INSTITUTIONAL EQUITY RESEARCH
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Pharmaceuticals US policy concerns pricing; a relief from “price negotiations” INDIA | PHARMACEUTICALS | Sector Update
29 June 2017
USFDA, with an intention to contain rising drug prices, has unveiled a two‐pronged approach to increase competition in the market for prescription drugs and facilitate entry of lower‐cost alternatives: (1) it has made public 267 drugs with no generic competition (even after the expiry of patent as well as exclusivity) in order to encourage new generic filling, and (2) it has outlined a new policy – prioritized review process of generic drug applications and faster drug approvals. The details of its approach and our observations are as follows: No Indian peer except Jubilant Life affected due to the 267 drugs made public USFDA’s move – to make public 267 drugs that are off patent and off exclusivity with no generic competition – is to improve transparency and encourage the development and submission of ANDAs in markets with no competition. Our study of this list suggests that most listed drugs are injectables (129 injectables, 71 oral dosages, others). In the list, 15 are manufactured by Indian generic companies – 7 from Sun Pharma (covering three radio pharma drugs of Pharmalucense and one from Ranbaxy), five from Jubilant Life Sciences, and one each from Dr Reddy’s, Emcure, and Alkem. However, except for Jubilant Life Sciences, none of the Indian peers make influential drug (>1% of their respective US generic sales). Jubilant’s five products in the list belong to its radio‐pharma business, which is its highest earnings contributor (~10% of sales and >40% earnings). Any generic competition in this product class could hurt its future profitability. Prioritised approval/review process of ANDAs with limited competition Considering that limited or no competition has been the key reason for spiraling drug prices, the USFDA has prioritized its review process of generic drug applications (ANDAs). It expects to expedite the approval of ANDAs until there are three approved generics for a given drug product. Additionally, its priority list covers drugs under shortages, President’s Emergency Plan for AIDS Relief (PEFAR) program, certain government purchasing programs, and public health emergencies. Such a policy – one that will enhance competition at a time of channel consolidation – could lead to generic price erosion and hurt the growth outlook for generic players in the near future. However, the rising focus of Indian peers towards complex generics and specialty pharma products would mitigate the concern of enhanced competition. Our study of the top‐10 generic products of Indian players (excluding exclusive opportunities) in the US (contributing over 50% of their US generic sales) suggests that none fall under the priority list with less than three generic competitors. The key exception is Sun Pharma’s gDoxil (Pegylated Liposomal Doxorubicin HCl) injection – that has two generic competitors and generates about 4% of its total US sales. Our take: A great relief that US regulators are not resorting to “price negotiations” While the USFDA’s new policy initiatives come at a time of enhanced channel consolidation, and raise concerns about increased price competition, it is a great relief for the generic industry that the regulator is not adopting the approach of compulsory price negotiations that it had mentioned earlier. In the current regulatory/pricing scenario, we believe players such as Aurobindo Pharma, with its well‐diversified drug portfolio and no price leadership, are well placed.
Companies Aurobindo Pharma Reco BUY CMP, Rs 671 Target Price, Rs 780 Biocon Ltd Reco NEUTRAL CMP, Rs 328 Target Price, Rs 370 Cadila Healthcare Reco NEUTRAL CMP, Rs 529 Target Price, Rs 470 Cipla Ltd Reco NEUTRAL CMP, Rs 537 Target Price, Rs 460 Divis Labs Reco BUY CMP, Rs 640 Target Price, Rs 690 Dr Reddy’s Labs Reco NEUTRAL CMP, Rs 2654 Target Price, Rs 3000 Glenmark Pharma Reco BUY CMP, Rs 629 Target Price, Rs 910 IPCA Reco NEUTRAL CMP, Rs 479 Target Price, Rs 480 Lupin Ltd Reco BUY CMP, Rs 1065 Target Price, Rs 1550 Sun Pharma Reco NEUTRAL CMP, Rs 540 Target Price, Rs 620 Surya Patra (+ 9122 6246 4121) [email protected] Mehul Sheth (+ 9122 6246 4123) [email protected]
PHARMACEUTICALS SECTOR UDPATE
Drug products relating to Indian peers included in USFDA’s priority list Companies Ingredient Brand name Type Alkem SILVER SULFADIAZINE THERMAZENE Topical Cream Dr Reddy's Lab CLOCORTOLONE PIVALATE CLODERM Topical Cream Emcure CARMUSTINE BICNU Inj Jubilant RUBIDIUM CHLORIDE RB‐82 RUBY‐FILL Inj Jubilant SODIUM IODIDE I‐131 SODIUM IODIDE I 131 Caps Jubilant TECHNETIUM TC‐99M ALBUMIN AGGREGATED KIT TECHNETIUM TC Inj Jubilant TECHNETIUM TC‐99M MEDRONATE DRAXIMAGE MDP‐25 Inj Jubilant TECHNETIUM TC‐99M PENTETATE KIT DTPA Inj Sun Pharma ASPIRIN; CAFFEINE; DIHYDROCODEINE BITARTRATE SYNALGOS‐DC Caps Sun Pharma DESVENLAFAXINE FUMARATE DESVENLAFAXINE Tabs ER Ranbaxy (Sun Pharma) HALCINONIDE HALOG Topical Ointment Sun Pharma SULCONAZOLE NITRATE EXELDERM Topical Solu Pharmalucence (Sun Pharma) TECHNETIUM TC‐99M DISOFENIN KIT HEPATOLITE Inj Pharmalucence (Sun Pharma) TECHNETIUM TC‐99M MEDRONATE KIT CIS‐MDP Inj Pharmalucence (Sun Pharma) TECHNETIUM TC‐99M PYROPHOSPHATE KIT CIS‐PYRO Inj Valuation summary
CMP ___EPS (Rs)___ EPS Growth (%) ___PE (X)___ EV/EBITDA (X) ___ROE (%)___ CAGR Reco. TP %(Rs) FY18e FY19e FY18e FY19e FY18e FY19e FY18e FY19e FY18e FY19e EPS (%) (RS) Upside
Aurobindo Pharma 671 42.8 48.8 8.8 14.0 15.7 13.7 10.4 8.9 22.2 20.7 11.4 BUY 780 16Biocon 328 8.8 11.7 ‐13.4 32.5 37.1 28.0 7.5 6.1 11.6 14.5 7.1 NEUTRAL 370 13Cadila Healthcare 529 20.6 21.4 41.5 4.1 25.7 24.7 19.0 17.6 25.4 21.6 21.4 NEUTRAL 470 ‐11Cipla 537 19.4 25.5 55.2 31.1 27.6 21.1 16.3 12.9 11.3 12.9 42.6 NEUTRAL 460 ‐14Divis 640 36.1 40.6 ‐12.9 12.3 17.7 15.8 12.4 10.8 16.9 16.8 (1.1) BUY 690 8Dr Reddy's Labs. 2,654 117.6 149.4 57.5 27.1 22.6 17.8 14.1 11.4 13.6 15.0 41.5 NEUTRAL 3000 13Glenmark Pharma 629 50.2 56.6 7.9 12.7 12.5 11.1 8.6 7.5 21.9 20.0 10.3 BUY 910 45IPCA 479 24.9 37.0 60.4 48.2 19.2 13.0 10.6 7.6 11.2 14.2 54.2 NEUTRAL 480 0Lupin 1,065 66.2 77.2 3.0 16.5 16.1 13.8 10.4 8.7 19.0 18.5 9.5 BUY 1550 46Sun Pharma 545 25.9 29.6 ‐10.7 14.4 21.0 18.4 12.0 10.1 14.9 14.9 1.0 NEUTRAL 620 14
Source: Company, PhillipCapital India Research Estimates
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PHARMACEUTICALS SECTOR UDPATE
Part I – List of drugs for which FDA could immediately accept an ANDA without prior discussion Ingredient Approved NDA Brand Name Type Innovator ACETYLCHOLINE CHLORIDE N020213 MIOCHOL‐E Opthal solu Valeant ACRIVASTINE; PSEUDOEPHEDRINE HYDROCHLORIDE N019806 SEMPREX‐D Caps Endo Pharma ALBENDAZOLE N020666 ALBENZA Tabs Impax Pharma ALPHA‐TOCOPHEROL ACETATE; ASCORBIC ACID; BIOTIN; CHOLECALCIFEROL; CYANOCOBALAMIN; DEXPANTHENOL; FOLIC ACID; NIACINAMIDE; PYRIDOXINE HYDROCHLORIDE; RIBOFLAVIN 5'‐PHOSPHATE SODIUM; THIAMINE HYDROCHLORIDE; VITAMIN A PALMITATE; VITAMIN K
N021163; N021559 INFUVITE ADULT Inj Sandoz
AMINO ACIDS; CALCIUM ACETATE; GLYCERIN; MAGNESIUM ACETATE; PHOSPHORIC ACID; POTASSIUM CHLORIDE; SODIUM ACETATE; SODIUM CHLORIDE
N018582 PROCALAMINE Inj B BRAUN
AMINO ACIDS; CALCIUM CHLORIDE; DEXTROSE; MAGNESIUM CHLORIDE; POTASSIUM PHOSPHATE, DIBASIC; SODIUM ACETATE; SODIUM CHLORIDE
N020678 CLINIMIX E Inj Baxter
AMINO ACIDS; DEXTROSE N020734 CLINIMIX Inj Baxter AMINO ACIDS; MAGNESIUM ACETATE; PHOSPHORIC ACID; POTASSIUM ACETATE; POTASSIUM CHLORIDE; SODIUM ACETATE
N016822 FREAMINE III Inj B BRAUN
AMINO ACIDS; MAGNESIUM ACETATE; PHOSPHORIC ACID; POTASSIUM ACETATE; SODIUM CHLORIDE
N017789 AMINOSYN Inj ICU MEDICAL INC
AMINO ACIDS; MAGNESIUM ACETATE; PHOSPHORIC ACID; POTASSIUM CHLORIDE; SODIUM ACETATE; SODIUM CHLORIDE
N016822 FREAMINE III Inj B BRAUN
AMINO ACIDS; MAGNESIUM CHLORIDE; POTASSIUM CHLORIDE; POTASSIUM PHOSPHATE, DIBASIC; SODIUM CHLORIDE
N019437 AMINOSYN II Inj ICU MEDICAL INC
AMINO ACIDS; MAGNESIUM CHLORIDE; POTASSIUM PHOSPHATE, DIBASIC; SODIUM CHLORIDE
N017673; N017789 AMINOSYN 7%/8.5%
Inj ICU MEDICAL INC
AMOXICILLIN; CLARITHROMYCIN; OMEPRAZOLE N050824 OMEPRAZOLE AND CLARITHROMYCIN AND AMOXICILLIN
Caps GastroEntero‐Logic
APOMORPHINE HYDROCHLORIDE N021264 APOKYN Inj US WorldMeds ARGININE HYDROCHLORIDE N016931 R‐GENE 10 Inj Pfizer ARTEMETHER; LUMEFANTRINE N022268 COARTEM Inj Novartis ASCORBIC ACID; BIOTIN; CHOLECALCIFEROL; CYANOCOBALAMIN; DEXPANTHENOL; FOLIC ACID; NIACINAMIDE; PYRIDOXINE; RIBOFLAVIN; THIAMINE; TOCOPHEROL ACETATE; VITAMIN A; VITAMIN K
N021265; N021646 INFUVITE PEDIATRIC
Inj Sandoz
ASCORBIC ACID; BIOTIN; CYANOCOBALAMIN; DEXPANTHENOL; ERGOCALCIFEROL; FOLIC ACID; NIACINAMIDE; PHYTONADIONE; PYRIDOXINE HYDROCHLORIDE; RIBOFLAVIN 5'‐PHOSPHATE SODIUM; THIAMINE HYDROCHLORIDE; VITAMIN A; VITAMIN E
N018920 INFUVITE PEDIATRIC
Inj Sandoz
ASCORBIC ACID; BIOTIN; CYANOCOBALAMIN; DEXPANTHENOL; ERGOCALCIFEROL; FOLIC ACID; NIACINAMIDE; PYRIDOXINE HYDROCHLORIDE; RIBOFLAVIN 5'‐PHOSPHATE SODIUM; THIAMINE HYDROCHLORIDE; VITAMIN A; VITAMIN E
N008809 M.V.I.‐12 Inj Hospira
ASCORBIC ACID; BIOTIN; CYANOCOBALAMIN; DEXPANTHENOL; ERGOCALCIFEROL; FOLIC ACID; NIACINAMIDE; PYRIDOXINE HYDROCHLORIDE; RIBOFLAVIN 5'‐PHOSPHATE SODIUM; THIAMINE HYDROCHLORIDE; VITAMIN A; VITAMIN E; VITAMIN K
N021625; N021643 M.V.I. ADULT Inj Hospira
ASPIRIN; CAFFEINE; DIHYDROCODEINE BITARTRATE N011483 SYNALGOS‐DC Caps Sun Pharma ATROPINE SULFATE N021146; N206289 ATROPINE SULFATE Opthal solu Akorn ATROPINE SULFATE; DIFENOXIN HYDROCHLORIDE N017744 MOTOFEN Tabs SEBELA IRELAND LTD ATROPINE SULFATE; EDROPHONIUM CHLORIDE N019678 ENLON‐PLUS Inj Mylan AURANOFIN N018689 RIDAURA Caps SEBELA IRELAND LTD BARIUM SULFATE N208036; N208143;
N208844 VARIBAR Paste oral BRACCO
DIAGNOSTICS INC BENTOQUATAM N020532 IVY BLOCK Topical Lotion Standard
Homeopathic BENZYLPENICILLOYL POLYLYSINE N050114 PRE‐PEN Inj ALLERQUEST Pharma BETAINE HYDROCHLORIDE N020576 CYSTADANE Oral Solu Rare Disease
Therapeutics BOSENTAN N021290 TRACLEER Tabs Actelion Pharma BRINZOLAMIDE N020816 AZOPT Opthal Susp Novartis BUTENAFINE HYDROCHLORIDE N020524; N021307 LOTRIMIN ULTRA Topical Cream Bayer Healthcare CALCIUM CHLORIDE N021117 CALCIUM
CHLORIDE 10% Inj Hospira
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Ingredient Approved NDA Brand Name Type Innovator CALCIUM CHLORIDE; DEXTROSE; GLUTATHIONE DISULFIDE; MAGNESIUM CHLORIDE; POTASSIUM CHLORIDE; SODIUM BICARBONATE; SODIUM CHLORIDE; SODIUM PHOSPHATE
N018469; N020079 ENDOSOL EXTRA Solu Irrigation Akorn
CALCIUM CHLORIDE; DEXTROSE; LACTIC ACID; MAGNESIUM CHLORIDE; POTASSIUM CHLORIDE; SODIUM BICARBONATE; SODIUM CHLORIDE
N021703 PRISMASOL BK Inj Baxter
CALCIUM CHLORIDE; DEXTROSE; MAGNESIUM CHLORIDE; SODIUM CHLORIDE; SODIUM LACTATE
N017512; N018883; N020163; N020171; N020183
DIANEAL LOW CALCIUM
SOLU INTRAPERITONEAL
Baxter
CALCIUM CHLORIDE; DEXTROSE; MAGNESIUM SULFATE; POTASSIUM CHLORIDE; SODIUM BICARBONATE; SODIUM CHLORIDE; SODIUM PHOSPHATE, DIBASIC, HEPTAHYDRATE
N020577 ELLIOTTS B SOLUTION
Inj LUKARE MEDICAL LLC
CALCIUM CHLORIDE; DEXTROSE; POTASSIUM CHLORIDE; SODIUM CHLORIDE N018254; N020000 DEXTROSE 5% Inj B BRAUN CALCIUM CHLORIDE; DEXTROSE; POTASSIUM CHLORIDE; SODIUM CHLORIDE; SODIUM LACTATE
N016679; N017608; N019367; N019634; N019685
POTASSIUM CHLORIDE
Inj ICU MEDICAL INC
CALCIUM CHLORIDE; MAGNESIUM CHLORIDE; POTASSIUM CHLORIDE; SODIUM ACETATE; SODIUM CHLORIDE
N018895 TPN ELECTROLYTES Inj Hospira
CALCIUM CHLORIDE; POTASSIUM CHLORIDE; SODIUM CHLORIDE N016693; N017635; N018156; N018251; N018495;N020002
RINGER'S Inj B BRAUN
CALCIUM CHLORIDE; POTASSIUM CHLORIDE; SODIUM CHLORIDE; SODIUM LACTATE
N016682; N017641; N018494; N018681; N018921;N019416; N019632
LACTATED RINGER'S
Inj B BRAUN
CAPREOMYCIN SULFATE N050095 CAPASTAT SULFATE Inj Akorn CARBOPROST TROMETHAMINE N017989 HEMABATE Inj Pfizer CARMUSTINE N017422 BICNU Inj Emcure CHLORAMBUCIL N010669 LEUKERAN Tabs Apean Global CHLORDIAZEPOXIDE HYDROCHLORIDE; CLIDINIUM BROMIDE N012750 LIBRAX Caps Valeant CHLORPHENIRAMINE MALEATE; IBUPROFEN; PHENYLEPHRINE HYDROCHLORIDE
N022113 ADVIL ALLERGY AND CONGESTION RELIEF
Tabs Pfizer
CHROMIC CHLORIDE N018961 CHROMIC CHLORIDE
Inj Hospira
CITRIC ACID; GLUCONOLACTONE; MAGNESIUM CARBONATE N019481 RENACIDIN Solu Irrigation United‐Guardian CITRIC ACID; UREA C‐13 N021314 IDKIT:HP Tabs EXALENZ BIOSCIENCECLOCORTOLONE PIVALATE N017765 CLODERM Topical Cream Dr Reddy's Lab CUPRIC CHLORIDE N018960 CUPRIC CHLORIDE Inj Hospira DALFOPRISTIN; QUINUPRISTIN N050748 SYNERCID Inj KING PHARMS DALTEPARIN SODIUM N020287 FRAGMIN Inj Pfizer DESFLURANE N020118 SUPRANE LIQUID;INHAL
ATION Baxter
DESVENLAFAXINE N204150; N204683 KHEDEZLA Tabs Osmotica Pharma DESVENLAFAXINE FUMARATE N205583 DESVENLAFAXINE Tabs ER Sun Pharma DEXTROSE; MAGNESIUM ACETATE TETRAHYDRATE; POTASSIUM ACETATE; SODIUM CHLORIDE
N017385 PLASMA‐LYTE 56 Inj Baxter
DEXTROSE; MAGNESIUM ACETATE; POTASSIUM ACETATE; SODIUM CHLORIDE
N017610 NORMOSOL‐M AND DEXTROSE 5%
Inj ICU MEDICAL INC
DEXTROSE; MAGNESIUM CHLORIDE; POTASSIUM CHLORIDE; POTASSIUM PHOSPHATE, DIBASIC; SODIUM ACETATE
N019873 ISOLYTE P IN DEXTROSE
Inj B BRAUN
DEXTROSE; MAGNESIUM CHLORIDE; POTASSIUM CHLORIDE; POTASSIUM PHOSPHATE, MONOBASIC; SODIUM CHLORIDE; SODIUM LACTATE
N017484 DEXTROSE 5% AND ELECTROLYTE
Inj Baxter
DEXTROSE; MAGNESIUM CHLORIDE; POTASSIUM CHLORIDE; POTASSIUM PHOSPHATE, MONOBASIC; SODIUM LACTATE; SODIUM PHOSPHATE, MONOBASIC ANHYDROUS
N019513 IONOSOL MB AND DEXTROSE
Inj ICU MEDICAL INC
DEXTROSE; MAGNESIUM CHLORIDE; POTASSIUM CHLORIDE; SODIUM ACETATE; SODIUM CHLORIDE
N019844 ISOLYTE H IN DEXTROSE 5%
Inj B BRAUN
DEXTROSE; MAGNESIUM CHLORIDE; POTASSIUM CHLORIDE; SODIUM ACETATE; SODIUM CHLORIDE; SODIUM GLUCONATE
N017609 NORMOSOL‐R AND DEXTROSE 5%
Inj ICU MEDICAL INC
DEXTROSE; POTASSIUM CHLORIDE N017634; N018371; N019699
POTASSIUM CHLORIDE 0.3%
Inj B BRAUN
Ingredient Approved NDA Brand Name Type Innovator
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DEXTROSE; POTASSIUM CHLORIDE; POTASSIUM PHOSPHATE, DIBASIC; SODIUM ACETATE; SODIUM CHLORIDE
N019870 ISOLYTE M IN DEXTROSE 5%
Inj B BRAUN
DEXTROSE; POTASSIUM CHLORIDE; SODIUM CHLORIDE N018008; N018037; N018362; N018365; N018629;N018876; N019308; N019630; N019691
POTASSIUM CHLORIDE 5MEQ
Inj ICU MEDICAL INC
DEXTROSE; SODIUM CHLORIDE N016678; N016683; N016687; N016689; N016696;N016697; N017585; N017606; N017607; N017799;N019631
DEXTROSE 5% AND SODIUM CHLORIDE 0.9%
Inj B BRAUN
DIATRIZOATE MEGLUMINE; IODIPAMIDE MEGLUMINE N011324 SINOGRAFIN Solu Irrigation BRACCO DIAGNOSTICS INC
DIMERCAPROL N005939 BAL Inj Akorn DINOPROSTONE N017810; N019617;
N020411 CERVIDIL Insert ER
Vaginal Ferring Pharma
DOLASETRON MESYLATE N020623; N020624 ANZEMET Inj Pfizer ECHOTHIOPHATE IODIDE N011963 PHOSPHOLINE
IODIDE Opthal solu Pfizer
EDETATE CALCIUM DISODIUM N008922 CALCIUM DISODIUM VERSENATE
Inj Medicis
EFLORNITHINE HYDROCHLORIDE N021145 VANIQA Topical Cream SkinMedica EMEDASTINE DIFUMARATE N020706 EMADINE Opthal solu Novartis ENFUVIRTIDE N021481 FUZEON Inj Roche ESOMEPRAZOLE STRONTIUM N202342 ESOMEPRAZOLE
STRONTIUM Caps DR R2 Pharma
ESTRAMUSTINE PHOSPHATE SODIUM N018045 EMCYT Caps Pfizer ESTROGENS, CONJUGATED N004782; N010402 PREMARIN Inj Pfizer ETHANOLAMINE OLEATE N019357 ETHAMOLIN Inj QOL Medical ETHIONAMIDE N013026 TRECATOR Tabs Pfizer ETOPOSIDE PHOSPHATE N020457 ETOPOPHOS
PRESERVATIVE FREE
Inj BMS
EZOGABINE N022345 POTIGA Tabs Glaxo FLUORESCEIN SODIUM N021980; N022186 AK‐FLUOR
25%/10% Inj Akorn
FOSFOMYCIN TROMETHAMINE N050717 MONUROL Opthal Susp Zambon Group GLUTAMINE N021667 NUTRESTORE Oral Solu Emmaus Life GLYCINE N016784; N017865;
N018315 GLYCINE 1.5% Solu Irrigation ICU MEDICAL INC
GUAIFENESIN; HYDROCODONE BITARTRATE N022424; N205474 OBREDON Oral Solu Sovereign Pharma GUAIFENESIN; HYDROCODONE BITARTRATE; PSEUDOEPHEDRINE HYDROCHLORIDE
N022279 HYCOFENIX Oral Solu Mission Pharma
HALCINONIDE N017556; N017824 HALOG Topical Ointment
Sun Pharma
HYDROCHLOROTHIAZIDE; METOPROLOL SUCCINATE N021956 DUTOPROL Tabs ER Concordia International
HYDROXYAMPHETAMINE HYDROBROMIDE; TROPICAMIDE N019261 PAREMYD Opthal solu Akorn IDOXURIDINE N014169 DENDRID Opthal solu Alcon ILOPROST N021779 VENTAVIS Inhaler Solu ACTELION PHARMS LODOXAMIDE TROMETHAMINE N020191 ALOMIDE Opthal solu Novartis LOMUSTINE N017588 GLEOSTINE Caps Corden Pharma LOTEPREDNOL ETABONATE N020583 LOTEMAX Opthal solu Valeant LOTEPREDNOL ETABONATE; TOBRAMYCIN N050804 ZYLET Opthal solu Valeant MAGNESIUM CHLORIDE; POTASSIUM CHLORIDE; POTASSIUM PHOSPHATE, MONOBASIC; SODIUM ACETATE; SODIUM CHLORIDE; SODIUM GLUCONATE; SODIUM PHOSPHATE, DIBASIC, HEPTAHYDRATE
N019696 ISOLYTE S PH 7.4 Inj B BRAUN
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PHARMACEUTICALS SECTOR UDPATE
Ingredient Approved NDA Brand Name Type Innovator MAGNESIUM CHLORIDE; POTASSIUM CHLORIDE; SODIUM ACETATE; SODIUM CHLORIDE; SODIUM GLUCONATE
N017378; N017586; N017637; N019024; N019711
ISOLYTE S Inj B BRAUN
MAGNESIUM SULFATE; POTASSIUM CHLORIDE; POTASSIUM PHOSPHATE, MONOBASIC; SODIUM CHLORIDE; SODIUM PHOSPHATE
N018336; N018508 TIS‐U‐SO Solu Irrigation Baxter
MAGNESIUM SULFATE; POTASSIUM SULFATE; SODIUM SULFATE N204553 COLPREP KIT Oral Powder Gator Pharm MANGANESE CHLORIDE N018962 MANGANESE
CHLORIDE Inj Hospira
MANNITOL; SORBITOL N018316 SORBITOL‐MANNITOL
Solu Irrigation ICU MEDICAL INC
MESTRANOL; NORETHINDRONE N016659 NORINYL 1+50 Tabs Actavis METHACHOLINE CHLORIDE N019193 PROVOCHOLINE Inhaler Solu Methapharm METHOHEXITAL SODIUM N011559 BREVITAL SODIUM Inj Par Pharma MIGLUSTAT N021348 ZAVESCA Caps Acetelion Pharma MITOTANE N016885 LYSODREN Tabs BMS NABILONE N018677 CESAMET Caps Mylan NELFINAVIR MESYLATE N020779; N021503 VIRACEPT Tabs Pfizer OLSALAZINE SODIUM N019715 DIPENTUM Caps Mylan OXYMETHOLONE N016848 ANADROL‐50 Tabs Mylan PENICILLAMINE N019853; N019854 DEPEN Tabs Mylan PENICILLIN G BENZATHINE; PENICILLIN G PROCAINE N050138 BICILLIN C‐R Inj KING PHARMS PENTAZOCINE LACTATE N016194 TALWIN Inj Hospira PENTETATE CALCIUM TRISODIUM N021749 PENTETATE
CALCIUM TRISODIUM
Inhaler Solu Hameln pharma
PENTETATE ZINC TRISODIUM N021751 PENTETATE ZINC TRISODIUM
Inhaler Solu Hameln pharma
PENTOSAN POLYSULFATE SODIUM N020193 ELMIRON Caps Janseen POVIDONE‐IODINE N018634; N019522 POVIDONE IODINE Topical Solu Henry Ford AllegiancePRALIDOXIME CHLORIDE N014134; N018986 PRALIDOXIME
CHLORIDE Inj Meridian Medical
PRAZIQUANTEL N018714 BILTRICIDE Tabs Bayer Healthcare PROCARBAZINE HYDROCHLORIDE N016785 MATULANE Caps Leadiant Biosciences PURIFIED WATER N022305 PUR‐WASH Opthal solu Niagara Pharma PYRIMETHAMINE N008578 DARAPRIM Tabs Turing Pharma SAQUINAVIR MESYLATE N020628; N021785 INVIRASE Tabs Roche SODIUM ACETATE ANHYDROUS N018893 SODIUM ACETATE Inj Hospira SODIUM LACTATE N018947 SODIUM LACTATE Inj Hospira SODIUM PHOSPHATE, DIBASIC, HEPTAHYDRATE; SODIUM PHOSPHATE, MONOBASIC, ANHYDROUS
N018892 SODIUM PHOSPHATES
Inj Hospira
SORBITOL N016741; N017863 SORBITOL 3% Solu Irrigation Baxter STERILE WATER FOR IRRIGATION N016734; N017428;
N017513; N017866; N018313
STERILE WATER LIQUID; Irrigation
ICU MEDICAL INC
STREPTOZOCIN N050577 ZANOSAR Inj Teva TENIPOSIDE N020119 VUMON Inj WG Critical Care TETRACAINE HYDROCHLORIDE N208135 TETRACAINE
HYDROCHLORIDE Opthal solu Novartis
THIOGUANINE N012429 THIOGUANINE Tabs Aspean TOREMIFENE CITRATE N020497 FARESTON Tabs Kyowa Hakko Kirin TRIAMCINOLONE HEXACETONIDE N016466 ARISTOSPAN Inj Sandoz TRIAMTERENE N013174 DYRENIUM Caps Concordia
International TRIENTINE HYDROCHLORIDE N019194 SYPRINE Caps Valeant TRIMETHOPRIM HYDROCHLORIDE N074973 PRIMSOL Oral Solu Aytu BioScience TRIPTORELIN PAMOATE N020715; N021288;
N022437 TRELSTAR Inj Allergan
TROMETHAMINE N013025 THAM Inj Hospira TRYPAN BLUE N021670; N022278 MEMBRANEBLUE Opthal solu DORC VERTEPORFIN N021119 VISUDYNE Inj Valeant
Source: US FDA, PhillipCapital India Research
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Part II – List of drug products involving potential legal, regulatory, or scientific issues – which should be addressed with the Agency before submission of an ANDA Ingredient Approved NDA Brand Name Type Innovator ACETOHYDROXAMIC ACID N018749 LITHOSTAT Tabs Mission Pharma ALBUMIN IODINATED I‐125 SERUM N017836 JEANATOPE Inj ISO‐TEX
DIAGNOSTICS ALBUMIN IODINATED I‐131 SERUM N017837 MEGATOPE Inj ISO‐TEX
DIAGNOSTICS ALCOHOL; CHLORHEXIDINE GLUCONATE N021074 AVAGARD Topical Solu 3M Health Care ALITRETINOIN N020886 PANRETIN Topical Gel Eisai ALTRETAMINE N019926 HEXALEN Caps Eisai AMINO ACIDS; CALCIUM CHLORIDE; DEXTROSE; MAGNESIUM SULFATE; POTASSIUM CHLORIDE; SODIUM ACETATE; SODIUM GLYCEROPHOSPHATE; SOYBEAN OIL
N200656 PERIKABIVEN Emulsion IV FRESENIUS KABI
ATROPINE; PRALIDOXIME CHLORIDE N021983 DUODOTE Inj Meridian Medical AVOBENZONE; ECAMSULE; OCTOCRYLENE N021501; N021502 ANTHELIOS SX Topical Cream LOREAL USA AVOBENZONE; ECAMSULE; OCTOCRYLENE; TITANIUM DIOXIDE N021471; N022009 ANTHELIOS 40 Topical Cream LOREAL USA AVOBENZONE; OCTINOXATE; OXYBENZONE N020045 SHADE UVAGUARD Topical Lotion Bayer Healthcare BECLOMETHASONE DIPROPIONATE MONOHYDRATE N019389 BECONASE AQ Nasal Spray Glaxo BERACTANT N020032 SURVANTA Suspension
intra Abbive
CALFACTANT N020521 INFASURF PRESERVATIVE
Suspension intra
Ony inc
CARMUSTINE N020637 GLIADEL IMPLANT;INTRACRANIAL
Arbor Pharma
CHLORPHENIRAMINE MALEATE; PSEUDOEPHEDRINE SULFATE N018397 CHLOR‐TRIMETON Tabs ER Bayer Healthcare CIPROFLOXACIN HYDROCHLORIDE; HYDROCORTISONE N020805 CIPRO HC COLY‐MYCIN
S Novartis
CLOFAZIMINE N019500 LAMPRENE Caps Novartis COLISTIN SULFATE; HYDROCORTISONE ACETATE; NEOMYCIN SULFATE; THONZONIUM BROMIDE
N050356 COLY‐MYCIN S COLY‐MYCIN S
Endo Pharma
COPPER N018680 PARAGARD T INTRAUTERINE DEVICE;INTRAUTERINE
Teva
CORTICORELIN OVINE TRIFLUTATE* N020162 ACTHREL Inj Ferring Pharma DESIRUDIN RECOMBINANT* N021271 IPRIVASK Inj Valeant DOCOSANOL N020941 ABREVA Topical Cream Glaxo DOXYCYCLINE CALCIUM N050480 VIBRAMYCIN Susp Oral Pfizer ESTRADIOL HEMIHYDRATE N021371 ESTRASORB Emulsion
Topical Exeltis USA
ESTRADIOL; LEVONORGESTREL N021258 CLIMARA PRO Transdermal Film
Bayer Healthcare
ESTROGENS, CONJUGATED N020216 PREMARIN CREAM;TOPICAL, VAGINAL
Novartis
ESTROGENS, CONJUGATED; MEDROXYPROGESTERONE ACETATE N020527 PREMPRO Tabs Novartis ETHOTOIN N010841 PEGANONE Tabs Recordati Rare FERRIC HEXACYANOFERRATE(II) N021626 RADIOGARDASE Caps Heyl Chemisch FLUOROMETHOLONE ACETATE N019079 FLAREX Opthal Susp Novartis GADOBENATE DIMEGLUMINE N021357; N021358 MULTIHANCE
MULTIPACK Inj BRACCO
DIAGNOSTICS INC GADODIAMIDE N020123; N022066 OMNISCAN Inj GE Healthcare GADOPENTETATE DIMEGLUMINE N019596; N021037 MAGNEVIST Inj Bayer Healthcare GADOTERIDOL N020131; N021489 PROHANCE
MULTIPACK Inj BRACCO
DIAGNOSTICS INC GADOVERSETAMIDE N020937; N020975;
N020976 OPTIMARK Inj Liebel‐Flarsheim
GALLIUM CITRATE GA‐67 N017478; N018058 GALLIUM CITRATE Inj MALLINKRODT GENTAMICIN SULFATE; PREDNISOLONE ACETATE N050586; N050612 PRED‐G Opthal
oinment Allergan
GLUCAGON HYDROCHLORIDE N201849 GLUCAGON Intravenus FRESENIUS KABI
Page | 7 | PHILLIPCAPITAL INDIA RESEARCH
PHARMACEUTICALS SECTOR UDPATE
Powder GLUCAGON HYDROCHLORIDE RECOMBINANT
N020918 GLUCAGEN Inj Novo Nordisk
Ingredient Approved NDA Brand Name Type Innovator GLUCAGON RECOMBINANT N020928 GLUCAGON Inj Eli Lilly GONADOTROPIN, CHORIONIC* N017016; N017067;
N017692 PREGNYL Inj Merck
GUANIDINE HYDROCHLORIDE N001546 GUANIDINE HYDROCHLORIDE
Tabs Merck
HEXACHLOROPHENE N017433 PRE‐OP II Topical Sponge
Pfizer
HYALURONIDASE N021640; N021665 AMPHADASE Inj Amphastar Pharma HYDROCORTISONE ACETATE; NEOMYCIN SULFATE; POLYMYXIN B SULFATE N050218 CORTISPORIN Topical Cream Pfizer HYDROCORTISONE PROBUTATE N020453 PANDEL Topical Cream Sandoz HYDROXYPROPYL CELLULOSE N018771 LACRISER Opthal insert Valeant IMIGLUCERASE* N020367 CEREZYME Inj Sanofi INDIUM IN‐111 CHLORIDE N019841; N019862 INDICLOR Inj GE Healthcare INDIUM IN‐111 OXYQUINOLINE N019044 INDIUM IN 111 Inj GE Healthcare INDIUM IN‐111 PENTETATE DISODIUM N017707 MPI INDIUM DTPA Inj GE Healthcare IOBENGUANE SULFATE I‐123 N022290 ADREVIEW Inj GE Healthcare IODINE POVACRYLEX; ISOPROPYL ALCOHOL N021586 DURAPREP Topical
Sponge 3M Health Care
IODIPAMIDE MEGLUMINE N009321 CHOLOGRAFIN MEGLUMINE
Inj BRACCO DIAGNOSTICS INC
IODIXANOL N020351; N020808 VISIPAQUE 320/270 Inj GE Healthcare IOFLUPANE I‐123 N022454 DATSCAN Inj GE Healthcare IOHEXOL N018956; N020608;
N205383 ORALTAG Oral Solu Interpharma Praha
IOPROMIDE N020220; N021425 ULTRAVIST Inj Bayer Healthcare IOTHALAMATE MEGLUMINE N013295; N016983;
N017057 CYSTO‐CONRAY II Inj Liebel‐Flarsheim
IOTHALAMATE SODIUM I‐125 N017279 GLOFIL‐125 Inj ISO‐TEX DIAGNOSTICS
IOVERSOL N019710; N020923 OPTIRAY 350 Inj Liebel‐Flarsheim IRON DEXTRAN N017441; N017807;
N040024 DEXFERRUM Inj Luitpold Pharma
IRON SUCROSE N021135 VENOFER Inj Luitpold Pharma ISOCARBOXAZID N011961 MARPLAN Tabs Validus Pharma ISONIAZID; PYRAZINAMIDE; RIFAMPIN N050705 RIFATER Tabs Sanofi LEUPROLIDE ACETATE; NORETHINDRONE ACETATE N203696 LUPANETA PACK Inj Abbive LIOTRIX (T4;T3) N016807 THYROLAR Tabs Allergan LOTEPREDNOL ETABONATE N020803; N200738;
N202872 LOTEMAX Opthal Gel Valeant
MEPENZOLATE BROMIDE N010679 CANTIL Tabs Sanofi METHSUXIMIDE N010596 CELONTIN Caps Pfizer METYRAPONE N012911 METOPIRONE Caps HRA Pharma METYROSINE N017871 DEMSER Caps Valeant NAFARELIN ACETATE N019886 SYNAREL Nasal Spray Pfizer NATAMYCIN N050514 NATACYN Opthal Susp Novartis NESIRITIDE RECOMBINANT N020920 NATRECOR Inj Janssen NONOXYNOL‐9 N018683 TODAY Vaginal
Sponge Mayer Laboratories
PEGADEMASE BOVINE* N019818 ADAGEN Inj Sigma‐Tau PEGAPTANIB SODIUM N021756 MACUGEN Inj Valeant PEGVISOMANT* N021106 SOMAVERT Inj Pfizer PORACTANT ALFA N020744 CUROSURF Inj Chiesi USA PORFIMER SODIUM N020451 PHOTOFRIN Inj Concordia
International POVIDONE‐IODINE N019240; N019476 E‐Z SCRUB 241 Topical
Sponge Becton Dickinson
PSEUDOEPHEDRINE SULFATE N018191 AFRINOL Tabs ER Merck
Page | 8 | PHILLIPCAPITAL INDIA RESEARCH
PHARMACEUTICALS SECTOR UDPATE
RIFAPENTINE N021024 PRIFTIN Tabs Sanofi RUBIDIUM CHLORIDE RB‐82 N019414; N202153 RUBY‐FILL Inj Jubilant SALMETEROL XINAFOATE N020692 SEREVENT Inhaler
Powder Glaxo
Ingredient Approved NDA Brand Name Type Innovator SAMARIUM SM‐153 LEXIDRONAM PENTASODIUM N020570 QUADRAMET Inj Lantheus Medical SECRETIN SYNTHETIC HUMAN N021256 CHIRHOSTIM Inj ChiRhoClin SERTACONAZOLE NITRATE N021385 ERTACZO Topical Cream Valeant SILVER SULFADIAZINE N017381; N018578;
N018810 THERMAZENE Topical Cream Alkem
SODIUM FLUORIDE; TRICLOSAN N020231 COLGATE TOTAL Dental Paste COLGATE PALMOLIVE
SODIUM IODIDE I‐131 N016515; N016517; N021305
SODIUM IODIDE I 131
Caps Jubilant
SOYBEAN OIL N017643; N018449; N019531; N019942; N020248
INTRALIPID 20% Inj FRESENIUS KABI
SUCCIMER N019998 CHEMET Caps Recordati Rare SULCONAZOLE NITRATE N018737; N018738 EXELDERM Topical Solu Sun Pharma TALC N020587; N021388;
N205555 STERITALC POWDER;INT
RAPLEURAL Novatech SA
TECHNETIUM TC‐99M ALBUMIN AGGREGATED KIT N017776; N017881 TECHNETIUM TC Inj Jubilant TECHNETIUM TC‐99M BICISATE KIT N020256 NEUROLITE Inj Lantheus Medical TECHNETIUM TC‐99M DISOFENIN KIT N018467 HEPATOLITE Inj Sun Pharma TECHNETIUM TC‐99M EXAMETAZIME KIT N019829 CERETEC Inj GE Healthcare TECHNETIUM TC‐99M MEDRONATE N018035 DRAXIMAGE MDP‐
25 Inj Jubilant
TECHNETIUM TC‐99M MEDRONATE KIT N018107; N018124 CIS‐MDP Inj Sun Pharma TECHNETIUM TC‐99M MERTIATIDE KIT N019882 TECHNESCAN
MAG3 Inj MALLINKRODT
TECHNETIUM TC‐99M OXIDRONATE KIT N018321 TECHNESCAN Inj MALLINKRODT TECHNETIUM TC‐99M PENTETATE KIT N017714; N018511 DTPA Inj Jubilant TECHNETIUM TC‐99M PYROPHOSPHATE KIT N017538; N019039 CIS‐PYRO Inj Sun Pharma TECHNETIUM TC‐99M RED BLOOD CELL KIT N019981 ULTRATAG Inj MALLINKRODT TECHNETIUM TC‐99M SODIUM PERTECHNETATE GENERATOR N017243; N017693;
N017771 TECHNELITE Inj Lantheus Medical
TECHNETIUM TC‐99M TETROFOSMIN KIT N020372 MYOVIEW Inj GE Healthcare TERBINAFINE N021958 LAMISIL AT Topical Gel Novartis THYROTROPIN ALFA* N020898 THYROGEN Inj Sanofi TIOPRONIN N019569 THIOLA Tabs Mission Pharma TRIMETHADIONE N005856 TRIDIONE Tabs Abbive UREA, C‐14 N020617 PYTEST KIT Caps Sanofi VALRUBICIN N020892 VALSTAR
PRESERVATIVE FREE Inj Endo Pharma
XENON XE‐133 N017284; N018327 XENON XE 133 Inhaler Gas MALLINKRODT ZANAMIVIR N021036 RELENZA Inhaler
Powder Glaxo
ZINC ACETATE N020458 GALZIN Caps Teva ZINC CHLORIDE N018959 ZINC CHLORIDE Inj Hospira ZIPRASIDONE MESYLATE N020919 GEODON Inj Pfizer
Source: US FDA, PhillipCapital India Research
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PHARMACEUTICALS SECTOR UDPATE
Page | 10 | PHILLIPCAPITAL INDIA RESEARCH
Rating Methodology We rate stock on absolute return basis. Our target price for the stocks has an investment horizon of one year. Rating Criteria Definition
BUY >= +15% Target price is equal to or more than 15% of current market price
NEUTRAL ‐15% > to < +15% Target price is less than +15% but more than ‐15%
SELL <= ‐15% Target price is less than or equal to ‐15%.
Management Vineet Bhatnagar (Managing Director) (91 22) 2483 1919 Kinshuk Bharti Tiwari (Head – Institutional Equity) (91 22) 6246 4101 Jignesh Shah (Head – Equity Derivatives) (91 22) 6667 9735 Research Automobiles IT Services Pharma & Specialty Chem Dhawal Doshi (9122) 6246 4128 Vibhor Singhal (9122) 6246 4109 Surya Patra (9122) 6246 4121 Nitesh Sharma, CFA (9122) 6246 4126 Shyamal Dhruve (9122) 6246 4110 Mehul Sheth (9122) 6246 4123 Banking, NBFCs Infrastructure Strategy Manish Agarwalla (9122) 6246 4125 Vibhor Singhal (9122) 6246 4109 Naveen Kulkarni, CFA, FRM (9122) 6246 4122 Pradeep Agrawal (9122) 6246 4113 Paresh Jain (9122) 6246 4114 Logistics, Transportation & Midcap Telecom Consumer & Retail Vikram Suryavanshi (9122) 6246 4111 Naveen Kulkarni, CFA, FRM (9122) 6246 4122 Naveen Kulkarni, CFA, FRM (9122) 6246 4122 Media Manoj Behera (9122) 6246 4118 Jubil Jain (9122) 6246 4117 Manoj Behera (9122) 6246 4118 Technicals Preeyam Tolia (9122) 6246 4129 Metals Subodh Gupta, CMT (9122) 6246 4136 Cement Dhawal Doshi (9122) 6246 4128 Production Manager Vaibhav Agarwal (9122) 6246 4124 Ganesh Deorukhkar (9122) 6667 9966 Economics Mid-Caps & Database Manager Editor Anjali Verma (9122) 6246 4115 Deepak Agarwal (9122) 6246 4112 Roshan Sony 98199 72726 Shruti Bajpai (9122) 6246 4135 Oil & Gas Sr. Manager – Equities Support Engineering, Capital Goods Sabri Hazarika (9122) 6667 9756 Rosie Ferns (9122) 6667 9971 Jonas Bhutta (9122) 6246 4119 Vikram Rawat (9122) 6246 4120 Sales & Distribution Corporate Communications Ashvin Patil (9122) 6246 4105 Sales Trader Zarine Damania (9122) 6667 9976 Shubhangi Agrawal (9122) 6246 4103 Dilesh Doshi (9122) 6667 9747 Kishor Binwal (9122) 6246 4106 Suniil Pandit (9122) 6667 9745 Bhavin Shah (9122) 6246 4102 Ashka Mehta Gulati (9122) 6246 4108 Execution Archan Vyas (9122) 6246 4107 Mayur Shah (9122) 6667 9945
Contact Information (Regional Member Companies)
SINGAPORE: Phillip Securities Pte Ltd 250 North Bridge Road, #06‐00 RafflesCityTower,
Singapore 179101 Tel : (65) 6533 6001 Fax: (65) 6535 3834
www.phillip.com.sg
MALAYSIA: Phillip Capital Management Sdn Bhd B‐3‐6 Block B Level 3, Megan Avenue II,
No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur Tel (60) 3 2162 8841 Fax (60) 3 2166 5099
www.poems.com.my
HONG KONG: Phillip Securities (HK) Ltd 11/F United Centre 95 Queensway Hong Kong Tel (852) 2277 6600 Fax: (852) 2868 5307
www.phillip.com.hk
JAPAN: Phillip Securities Japan, Ltd 4‐2 Nihonbashi Kabutocho, Chuo‐ku
Tokyo 103‐0026 Tel: (81) 3 3666 2101 Fax: (81) 3 3664 0141
www.phillip.co.jp
INDONESIA: PT Phillip Securities Indonesia ANZTower Level 23B, Jl Jend Sudirman Kav 33A,
Jakarta 10220, Indonesia Tel (62) 21 5790 0800 Fax: (62) 21 5790 0809
www.phillip.co.id
CHINA: Phillip Financial Advisory (Shanghai) Co. Ltd. No 550 Yan An East Road, OceanTower Unit 2318
Shanghai 200 001 Tel (86) 21 5169 9200 Fax: (86) 21 6351 2940
www.phillip.com.cn
THAILAND: Phillip Securities (Thailand) Public Co. Ltd. 15th Floor, VorawatBuilding, 849 Silom Road,
Silom, Bangrak, Bangkok 10500 Thailand Tel (66) 2 2268 0999 Fax: (66) 2 2268 0921
www.phillip.co.th
FRANCE: King & Shaxson Capital Ltd. 3rd Floor, 35 Rue de la Bienfaisance
75008 Paris France Tel (33) 1 4563 3100 Fax : (33) 1 4563 6017
www.kingandshaxson.com
UNITED KINGDOM: King & Shaxson Ltd. 6th Floor, Candlewick House, 120 Cannon Street
London, EC4N 6AS Tel (44) 20 7929 5300 Fax: (44) 20 7283 6835
www.kingandshaxson.com
UNITED STATES: Phillip Futures Inc. 141 W Jackson Blvd Ste 3050
The Chicago Board of TradeBuilding Chicago, IL 60604 USA
Tel (1) 312 356 9000 Fax: (1) 312 356 9005
AUSTRALIA: PhillipCapital Australia Level 10, 330 Collins Street
Melbourne, VIC 3000, Australia Tel: (61) 3 8633 9800 Fax: (61) 3 8633 9899
www.phillipcapital.com.au
SRI LANKA: Asha Phillip Securities Limited Level 4, Millennium House, 46/58 Navam Mawatha,
Colombo 2, Sri Lanka Tel: (94) 11 2429 100 Fax: (94) 11 2429 199
www.ashaphillip.net/home.htm
INDIA PhillipCapital (India) Private Limited
No. 1, 18th Floor, Urmi Estate, 95 Ganpatrao Kadam Marg, Lower Parel West, Mumbai 400013 Tel: (9122) 2300 2999 Fax: (9122) 6667 9955 www.phillipcapital.in
PHARMACEUTICALS SECTOR UDPATE
Disclosures and Disclaimers PhillipCapital (India) Pvt. Ltd. has three independent equity research groups: Institutional Equities, Institutional Equity Derivatives, and Private Client Group. This report has been prepared by Institutional Equities Group. The views and opinions expressed in this document may, may not match, or may be contrary at times with the views, estimates, rating, and target price of the other equity research groups of PhillipCapital (India) Pvt. Ltd.
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This report does not regard the specific investment objectives, financial situation, and the particular needs of any specific person who may receive this report. Investors must undertake independent analysis with their own legal, tax, and financial advisors and reach their own conclusions regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realised. Under no circumstances can it be used or considered as an offer to sell or as a solicitation of any offer to buy or sell the securities mentioned within it. The information contained in the research reports may have been taken from trade and statistical services and other sources, which PCIL believe is reliable. PhillipCapital (India) Pvt. Ltd. or any of its group/associate/affiliate companies do not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgments at this date and are subject to change without notice.
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Additional Disclosures of Interest: Unless specifically mentioned in Point No. 9 below: 1. The Research Analyst(s), PCIL, or its associates or relatives of the Research Analyst does not have any financial interest in the company(ies) covered in
this report. 2. The Research Analyst, PCIL or its associates or relatives of the Research Analyst affiliates collectively do not hold more than 1% of the securities of the
company (ies)covered in this report as of the end of the month immediately preceding the distribution of the research report. 3. The Research Analyst, his/her associate, his/her relative, and PCIL, do not have any other material conflict of interest at the time of publication of this
research report. 4. The Research Analyst, PCIL, and its associates have not received compensation for investment banking or merchant banking or brokerage services or for
any other products or services from the company(ies) covered in this report, in the past twelve months. 5. The Research Analyst, PCIL or its associates have not managed or co‐managed in the previous twelve months, a private or public offering of securities for
the company (ies) covered in this report. 6. PCIL or its associates have not received compensation or other benefits from the company(ies) covered in this report or from any third party, in
connection with the research report. 7. The Research Analyst has not served as an Officer, Director, or employee of the company (ies) covered in the Research report. 8. The Research Analyst and PCIL has not been engaged in market making activity for the company(ies) covered in the Research report. 9. Details of PCIL, Research Analyst and its associates pertaining to the companies covered in the Research report: Sr. no. Particulars Yes/No
1 Whether compensation has been received from the company(ies) covered in the Research report in the past 12 months for investment banking transaction by PCIL
No
2 Whether Research Analyst, PCIL or its associates or relatives of the Research Analyst affiliates collectively hold more than 1% of the company(ies) covered in the Research report
No
3 Whether compensation has been received by PCIL or its associates from the company(ies) covered in the Research report No4 PCIL or its affiliates have managed or co‐managed in the previous twelve months a private or public offering of securities for the
company(ies) covered in the Research report No
5 Research Analyst, his associate, PCIL or its associates have received compensation for investment banking or merchant banking or brokerage services or for any other products or services from the company(ies) covered in the Research report, in the last twelve months
No
Independence: PhillipCapital (India) Pvt. Ltd. has not had an investment banking relationship with, and has not received any compensation for investment banking services from, the subject issuers in the past twelve (12) months, and PhillipCapital (India) Pvt. Ltd does not anticipate receiving or intend to seek compensation for investment banking services from the subject issuers in the next three (3) months. PhillipCapital (India) Pvt. Ltd is not a market maker in the securities mentioned in this research report, although it, or its affiliates/employees, may have positions in, purchase or sell, or be materially interested in any of the securities covered in the report.
Suitability and Risks: This research report is for informational purposes only and is not tailored to the specific investment objectives, financial situation or particular requirements of any individual recipient hereof. Certain securities may give rise to substantial risks and may not be suitable for certain investors. Each investor must make its own determination as to the appropriateness of any securities referred to in this research report based upon the legal, tax and accounting considerations applicable to such investor and its own investment objectives or strategy, its financial situation and its investing experience. The value of any security may be positively or adversely affected by changes in foreign exchange or interest rates, as well as by other financial, economic, or political factors. Past performance is not necessarily indicative of future performance or results.
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PHARMACEUTICALS SECTOR UDPATE
Sources, Completeness and Accuracy: The material herein is based upon information obtained from sources that PCIPL and the research analyst believe to be reliable, but neither PCIPL nor the research analyst represents or guarantees that the information contained herein is accurate or complete and it should not be relied upon as such. Opinions expressed herein are current opinions as of the date appearing on this material, and are subject to change without notice. Furthermore, PCIPL is under no obligation to update or keep the information current. Without limiting any of the foregoing, in no event shall PCIL, any of its affiliates/employees or any third party involved in, or related to computing or compiling the information have any liability for any damages of any kind including but not limited to any direct or consequential loss or damage, however arising, from the use of this document.
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Kindly note that past performance is not necessarily a guide to future performance.
For Detailed Disclaimer: Please visit our website www.phillipcapital.in
For U.S. persons only: This research report is a product of PhillipCapital (India) Pvt Ltd., which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing the research report is/are resident outside the United States (U.S.) and are not associated persons of any U.S.‐regulated broker‐dealer and therefore the analyst(s) is/are not subject to supervision by a U.S. broker‐dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public appearances, and trading securities held by a research analyst account.
This report is intended for distribution by PhillipCapital (India) Pvt Ltd. only to "Major Institutional Investors" as defined by Rule 15a‐6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) and interpretations thereof by the U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient of this report is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated, and/or transmitted onward to any U.S. person, which is not a Major Institutional Investor. In reliance on the exemption from registration provided by Rule 15a‐6 of the Exchange Act and interpretations thereof by the SEC in order to conduct certain business with Major Institutional Investors, PhillipCapital (India) Pvt Ltd. has entered into an agreement with a U.S. registered broker‐dealer, Decker & Co, LLC. Transactions in securities discussed in this research report should be effected through Decker & Co, LLC or another U.S. registered broker dealer. If Distribution is to Australian Investors This report is produced by PhillipCapital (India) Pvt Ltd and is being distributed in Australia by Phillip Capital Limited (Australian Financial Services Licence No. 246827). This report contains general securities advice and does not take into account your personal objectives, situation and needs. Please read the Disclosures and Disclaimers set out above. By receiving or reading this report, you agree to be bound by the terms and limitations set out above. Any failure to comply with these terms and limitations may constitute a violation of law. This report has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this report by mistake, please delete or destroy it, and notify the sender immediately. PhillipCapital (India) Pvt. Ltd. Registered office: No. 1, 18th Floor, Urmi Estate, 95 Ganpatrao Kadam Marg, Lower Parel West, Mumbai 400013