablet Gastro Intestinal 4.5 4.0 12.8 4.5 1.1

Rablet-D Gastro Intestinal 4.5 4.1 9.7 4.7 -3.2

R-Cinex Anti-Infectives 4.4 4.4 0.5 4.0 9.2

Cetil Anti-Infectives 4.3 3.4 25.6 3.4 25.0

Ramistar Cardiac 4.2 4.1 0.7 4.3 -3.5

L-Cin Anti-Infectives 4.2 3.8 10.2 3.2 31.1

Tazar Anti-Infectives 4.1 3.7 10.4 3.5 16.8



Cardiac25%

Anti-Infectives22%

Respiratory12%

Anti Diabetic11%

Gastro Intestinal8%

Other22%




Cardiac 69.2 60.9 13.7 69.9 -1.0

Anti-Infectives 68.2 64.6 5.6 61.9 10.2

Respiratory 33.8 29.3 15.5 31.7 6.7

Anti Diabetic 30.3 26.3 15.1 29.8 1.7


Vitamins 17.1 15.9 7.9 16.5 3.7

Neuro 14.1 13.4 5.6 14.0 1.0

Pain 12.9 11.9 8.4 12.8 1.2

Gynaecological 10.5 6.8 53.9 9.8 7.4

Derma 1.7 1.9 -11.5 1.7 -0.9



Acute, 1005.1, 31.2%

Chronic, 1559.4, 48.4%




20%

12%

9%13%

46%




Page 11

Cadila Healthcare

Stock Performance

6080

100120140


CNX Pharma Cadila Healthcare



20.6

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6

15.5

12.8

13.0

9.9

12.1

1.4

8.1

12.7

7.0 7.3

11.4 13

.1

9.6

13.2

11.5

10.6 12

.9

0

5

10

15

20

25

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Cadila Healthcare



3.6

3.8

4.03.9 3.9

3.83.8

3.93.8 3.8

3.73.8 3.7

3.4

3.5

3.6

3.7

3.8

3.9

4.0

4.1

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Cadila Healthcare



Skinlite Derma 14.0 12.3 13.8 13.9 0.9

Mifegest Kit Gynaecological 11.8 5.9 99.4 11.2 5.2

Atorva Cardiac 10.4 10.4 -0.4 10.5 -1.0

Falcigo Anti Malarials 9.8 6.9 42.4 6.3 55.2

Deriphyllin Respiratory 8.5 6.5 31.6 6.5 31.6

Pantodac Gastro Intestinal 8.0 8.5 -6.0 8.0 -0.7

Amlodac Cardiac 6.0 5.3 12.3 5.6 7.0

Clopitorva Cardiac 5.9 4.0 47.7 6.0 -1.2

Thrombophob Cardiac 5.7 4.0 42.5 4.7 21.8

Dexona Hormones 5.6 4.3 32.1 4.9 14.8



Cardiac19%


Gynaecological12%

Respiratory10%

Derma9%

Other36%




Cardiac 58.5 52.3 11.9 57.2 2.2


Gynaecological 36.1 28.9 25.0 35.3 2.1

Respiratory 33.9 28.3 19.8 29.6 14.3

Derma 25.3 21.7 16.4 25.0 1.2

Pain 24.5 24.0 2.2 24.5 0.1

Anti-Infectives 24.7 22.0 12.1 23.8 3.7

Vitamins 13.3 12.5 6.6 12.6 5.3

Anti-Neoplastics 12.3 10.1 22.4 14.4 -14.4

Anti Malarials 12.5 9.1 38.0 8.5 46.8



Acute, 1526.8, 43.0%

Chronic, 1287.6, 36.3%




27%

13%

8%10%

42%




Page 12

GlaxoSmithKline Pharmaceuticals

Stock Performance

6080

100120140


CNX Pharma GSK Pharma



20.6

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

9.9

13.0

12.1

5.5

0.8

2.6 6.

6

10.8 12

.9

0.7 2.

1

-1.7 -0

.3

2.6

-5

0

5

10

15

20

25

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Glaxosmithkline Pharmaceuticals



3.5

3.4 3.43.4

3.3 3.3

3.43.4

3.2 3.2

3.1

3.2

3.3

3.0

3.2

3.4

3.6

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Glaxosmithkline Pharmaceuticals



Augmentin Anti-Infectives 28.0 29.7 -5.9 27.3 2.4

Calpol Pain 19.6 15.8 24.2 14.9 31.3

Rotarix Vaccines 16.5 6.1 172.5 16.4 0.7

Synflorix Vaccines 16.3 11.6 40.3 14.6 11.4

Betnovate C Derma 12.8 9.0 42.6 12.1 5.5

Zinetac Gastro Intestinal 12.1 13.3 -9.1 12.6 -4.5

Ceftum Anti-Infectives 11.7 12.1 -3.5 11.1 5.1

Betnovate N Derma 11.6 9.1 27.5 12.2 -5.1

Eltroxin Hormones 10.7 10.9 -2.6 11.3 -5.4

Betnesol Hormones 10.6 7.6 39.7 8.0 31.9



Anti-Infectives25%

Derma21%Vaccines

12%

Pain 9%

Hormones8%

Other25%




Anti-Infectives 68.8 74.3 -7.4 66.1 4.0

Derma 52.1 53.2 -2.1 53.3 -2.4

Vaccines 43.1 31.0 39.2 34.6 24.4

Pain 30.3 25.1 20.9 25.2 20.2

Hormones 22.3 19.1 16.7 20.1 11.4

Vitamins 20.2 20.1 0.1 20.0 1.0

Gastro Intestinal 14.4 16.3 -11.6 15.2 -5.0

Respiratory 16.3 17.6 -7.3 14.0 16.5

Cardiac 6.2 7.5 -17.6 6.1 1.4

Gynaecological 4.5 3.0 48.9 4.1 8.9



Acute, 1987.1, 64.6%

Chronic, 419.2, 13.6%




50%

15%

9%

11%

15%




Page 13

Wockhardt

Stock Performance

050

100150200250300350400


CNX Pharma Wockhardt


20.6

8.1 12

.8 15.3

14.0 19

.9 21.8

18.5

12.6 15

.5

12.8

13.0

9.9

8.5

-4.5

-2.1

29.2

5.2

19.9

32.0

44.9

22.4

36.2

29.4

24.6

42.3

-10

0

10

20

30

40

50

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Wockhardt



1.08

1.161.10

1.16

1.37

1.47

1.40

1.281.25

1.28

1.37 1.361.40

1.01.11.11.21.21.31.31.41.41.51.5

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Wockhardt



Spasmo Proxyvon PluGastro Intestinal 31.1 13.7 127.3 22.9 36.0

Practin Vitamins 5.6 4.8 17.5 6.2 -9.9

Biovac V Vaccines 5.3 0.0 NA 5.7 -7.1

Tryptomer Neuro 5.2 3.8 35.3 5.8 -10.2

Biovac A Vaccines 5.1 2.0 151.2 5.5 -8.2

Bro Zedex Respiratory 4.5 4.5 0.3 3.6 26.2

Methycobal Vitamins 3.9 3.5 11.8 4.6 -16.6

Ace Proxyvon Pain 3.1 2.6 19.7 3.1 -1.1

Zedex Respiratory 3.0 3.8 -20.9 2.4 23.7

Butaproxyvon Pain 2.2 0.7 213.7 1.8 22.5


Exhibit 40: Contribution of therapies to domestic sales (MAT Sep’15) Gastro Intestinal

22%

Vitamins 16%

Respiratory13%Vaccines

9%

Neuro 8%

Other32%





Vitamins 16.4 14.7 11.7 18.2 -9.7

Respiratory 13.4 13.7 -2.5 10.4 29.0

Vaccines 10.4 2.1 399.5 11.2 -7.5

Neuro 8.6 7.0 22.5 9.5 -9.7

Derma 8.0 7.4 7.7 7.4 8.4

Anti-Infectives 10.0 8.4 19.2 8.7 15.2

Pain 7.6 4.8 57.3 8.4 -9.6

Anti Diabetic 6.4 5.4 19.5 6.9 -6.3

Hormones 2.5 2.6 -2.2 2.0 29.1



Acute, 852.0, 70.2%

Chronic, 228.7, 18.9%




55%

15%

8%

8%

14%




Page 14

Glenmark Pharmaceuticals

Stock Performance

6080

100120140160180200

Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15CNX Pharma Glenmark



20.6

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

9.9

27.2

2.6

20.4 21.5

21.4 24

.2 28.1 30

.3

29.8

34.5

30.9

28.0

13.1

0

5

10

15

20

25

30

35

40

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Glenmark Pharmaceuticals



2.3

2.1

2.4 2.42.4

2.32.3 2.3

2.2

2.32.4 2.4

2.4

1.9

2.1

2.3

2.5

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Glenmark Pharmaceuticals



Telma Cardiac 14.5 13.6 7.0 14.0 3.5

Telma H Cardiac 11.6 10.7 8.2 11.2 4.2

Ascoril Plus Respiratory 9.0 9.4 -3.3 7.1 27.0

Candid-B Derma 8.1 8.9 -9.5 7.6 7.1

Candid Derma 8.0 6.8 17.0 7.8 2.0

Zitamet Anti Diabetic 7.6 5.1 50.3 6.6 15.8

Telma Am Cardiac 6.3 5.6 11.6 5.9 6.2

Zita(Glenmark) Anti Diabetic 5.2 3.8 37.6 4.2 23.6

Ascoril Ls Respiratory 4.1 3.8 9.1 3.2 28.9

Onabet Derma 3.4 2.0 66.3 3.2 5.2



Derma28%

Cardiac23%

Respiratory15%

Anti-Infectives14%

Anti Diabetic9%

Other11%




Derma 59.0 53.2 10.9 57.0 3.6

Cardiac 44.5 40.5 9.8 43.0 3.5

Respiratory 31.1 28.9 7.7 25.6 21.8

Anti-Infectives 30.6 28.6 7.2 28.1 9.1

Anti Diabetic 20.6 13.1 57.0 17.7 16.6


Vitamins 5.7 4.2 36.6 5.7 -0.9

Pain 4.3 4.0 7.5 4.4 -2.5

Gynaecological 3.5 3.4 4.3 3.6 -2.3

Otologicals 3.6 4.1 -12.9 3.8 -6.3



Acute, 866.8, 40.0%

Chronic, 812.9, 37.6%




37%

13%10%

12%

28%




Page 15

Torrent Pharmaceuticals

Stock Performance

80100120140160180200


CNX Pharma Torrent Pharma



20.6

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

9.918

.5

6.0

23.2

30.7

21.1

30.9

30.5

28.8

27.4

28.3

18.3 21

.7

16.0

0

5

10

15

20

25

30

35

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Torrent Pharmaceuticals



2.112.23

2.302.42

2.35 2.402.32

2.432.49 2.51

2.37

2.26 2.24

1.6

2.0

2.4

2.8

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Torrent Pharmaceuticals



Shelcal Vitamins 16.6 12.8 29.3 14.5 14.2

Chymoral Forte Pain 8.8 5.8 50.8 11.9 -26.5

Nikoran Cardiac 7.3 6.2 18.0 7.2 1.5

Dilzem Cardiac 5.3 4.9 7.3 4.9 7.7

Nebicard Cardiac 4.9 4.2 15.7 4.7 3.7

Azulix-Mf Anti Diabetic 4.7 3.8 24.0 4.5 4.6

Nexpro Rd Gastro Intestinal 4.4 4.3 1.0 4.1 7.0

Nexpro Gastro Intestinal 4.2 4.0 5.0 3.9 7.1

Shelcal Ct Vitamins 3.4 2.0 68.6 3.2 5.3

Alprax Neuro 3.3 3.0 8.0 3.1 5.9



Cardiac28%

Neuro 16%Gastro Intestinal

15%

Vitamins 15%

Pain 8%

Other18%




Cardiac 55.6 48.1 15.6 54.3 2.5

Neuro 30.7 27.8 10.8 30.1 2.0


Vitamins 30.4 22.2 36.7 27.5 10.5

Pain 14.5 9.5 52.4 16.9 -14.4

Anti-Infectives 9.4 13.6 -30.7 9.3 1.3

Anti Diabetic 11.5 9.5 21.1 10.9 6.3

Derma 5.0 3.5 42.4 4.4 15.1


Urology 0.8 0.7 26.1 0.8 8.7



Acute, 564.4, 25.7%

Chronic, 1099.2, 50.1% Sub-

Chronic, 530.4, 24.2%



33%

13%

9%

12%

33%




Page 16

Ipca Laboratories

Stock Performance

6080

100120140


CNX Pharma Ipca



20.6

8.1 12

.8 15.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

9.9

16.3

9.2 13

.0

12.9

28.6

12.2 14

.5

-5.8

-5.5

-0.1

3.0

35.9

3.6

-10-505

10152025303540

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Ipca Laboratories



1.51.4

1.31.2 1.2 1.2 1.2 1.2 1.3 1.2 1.3

1.31.5

1.0

1.2

1.4

1.6

1.8

2.0

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Ipca Laboratories



Zerodol P Pain 8.8 6.4 36.0 6.6 31.8

Zerodol Sp Pain 7.9 6.4 22.2 8.2 -3.7

Larinate Anti Malarials 7.8 5.5 41.0 4.3 80.8

Lariago Anti Malarials 5.6 5.4 4.2 3.1 79.8

Hcqs Anti Malarials 5.3 4.9 8.7 4.9 8.2

Rapither-Ab Anti Malarials 5.0 4.8 5.0 3.8 31.6

Lumerax Anti Malarials 3.6 4.4 -18.2 2.4 51.2

Glycinorm M Anti Diabetic 3.1 3.0 1.8 2.8 9.9

Folitrax Anti-Neoplastics 2.7 2.6 1.9 2.5 7.2

Zerodol Pain 2.6 2.4 8.9 2.6 0.0



Pain 24%

Anti Malarials20%

Cardiac17%

Gastro Intestinal8%

Anti-Infectives7%

Other24%




Pain 31.6 27.6 14.8 29.0 8.9

Anti Malarials 33.4 31.6 5.6 22.5 48.5

Cardiac 18.0 17.1 5.7 18.2 -1.1


Anti-Infectives 7.4 9.5 -21.8 7.5 -1.1

Anti Diabetic 5.6 5.7 -1.7 5.6 1.1

Respiratory 4.8 5.5 -11.8 4.4 10.3

Anti-Neoplastics 4.3 3.4 27.2 4.0 9.6

Neuro 3.5 3.5 1.1 4.1 -15.2

Derma 3.3 4.0 -18.3 3.1 5.2



Acute, 800.2, 66.7%

Chronic, 328.3, 27.4%

Sub-Chronic,

70.5, 5.9%



36%

15%11%

13%

25%




Page 17

Biocon

Stock Performance

60

80

100

120

140

Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15CNX Pharma Biocon



20.6

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6

12.8

13.0

9.9

31.3

9.8

15.5

1.0

7.2

18.8

17.5

11.6

11.7

3.7 4.

8 6.0 7.3

-11.

2

-15-10

-505

101520253035

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Biocon



0.39

0.37

0.360.36

0.38

0.35

0.36

0.330.34

0.36

0.340.330.33

0.34

0.35

0.36

0.37

0.38

0.39

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Biocon



Insugen Anti Diabetic 7.3 7.6 -3.5 7.2 1.5

Basalog Anti Diabetic 4.6 3.9 18.6 4.7 -2.4

Blisto Mf Anti Diabetic 1.5 2.1 -28.1 1.4 2.6

Insugen R Anti Diabetic 1.4 1.3 10.6 1.5 -2.8

Abraxane Anti-Neoplastics 1.4 2.4 -40.8 1.0 40.3

Erypro Blood Related 1.4 0.9 61.6 2.0 -30.5

Canmab Anti-Neoplastics 1.0 1.1 -7.9 1.7 -41.9

Biomab Egfr Anti-Neoplastics 0.8 2.1 -61.9 0.2 343.2

Insugen N Anti Diabetic 0.7 0.7 7.4 0.8 -6.9

Psorid Anti-Neoplastics 0.6 0.3 98.4 0.7 -17.6



Anti Diabetic59%

Anti-Neoplastics

21%

Cardiac7%

Blood Related5%

Derma3%

Other 5%




Anti Diabetic 16.8 17.2 -2.6 16.9 -0.5

Anti-Neoplastics 5.4 7.7 -30.2 5.1 5.0

Cardiac 1.5 2.8 -47.0 1.3 11.0

Blood Related 1.4 0.9 63.4 2.0 -30.1

Derma 0.7 0.7 -2.7 0.7 -3.6

Anti-Infectives 0.6 0.6 1.6 0.7 -17.3

Others 0.2 0.3 -34.7 0.2 -4.9

Vitamins 0.2 0.3 -25.5 0.2 3.1


Hormones 0.0 0.0 26.6 0.1 -62.3



Acute, 66.8, 20.6%

Chronic, 233.8, 72.1%

Sub-Chronic,

23.6, 7.3%



75%11%

6%

5%

3%




Page 18

Pfizer

Stock Performance

80110140170200230


CNX Pharma Pfizer


20.6

8.1 12

.8 15.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

9.9

24.2

9.9

34.1

24.8

26.1

22.8

18.0

18.5

11.6

20.2

17.2 19

.5

9.7

-10-505

10152025303540

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Pfizer



2.912.85

3.05

3.243.32

3.032.97 2.99

2.872.93 2.97 2.952.92

2.4

2.6

2.8

3.0

3.2

3.4

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Pfizer



Corex Respiratory 27.7 19.1 44.7 27.4 1.0

Becosules Vitamins 20.5 24.5 -16.3 21.7 -5.7

Magnex Anti-Infectives 12.9 10.7 20.8 12.3 4.9

Gelusil Mps Gastro Intestinal 11.5 10.8 7.1 11.5 0.6

Minipress Xl Cardiac 10.8 9.8 10.2 9.2 17.5

Wysolone Hormones 10.7 8.2 30.7 9.0 18.6

Dolonex Pain 10.3 10.8 -4.8 10.7 -3.6

Mucaine Gastro Intestinal 8.8 7.7 13.7 8.9 -1.6

Folvite Blood Related 7.1 5.3 33.9 6.7 5.6

Dalacin C Anti-Infectives 6.5 7.2 -10.4 6.6 -1.8



Anti-Infectives17%

Respiratory12%

Vitamins 11%

Gastro Intestinal11%Hormones

9%

Other40%




Anti-Infectives 42.6 38.9 9.6 39.4 8.1

Respiratory 33.6 25.3 32.6 32.6 3.1

Vitamins 26.1 29.4 -11.2 27.1 -3.7

Gastro Intestinal 25.2 23.5 7.2 25.7 -1.7

Hormones 24.5 22.4 9.3 22.0 11.2

Gynaecological 19.8 16.0 23.8 18.2 9.1

Cardiac 16.1 16.3 -1.7 14.9 7.7

Neuro 17.4 14.1 23.3 17.0 2.1

Pain 15.6 16.3 -4.3 15.9 -1.7

Vaccines 6.6 5.9 11.8 6.9 -4.7



Acute, 1796.6, 64.2%

Chronic, 430.7, 15.4%




49%

19%

10%

10%

12%


Source: AIOCD data base l


Page 19

Novartis India

Stock Performance

80

130

180


CNX Pharma Novartis India



20.6

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

9.9

13.4

5.8

5.1 6.

7

1.1

2.6 5.

9

0.0

2.7

14.1 16

.0

9.7

9.3

0

5

10

15

20

25

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Novartis India



1.33

1.41

1.32

1.381.34

1.26 1.25 1.23 1.241.28

1.351.321.34

1.1

1.2

1.2

1.3

1.3

1.4

1.4

1.5

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Novartis India



Galvus Met Anti Diabetic 23.2 16.9 37.4 24.7 -6.0

Voveran Pain 16.4 13.7 19.7 14.9 10.7

Galvus Anti Diabetic 10.4 9.7 7.1 10.3 0.2

Rabipur (Novartis) Vaccines 6.8 6.5 4.5 7.0 -3.1

Otrivin Respiratory 5.9 5.8 1.8 5.4 9.4

Tegrital Neuro 4.2 4.6 -7.3 4.5 -6.4

Regestrone Gynaecological 3.8 3.5 9.0 2.9 29.4

Voveran Pain 3.3 2.7 21.4 3.1 5.1

Afinitor Anti-Neoplastics 2.9 1.0 179.4 0.2 1127.5

Methergin Gynaecological 2.9 2.8 3.9 3.0 -3.0



Anti Diabetic27%

Pain 19%

Respiratory11%

Vitamins 10%

Gynaecological8%

Other25%




Anti Diabetic 34.3 27.2 26.2 35.7 -4.0

Pain 22.9 20.0 14.5 21.1 8.3

Respiratory 10.3 13.2 -21.7 8.8 17.7

Vitamins 11.1 11.2 -1.6 10.8 2.2


Vaccines 6.9 6.6 5.2 7.1 -2.9

Neuro 6.9 7.8 -11.5 7.4 -6.3

Anti-Infectives 4.8 4.4 8.7 4.6 3.5

Ophthal 3.7 2.7 35.8 3.2 15.2

Cardiac 1.2 1.4 -10.9 1.2 4.2



Acute, 590.2, 48.4%

Chronic, 453.0, 37.2%




69%

14%

6%6% 5%




Page 20

Unichem Laboratories

Stock Performance

70100130160


CNX Pharma Unichem Labs



20.6

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

9.9

10.4

-15.

9

2.9

3.8 6.6

13.6 16

.7

12.9

12.4

20.5

2.7 11

.1

0.6

-20

-15

-10

-5

0

5

10

15

20

25

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Unichem Laboratories



0.97

0.85

0.95 0.930.98

0.940.97

0.94

1.000.97

0.890.87

0.88

0.80

0.90

1.00

1.10

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Unichem Laboratories



Ampoxin Anti-Infectives 7.5 7.5 0.4 6.0 24.0

Losar H Cardiac 6.5 6.1 6.1 6.4 0.9

Losar Cardiac 5.4 5.3 2.4 5.3 2.3

Unienzyme Gastro Intestinal 4.8 5.3 -9.8 4.8 0.2

Vizylac Gastro Intestinal 2.9 2.8 3.3 3.2 -11.6

Trika Neuro 2.2 2.2 1.4 2.2 0.6

Serta Neuro 1.7 1.6 5.0 1.7 -0.7

Unistar (Unichem) Cardiac 1.5 1.6 -6.5 1.5 0.4

Telsar Cardiac 1.4 1.7 -17.5 1.4 0.3

Telsar-H Cardiac 1.2 1.3 -10.9 1.1 0.6



Cardiac41%

Anti-Infectives18%


Neuro 13%

Pain 4% Other

11%




Cardiac 29.7 29.8 -0.5 29.7 -0.2

Anti-Infectives 15.3 15.0 1.9 12.8 19.9


Neuro 9.4 8.4 12.7 9.7 -2.2

Pain 3.0 3.1 -2.4 3.1 -2.8

Anti Diabetic 2.3 2.6 -10.7 2.3 -1.6

Respiratory 2.0 2.4 -18.0 1.8 13.3

Vitamins 1.9 1.7 17.3 2.1 -9.3

Derma 1.5 1.2 25.6 1.4 8.5

Gynaecological 0.4 0.5 -29.8 0.4 -16.8



Acute, 322.3, 37.3%

Chronic, 489.8, 56.7%

Sub-Chronic,

51.7, 6.0%



49%

12%9%

11%

19%




Page 21

Indoco Remedies

Stock Performance

6080

100120140


CNX Pharma Indoco



20.6

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

9.9

29.1

6.1

4.8 8.

6

8.9

18.9 22

.0

-6.7

2.4

2.6

1.2 3.

4

-1.5

-10

-5

0

5

10

15

20

25

30

35

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Indoco Remedies



0.9

0.8

0.7 0.7 0.70.8

0.7

0.7 0.7 0.70.7 0.7 0.7

0.6

0.7

0.7

0.8

0.8

0.9

0.9

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indoco Remedies



Febrex Plus Respiratory 6.2 8.0 -22.1 5.3 18.9

Oxipod Anti-Infectives 3.9 3.7 4.6 3.0 29.8

Cyclopam Gastro Intestinal 3.6 3.5 1.6 4.1 -12.3

Atm Anti-Infectives 2.8 3.3 -15.3 2.4 19.6

Cital Urology 2.7 2.4 11.4 2.6 2.9

Sensodent-K Stomatologicals 2.6 3.6 -27.3 2.7 -0.2

Cloben G Derma 1.9 2.1 -7.2 2.0 -1.7

Karvol Plus Respiratory 1.8 1.5 22.1 1.5 23.4

Sensodent-Kf Stomatologicals 1.7 1.7 -4.0 2.0 -17.3

Vepan Anti-Infectives 1.6 1.8 -9.9 1.4 12.9


Exhibit 80: Contribution of therapies to domestic sales (MAT Sep’15) Respiratory

19%

Stomatologicals17%

Anti-Infectives16%


Vitamins 6%

Other28%




Respiratory 11.7 13.8 -14.9 9.8 20.2

Stomatologicals 8.9 10.1 -11.7 9.2 -3.9

Anti-Infectives 12.4 12.7 -2.5 10.4 19.8


Vitamins 3.5 3.4 5.2 3.6 -0.4

Urology 3.1 2.7 15.0 3.0 2.7

Pain 2.5 2.8 -9.9 2.3 7.6

Derma 2.6 2.7 -2.3 2.6 0.0

Ophthal 1.9 2.2 -12.4 2.2 -12.1

Anti Diabetic 1.8 2.2 -19.7 1.8 -3.2



Acute, 541.3, 81.6%

Chronic, 42.4, 6.4%

Sub-Chronic,

79.4, 12.0%



47%

17%

8%

10%

18%




Page 22

Ajanta Pharma

Stock Performance

80130180230280


CNX Pharma Ajanta



20.6

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

9.9

36.0

33.1

19.9

10.4

23.2

14.6

16.2 15

.4

9.5 10

.9

10.0

18.3

12.6

0

5

10

15

20

25

30

35

40Se

p-14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Ajanta Pharma



0.45

0.50

0.53

0.51 0.510.51

0.480.46

0.49 0.48 0.480.49

0.46

0.4

0.4

0.4

0.5

0.5

0.5

0.5

0.5

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Ajanta


Exhibit 84: Top 10 brands performance (| crore) Brand Therapy Sep'15 Sep'14 Var. (%) Aug'15 Var. (%)Met Xl Cardiac 4.0 4.1 -3.2 3.9 0.3

Melacare Derma 2.8 2.8 0.4 3.4 -16.8

Atorfit Cv Cardiac 2.8 2.6 7.5 3.3 -12.9

Soft Drops Ophthal 1.4 1.0 44.3 1.2 15.9

Feburic Pain 1.1 1.0 8.7 1.3 -9.3

Rosufit Cv Cardiac 1.1 1.0 13.7 1.1 3.2

Met Xl Am Cardiac 0.9 1.0 -2.9 0.9 -0.2

Peroclin Derma 0.9 0.7 17.8 0.8 6.6

Cinod Cardiac 0.7 0.5 37.1 0.7 -5.4

Olopat Ophthal 0.7 0.6 5.9 0.7 -4.5



Cardiac32%

Derma24%

Ophthal23%

Vitamins 6%

Pain 5%

Others10%




Cardiac 13.4 12.0 12.0 13.7 -2.1

Derma 8.3 7.8 6.1 8.7 -3.9

Ophthal 9.2 7.8 18.3 9.1 1.6

Vitamins 2.7 2.2 23.0 2.6 3.7

Pain 2.1 2.0 3.3 2.2 -4.4

Gastro Intestinal 1.1 1.2 -8.2 1.1 1.5

Neuro 0.9 1.0 -6.9 0.8 5.0

Ophthal 0.6 0.6 0.2 0.6 8.4

Anti-Infectives 0.7 0.3 117.5 0.7 5.7

Respiratory 0.3 0.4 -34.1 0.3 2.6



Acute, 186.2, 40.9%

Chronic, 219.3, 48.1%

Sub-Chronic,

50.0, 11.0%



43%

13%9%

13%

22%




Page 23

Alembic Pharma

Stock Performance

80100120140160180200


CNX Pharma Alembic Pharma



20.6

8.1

12.8 15

.3

14.0

19.9 21

.8

18.5

12.6 15

.5

12.8

13.0

9.9

30.7

5.3

9.3 11

.4

19.7

6.6

19.4 19

.1

15.2 18

.1

17.0

21.2

6.0

0

5

10

15

20

25

30

35Se

p-14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Indian Pharma Market Alembic Pharma



1.48

1.351.38 1.36

1.33

1.42

1.35

1.301.27 1.26

1.33

1.421.44

1.1

1.2

1.2

1.3

1.3

1.4

1.4

1.5

1.5

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

Apr-1

5

May

-15

Jun-

15

Jul-1

5

Aug-

15

Sep-

15

(%)

Alembic Pharma



Azithral Anti-Infectives 12.6 13.7 -8.0 11.6 8.5

Althrocin Anti-Infectives 9.0 10.9 -17.5 8.3 8.5

Roxid Anti-Infectives 5.8 5.3 8.3 4.7 22.0

Gestofit Gynaecological 4.2 3.4 23.4 4.4 -3.3

Ulgel Gastro Intestinal 3.6 2.9 25.0 3.3 9.4

Wikoryl Respiratory 3.3 3.8 -13.9 2.9 12.5

Rekool D Gastro Intestinal 2.8 2.3 17.9 2.8 -2.1

Zeet Respiratory 2.4 2.9 -17.9 2.1 11.8

Rekool L Gastro Intestinal 2.3 2.1 11.3 2.1 9.5

Glisen Mf Anti Diabetic 2.1 1.9 12.0 2.2 -1.9



Anti-Infectives27%

Gastro Intestinal14%Respiratory

13%

Cardiac12%

Gynaecological10%

Other24%



Anti-Infectives 32.9 36.3 -9.5 29.3 12.2Gastro Intestinal 17.7 16.2 9.2 17.3 2.2Respiratory 16.0 16.5 -2.7 13.6 18.0Cardiac 15.6 11.5 35.9 15.7 -0.2Gynaecological 12.2 10.1 20.6 12.5 -2.1Vitamins 7.0 7.1 -0.9 7.2 -2.1Anti Diabetic 6.9 5.3 30.2 6.6 5.6Pain 4.7 3.8 21.9 4.3 8.6Derma 2.8 1.7 64.7 2.6 7.6Urology 2.3 2.6 -10.4 2.1 12.5

Aug'15 QoQ (%)Therapy Sep'15 Sep'14 YoY (%)



Acute, 776.3, 61.9%

Chronic, 255.6, 20.4%




Acute, 186.2, 40.9%

Chronic, 219.3, 48.1%




Page 24

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

0

5

10

15

20

25

30

35

40

Mar

-06

Oct-0

6

May

-07

Dec-

07

Jul-0

8

Feb-

09

Sep-

09

Apr

-10

Nov

-10

Jun-

11

Jan-

12

Aug

-12

Mar

-13

Oct-1

3

May

-14

Dec-

14

x

CNX Pharma Sensex

78.6% Premium

Source: Company, ICICIdirect.com Research

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

0

5

10

15

20

25

30

35

Mar

-07

Aug

-07

Jan-

08

Jun-

08

Nov

-08

Apr

-09

Sep-

09

Feb-

10

Jul-1

0

Dec-

10

May

-11

Oct-1

1

Mar

-12

Aug

-12

Jan-

13

Jun-

13

Nov

-13

Apr

-14

Sep-

14

Feb-

15

Jul-1

5

x

CNX Pharma Sensex

54.4% Premium

Source: Company, ICICIdirect.com Research

ICICIdirect.com coverage universe (Healthcare) I-Direct CMP TP Rating M CapCode (|) (|) (| Cr) FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E

Ajanta Pharma AJAPHA 1498 1950 Buy 13104.8 36.0 45.8 56.5 41.6 32.7 26.5 26.4 22.0 17.5 50.3 46.8 42.5 37.8 34.8 31.9

Apollo Hospitals APOHOS 1441 1400 Hold 19939.7 23.7 30.9 45.2 60.7 46.7 31.9 26.3 20.9 15.2 9.9 12.4 16.4 10.4 12.4 16.0

Aurobindo Pharma AURPHA 806 860 Buy 46802.5 27.1 33.4 39.3 29.8 24.1 20.5 36.8 30.7 25.0 23.8 23.4 26.4 36.7 31.7 28.4

Alembic Pharma ALEMPHA 719.3 790 Buy 13484.4 15.1 32.4 28.4 47.5 22.2 25.3 32.1 16.0 18.3 30.8 48.8 34.7 32.2 32.2 32.2

Biocon BIOCON 442 470 Hold 8788.5 20.4 23.0 28.0 21.6 19.2 15.8 6.3 4.9 3.8 10.4 11.8 13.4 12.5 12.8 14.0

Cadila Healthcare CADHEA 423.2 455 Buy 43078.4 56.0 80.0 104.4 7.6 5.3 4.1 22.4 15.9 12.7 20.7 27.0 30.0 27.0 29.9 30.2Cipla CIPLA 679 750 Buy 54243.1 14.7 25.3 34.2 46.2 26.8 19.8 24.8 24.5 16.7 17.2 13.8 17.3 13.8 10.9 16.3

Divi's Laboratories DIVLAB 1071 1180 Hold 28277.3 64.2 79.1 98.2 16.7 13.5 10.9 1.8 1.3 0.8 29.4 30.1 31.2 24.4 24.9 25.2

Dr Reddy's Labs DRREDD 4197 4600 Buy 71194.7 130.6 159.9 191.6 32.1 26.3 21.9 13.9 11.0 9.0 17.0 18.5 19.4 19.9 19.0 18.6

Glenmark Pharma GLEPHA 1014 1000 Hold 28459.7 16.5 33.7 47.5 61.6 30.1 21.4 23.8 25.9 18.3 19.3 14.7 22.0 18.1 14.2 23.9

Indoco Remedies INDREM 327 385 Hold 2995.2 9.0 11.9 18.9 36.4 27.5 17.2 25.8 18.5 15.5 16.6 19.8 21.3 12.7 16.0 18.2

Ipca Laboratories IPCLAB 741.9 665 Hold 9310.6 19.9 25.0 41.5 37.3 29.6 17.9 12.5 19.7 17.9 26.8 11.5 11.0 27.2 11.4 13.0

Jubilant Life Sciences VAMORG 395 335 Hold 6251.8 -3.6 31.9 43.7 -108.8 12.4 9.0 14.1 7.3 6.0 5.8 13.6 16.1 -0.4 19.3 22.6

Lupin LUPIN 2067 1885 Buy 92532.4 53.6 55.7 75.4 38.6 37.1 27.4 28.6 22.6 21.8 35.7 35.1 24.4 26.5 27.1 22.9

Natco Pharma NATPHA 2588 2575 Buy 8966.4 34.6 48.7 67.2 74.9 53.2 38.5 43.7 36.3 27.0 16.1 15.1 18.9 14.1 13.8 16.7

Sun Pharma SUNPHA 883.7 850 Hold 211477.7 19.8 20.5 32.6 44.7 43.0 27.1 25.5 24.9 17.2 19.9 19.2 24.0 20.8 18.5 23.6

Torrent Pharma TORPHA 1544 1660 Buy 25981.6 44.4 94.4 79.0 34.8 16.4 19.5 14.3 15.0 5.6 28.1 20.1 45.5 34.9 30.2 44.4

Unichem Laboratories UNILAB 306.4 214 Hold 2767.4 8.3 14.8 21.2 36.9 20.7 14.4 14.2 24.8 12.9 19.0 8.5 17.2 16.7 8.7 14.5

RoNW (%)Company

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


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

Pankaj Pandey Head – Research [email protected]

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

[email protected]


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