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Content Private Equity 2 Mergers & Acquisitions 3 News Update 4 Regulatory Developments 6 Upcoming Events 6 Stock Market Update 7 Peer Benchmarking 7 About Four-S Services 8 Results Declared: Sector sees positive results except few dips Pharma and healthcare sector has so far come out with positive results for the quarter ended Dec’10. Out of 12 major players who have announced results, most of them have posted double digit growth barring a few negatives. The sector saw on average 26% rise in revenue in quarter ending 31 Dec10 compared to quarter ended in 31 Dec09. There was 16% increase in EBITDA with almost 14% rise in net profit seen for this quarter compared to same quarter last year. Most of the companies have seen rise in their revenues and profits, with only few like Cipla and Divi’s Lab seeing dip in their net profit. Dr Reddy and Orchid Chemical posted high growth in net profit yoy basis. In general, sector has seen EBITDA margin of 26% whereas 17% margin is seen for net profit which is marginally lower as compared to last year EBITDA margin of 28% and profit margin of 18% on an average. 24 th Jan5 th Feb’11 Newsletter on Indian Healthcare Industry PharmaHealth TRACK Top Story About Four-S Services Four-S Services is India's leading provider of Research, Financial Consulting and Investment Banking services with offices in Gurgaon, Mumbai and Bangalore. We have a proven track record of consistently delivering high quality solutions, enabling our clients to improve the effectiveness of decision making and acting as a catalyst in achieving business success. We have executed more than 120 mandates across diverse range of industries including Education, Financial Services, Infrastructure, M&E, IT-ITeS, Auto and Auto ancillaries, Retail, Real Estate and Textile etc Our Services: Strategy Consulting Business Planning Investment Banking For further information, please contact Seema Shukla at [email protected] or reach us as http://www.four-s.com Research Support Valuation Services Investor Relations & IPO Consulting Research Desk Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge fund s including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at [email protected] or reach us as http://www.four-s.com

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Page 1: PharmaHealth TRACK - Four-S Services Fortnightly PharmaHealth Track...FOUR-S PharmaHealth Track Mergers & Acquisition Date Investor(s) Target Stake (%) Amount Business Stage 1-Jan

Content

Content

Private Equity 2

Mergers & Acquisitions 3

News Update 4

Regulatory Developments 6

Upcoming Events 6

Stock Market Update 7

Peer Benchmarking 7

About Four-S Services

8

Results Declared: Sector sees positive results except few dips

Pharma and healthcare sector has so far come out with positive results for the quarter ended Dec’10. Out of 12 major players who have announced results, most of them have posted double digit growth barring a few negatives.

The sector saw on average 26% rise in revenue in quarter ending 31 Dec’ 10 compared to quarter ended in 31 Dec’09. There was 16% increase in EBITDA with almost 14% rise in net profit seen for this quarter compared to same quarter last year. Most of the companies have seen rise in their revenues and profits, with only few like Cipla and Divi’s Lab seeing dip in their net profit. Dr Reddy and Orchid Chemical posted high growth in net profit yoy basis.

In general, sector has seen EBITDA margin of 26% whereas 17% margin is seen for net profit which is marginally lower as compared to last year EBITDA margin of 28% and profit margin of 18% on an average.

24th

Jan– 5th

Feb’11

Newsletter on Indian Healthcare Industry

PharmaHealth TRACK

Top Story

About Four-S Services Four-S Services is India's leading provider of Research, Financial Consulting and Investment Banking services with offices in Gurgaon, Mumbai and

Bangalore. We have a proven track record of consistently delivering high quality solutions, enabling our clients to improve the effectiveness of decision

making and acting as a catalyst in achieving business success. We have executed more than 120 mandates across diverse range of industries including

Education, Financial Services, Infrastructure, M&E, IT-ITeS, Auto and Auto ancillaries, Retail, Real Estate and Textile etc

Our Services: Strategy Consulting

Business Planning

Investment Banking

For further information, please contact Seema Shukla at [email protected] or reach us as http://www.four-s.com

Research Support

Valuation Services

Investor Relations & IPO Consulting

Research Desk

Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at [email protected] or reach us as http://www.four-s.com

Page 2: PharmaHealth TRACK - Four-S Services Fortnightly PharmaHealth Track...FOUR-S PharmaHealth Track Mergers & Acquisition Date Investor(s) Target Stake (%) Amount Business Stage 1-Jan

FOUR-S PharmaHealth Track

Date Investor(s) Target Stake (%) Equity Check Business Stage

13-Jan New Silk Route Nectar Lifesciences 14.6 NA Biotech Growth

19-Jan Mumbai Angels AIOCD Pharmasofttech NA 0.4 Pharma Retail Early

24-Feb Milestone Religare Healthcare Global NA 10.0 Hospitals Growth

9-Apr Orbimed Bharat Serums and Vaccines NA NA Biotech Early

20-Apr AIF Capital Famy Care NA 40.0 Wellness Products Late

27-Apr KITVEN, Accel Partners Mitra Biotech NA NA Biotech Early

28-Apr Aavishkaar Goodwell GV Meditech NA NA Hospitals Early

11-May GIC Singapore Fortis Healthcare 6.6 83.5 Hospitals PIPE

26-May NEA, GTI Group Nova Medical Centre NA 21.4 Hospitals Early

28-May Basil Global Corporation

Karmic Lifescience NA NA Clinical Research Early

23-Jun Warburg Pincus Metropolis Healthcare NA 85.0 Hospitals Late

3-Aug Song Advisors Eye Que Vision NA NA Eye-care hospital chain

Early

9-Aug IndoUS Venture Partners

Visionary RCM NA 3.2 Healthcare Services

Growth

16-Aug Baring Private Equity Shilpa Medicare 8-9 NA Pharma NA

19-Aug Kalpathi Investments Primex Healthcare 45 NA Diagnostic early

19-Aug Elephant Capital plc ClinTec International 28.8 NA CRO early

25-Aug TA Associates Dr Lal PathLabs 16 NA Diagnostic mid

19-Oct Matrix Partners India Centre for Sight NA NA Hospital mid

1-Nov Navam Capital Vyome Biosciences NA NA Skin care early

23-Nov India Innovation Fund Mitra Biotech NA NA Biotech NA

10-Dec Evolvence India Life Sciences Fund

Fermenta Biotech 21.05 NA Biotech NA

15-Dec Aureos Capital BSR Super Specialty Hospital

NA 10.0 Healthcare - Hospitals

NA

27-Dec CX Partners Thyrocare Technologies 30.0 40.8 Healthcare NA

17-Jan Zephyr Peacock India Aizant Drug Research Solutions Ltd

NA 5.0 CRO Early

18-Jan Halcyon Capital Advisor Integrated Health & Healthcare Services

NA 44.2 Hospitals Buyout

28-Jan Sequoia Capital, Elevar Equity

Glocal Healthcare Systems NA

3.3 Hospitals Early

Investment Activity last year..

Source: Four-S Database

Research Desk

Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at [email protected] or reach us as http://www.four-s.com

Page 3: PharmaHealth TRACK - Four-S Services Fortnightly PharmaHealth Track...FOUR-S PharmaHealth Track Mergers & Acquisition Date Investor(s) Target Stake (%) Amount Business Stage 1-Jan

FOUR-S PharmaHealth Track Mergers & Acquisition

Date Investor(s) Target Stake (%)

Amount Business Stage

1-Jan Zydus Cadila Simayla Pharmaceuticals 30 NA Formulations Growth

17-Mar Religare Technova SRIT's Healthcare Solutions NA NA Healthcare IT Growth

23-Mar Piramal Healthcare Cipla’s i-pill Brand NA ` 950 mn Contraceptive Growth

5-Apr Opto Circuits N S Remedies NA $1.5 mn Medical Equipment Growth

22-Apr Piramal Healthcare Bharat Serums and Vaccines NA NA Injectible Anesthetic Growth

21-May Abbott Labs Piramal Healthcare(Formulation) 100 $3.72 bn Formulations Late

26-May Kaya Limited Derma Rx Asia Pacific Pte NA NA Skin care Growth

14-Jul Super Religare Lab SRL Piramal Healthcare (Diagnostic) 100 `6 bn Diagnostics Late

27-Aug Cipla Ltd Meditab Specialties NA `1.33 bn Pharma Late

17-Sep Elder Pharmaceuticals NeutraHealth NA `700mn Pharma Growth

23-Sep Mitsui & Co Ltd Arch Pharmalabs Limited 5 `650mn Pharma Late

11-Oct Fortis Global Quality Healthcare Asia Limited 100 $196mn Healthcare Growth

8-Nov Cambrex Zenara Pharma 51 $20mn Pharma Late

23-Nov Dr Reddy GlaxoSmithKline oral penicillin business 100 NA Pharma Late

6-Dec Opto Circuits Cardiac Science Corporation 76 $55mn Diagnostics Growth

9-Dec Strides Arcolab Inbiopro Solutions 70 `650mn Biotechnology Growth

23-Dec Fortis Dental Corporation Holdings 30% `11.4bn Dental healthcare Growth

19-Jan 2011

Transasia Bio-Medicals Diasis Diagnostic Systems NA NA Diagnostics Late

20-Jan 2011

Surya Pharmaceuticals ActivOn NA `990mn Pharma Late

Source: BlueNext

Source: Four-S Database

Research Desk

Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at [email protected] or reach us as http://www.four-s.com

Four-S Indian PE Directory 2010” – A Guide to choosing private equity partners

Detailed listing of ~330 Active PE/VC Investors in India - PE/VC players that have invested in the past 3 years.

A first-of-its-kind, the directory offers “Deal History” in India for individual investor.

Management, investment profile and Contact details.

User-friendly Spreadsheet Format.

It comes from Four-S Services, the most trusted deal information bank in India.

Page 4: PharmaHealth TRACK - Four-S Services Fortnightly PharmaHealth Track...FOUR-S PharmaHealth Track Mergers & Acquisition Date Investor(s) Target Stake (%) Amount Business Stage 1-Jan

Healthcare & Pharmaceutical Sector 1.) Pharmaceutical Sector

Results Continued…

Cipla Q3 net profit dips 19%: Cipla Ltd has posted a net profit of ` 2326.90 mn for the quarter ended December 31, 2010 as compared to ` 2890.30 mn for the quarter ended December 31, 2009. Total Income has increased 11% from ` 14563.40 mn for the quarter ended December 31, 2009 to ` 15793.60 mn for the quarter ended December 31, 2010.

Dr Reddys Lab Q3 net profit at ` 2731.40mn: Dr Reddys Laboratories Ltd has posted a net profit of ` 2731.40 mn for the quarter ended December 31, 2010 as compared to net loss of ` (5217.00) mn for the quarter ended December 31, 2009. Total Income has increased 9% from ` 17467.80 mn for the quarter ended December 31, 2009 to ` 19183.00 mn for this quarter.

Lupin Q3 net profit up 39 %: Lupin Ltd. reported a top-line growth of 17% and net profit growth of 39% for the third quarter, FY 2010-11. Net sales grew by 17% to ` 14,672 million during Q3, FY 2010-11, up from ` 12,554 million (Q3, FY 09-10). Net profits grew by 39% to ` 2,240 million during Q3, FY 2010-11, as compared to ` 1,606 Mn. (Q3 FY 09-10).

Glenmark Pharma Q3 cons net profit up 16%: For the third Quarter of FY’2011, Glenmark’s consolidated revenue was at ` 7,508.15mn [US$ 165.34 mn] as against ` 6,416.85 mn an increase of 17%. Revenue from the generics business was at ` 2,987.55 mn, as against ` 2,804.41 mn (USD 59.57 mn), a growth of 7%.

Sun Pharma Q3 net profit up 8%: Company has posted a net profit from ordinary activities after tax of ` 3426.70 mn for the quarter ended December 31, 2010 as compared to ` 3180.40 mn for the quarter ended December 31, 2009. Total Income has increased from ` 7159.30 mn for the quarter ended December 31, 2009 to ` 7710.80 mn for this quarter ended December 31, 2010.

Divi’s Lab Q3 net profit up 45%: Divi’s Laboratories Ltd has posted a net profit of ` 984.20 mn for the quarter ended December 31, 2010 as compared to ` 678.40 mn for the quarter ended December 31, 2009. Total Income has increased 13% from ` 2065.40 mn for the quarter ended December 31, 2009 to ` 3199.30 mn for the quarter ended December 31, 2010.

Wockhardt Q3 net profit at `1.41bn: Consolidated Sales evenues stood at `9.5bn, showing a 7% growth over the corresponding quarter of 2009. Net Profits stood at `1.41bn and operating profit (EBIDTA) was `2.43bn, a growth of 82.0%.

Ayurvedic medicines face EU ban from May 1

A ban on the sale of Ayurvedic and other herbal medicines will take effect across Europe from May 1 following a European Union directive introduced as a response to growing concern over adverse effects of such alternative medicines. Users and promoters of such medicines have called the EU directive called the Traditional Herbal Medicinal Products Directive, 2004/24/EC, "discriminatory and disproportionate". Ayurvedic and traditional herbal medicines will need to licensed to comply with the EU directive passed in 2004, which takes effect from May 1.Those ayurvedic products marketed before the legislation came into force in 2004 can continue to market their product until April 30, 2011, under the transitional measures. Once this time limit has expired, all herbal medicinal products must have prior authorisation before they can be marketed in the EU. Ayurvedic medicines such as "ashwagandha" will not be available for sale across Europe from May 1.

Cadila and Bayer to set up new JV in India

Bayer HealthCare and Zydus Cadila have signed an agreement to set up the Joint Venture Company Bayer Zydus Pharma for the sales and marketing of pharmaceutical products in India. Each party will hold 50% of the shares of Bayer Zydus Pharma, and be equally represented on its management board. Bayer Zydus Pharma will start operations with Bayer HealthCare’s Pharmaceutical Division contributing its existing sales and marketing business in India to the new company, and Zydus contributing its women’s healthcare products, diagnostic imaging business and other products. Through this transaction Bayer HealthCare will significantly enhance its marketing capabilities in India as part of its emerging market growth strategy. Zydus will maintain its strong position in India and will strengthen its network with global healthcare players, including in relation to its manufacturing capabilities.

Natco may seek compulsory licence for Bayer's cancer drug

Natco Pharma plans to seek a compulsory licence from the government to make Bayer AG's Nexavar in India, invoking a provision in local laws that allows generic drugmakers to make and sell patented drugs cheaply if the medicine is unaffordable. The development, a test case for such licensing in India, is being watched by local and global innovator companies as it could be the first instance where a foreign drugmaker would be forced to grant a licence. A generic drugmaker can invoke the compulsory licensing provision once the patent completes three years and

News Update

Research Desk

Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at [email protected] or reach us as http://www.four-s.com

Page 5: PharmaHealth TRACK - Four-S Services Fortnightly PharmaHealth Track...FOUR-S PharmaHealth Track Mergers & Acquisition Date Investor(s) Target Stake (%) Amount Business Stage 1-Jan

FOUR-S PharmaHealth Track

the patent holder is given a six-month notice to consider a voluntary licence offer.

Ranbaxy inks cooperation MoU with Russia's Yaroslavl

region

Drug firm Ranbaxy Laboratories has signed a memorandum of understanding (MoU) with the government of Yaroslavl region in Russia for cooperation in the field of healthcare and medical science. As per the MoU, both the parties will cooperate in development of healthcare system and new medical technologies in the Yaroslavl region. This will include expansion of educational programmes for medical and pharmaceutical community, collaboration in the field of clinical trials as well as improvement of drug safety monitoring in medical practice. As a first step, Ranbaxy will evaluate collaborations with local academic and research centers in Yaroslavl region to broaden the scope of medical educational programmes for professional medical and pharmaceutical community.

Venus Remedies gets UK nod for anti-cancer drug

Venus Remedies Ltd has announced their Anti-Cancer drug GEMCITABINE got UK MHRA approval. Venus is all set to capture substantial market share by entering the highly lucrative market of Europe as it stands amongst the first few to receive the Market Authorisation for Gemcitabine. The other countries in the list are Poland, Germany, Slovenia and Portugal for which the same feat has been achieved. Gemcitabine is a US$1.5bn drug world wide with more than 30% market share from Europe.

Hilleman Lab to invest about ` 6500 mn to develop vaccines

Hilleman Laboratories will invest 90 million pounds (nearly ` 6500 mn) in seven years to develop vaccines, including one to treat diarrhoea, for which it will conduct research in India. Hilleman Laboratories, a 50:50 joint venture between MSD Pharmaceuticals and UK-based Wellcome Trust , will collaborate with Boston-based Medicine in Need to develop a rotavirus diarrhoea vaccine in India. It will be the company's first project in the country. As per the company, rotavirus diarrhoea leads to annual deaths of five to seven lakh children all over the globe, out of which one lakh are in India alone. As per the development plan, Medicine in Need will provide the company its formulation technology, while MSD would provide components of its existing rotavirus vaccine. Wockhardt nutrition biz back on Abbott radar

Wockhardt Ltd’s troubles with its foreign currency convertible bond (FCCB) holders are turning out to be a blessing in disguise

for the drug major. Last year, Wockhardt had to abort a deal to sell the business to US drug major Abbott for $130 million (`6.2bn), after its FCCB holders opposed the deal at the high court here. Now, the business has again attracted suitors, one being Abbott again. Wockhardt’s nutrition business portfolio has popular infant food brands such as Farex, Dexolac and Nusobee and adult food supplement Protinex. According to two independent sources, Wockhardt has been approached separately by Abbott and two other companies to buy the business. And, the offers value it at more than double the amount of last time. 2.) Healthcare

Fortis adds 150-bed hospital in Uttar Pradesh & 100 bed

Lifeline Hospitals in Rajasthan

Fortis Healthcare Ltd, India’s fastest growing hospital network, has taken over Operations and Management of the 150 bed Vivekanand Hospital and Research Centre in Moradabad, Uttar Pradesh (UP), in line with its strategy to strengthen its presence in India’s tier II cities. The hospital will be re-christened ‘Fortis Vivekanand Hospital’ and will continue to operate in a manner consistent with the principles it was founded upon. The newly added 100 bed Lifeline Hospital in Alwar, Rajasthan will strengthen Fortis’ presence in the state and extend the benefit of high quality medical care to increasing number of people in and around the district of Alwar. The move is in line with Fortis’ strategy to strengthen its presence in India’s tier II cities. The hospital will be re-christened as ‘Fortis-Lifeline Hospital’. The addition of Lifeline Hospital takes the Fortis network to a total of 53 hospitals with over 8,000 beds spread across 13 States in the Country.

Apollo ties up with Eisai, HelpAge India

In a public-private partnership, Apollo Hospitals has signed an agreement with Eisai Pharmaceuticals, Japan, and HelpAge India to provide better access to medicines to the underprivileged elderly patients suffering from dementia and depression.

The scope of the agreement is to explore collaboration followed by research between the companies for improving the rate of prevention, screening, diagnosis, treatment and support of dementia and depression among the elderly in India.

Novalis Tx is one of the most advanced, effective methods of radiotherapy and radio surgery. In sensitive and crucial areas like the brain, pinpoint accuracy is paramount; a conventional radiation treatment can potentially cause severe complications.

Research Desk

Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at [email protected] or reach us as http://www.four-s.com

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FOUR-S PharmaHealth Track

To overcome this shortcoming, Indraprastha Apollo Hospitals has installed the Novalis Tx Radiosurgery and Radiotherapy platform. This shapes the radiation beam precisely to the tumor or lesion, ensuring that the best possible treatment dose is delivered while damage to the healthy tissue is minimized. Opto Circuits arm bags contract for Powerheart AEDs

Cardiac Science Corporation, wholly owned subsidiary of Opto Circuits India has been awarded a contract to deploy Powerheart AEDs in all Tyco Flow Control facilities globally. The first phase of the rollout, planned for the first quarter of 2011, will equip Tyco's Australian, Pacific and North and South American facilities. 3.) Investments/Fund Raise

Jyothy Lab arm plans to raise ` 1.5bn via debt

Jyothy Laboratories Ltd announced that the Board of Directors of the Company at its meeting held on January 25, 2011, took note of expansion plan of its subsidiary company, namely, Jyothy Fabricare Services Limited (JFSL) and granted "in Principle" approval to JFSL for raising up to ` 1.5bn through Equity / Debt on private placement basis.

Jupiter Biosciences in talks to acquire SynphaBase AG

Jupiter Biosciences is reportedly in talks to buy privately held Swiss pharma company SynphaBase AG for about US$10mn as it looks to boost research capabilities and front-end sale of its

products internationally. If successful, this will be Jupiter’s second acquisition in Switzerland after it bought Merck Biosciences’ manufacturing facilities in 2008 to service customers in the heavily regulated markets abroad, especially Europe. SynphaBase has annual revenues of $7 million and employs 25 people.

Endo Pharma inks pact with Orion Corp

Endo Pharmaceuticals reportedly reached a collaboration agreement with Orion Corp. for the discovery, development and commercialization of assets in Oncology. The formation of the R&D collaboration partnership allows the companies to bring forward a total of eight "discovery phase" candidates by combining an equal number of programs.

Novartis to acquire Genoptix

Novartis AG is reportedly strengthening its personalized medicine and cancer portfolio with the US$470mn buy of U.S. cancer diagnostics company Genoptix. The deal, which comes after Novartis's US$52 bn purchase of U.S. eyecare group Alcon Inc, shows Novartis still has the financial clout to clinch smaller deals as it seeks to drive growth in its five main units pharmaceuticals, consumer health, eyecare, generic drugs and vaccines and diagnostics.

Events Calendar

Global News Update

Pharma Sales Force Effectiveness Date: Mar 08 – 09, 2011 Venue: Amara Hotel, Singapore Organizer: Pharma Sales Asia E-mail: [email protected] Phone: +65 6722 9388

Pharma World Expo Date: Feb 23 – 26, 2011 Venue: Bombay Exhibition Centre, Mumbai Organizer: Chemtech Foundation Website: www.chemtech-online.com/events/pharma Email: [email protected]

website: www.chennaitradecentre.org email: -

Emerging Trends in Healthcare Date: 17 Feb 11 Venue: Le Meridien, New Delhi Organizer : ASSOCHAM e-mail: [email protected]

Vaccine World Summit India 2011 Date: Mar 1-3, 2011 Venue: New Delhi Organizer: Lisa Tan E-mail: [email protected]

Research Desk

Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at [email protected] or reach us as http://www.four-s.com

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FOUR-S PharmaHealth Track

As on 04 Feb 2011 Market Cap Price Percentage Change (%)

Company In ` Mn In ` 1W 1M 3M 6M 1 Year

SUN PHARMACE 43,304 418.2 -6.86 -16.32 -8.08 17.78 41.83

DR.REDDY'S L 26,734 1579.9 0.87 -7.95 -9.86 17.79 37.46

CIPLA LTD. 26,030 324.2 -3.11 -10.81 -8.20 0.81 4.77

RANBAXY LABO 22,095 524.5 -2.05 -12.92 -14.40 17.06 29.55

GLAXOSMITH 18,900 2231.4 -1.71 -7.02 -1.89 10.62 43.60

LUPIN LTD 18,808 421.6 0.29 -13.78 -6.64 11.53 37.30

CADILA HEALT 16,207 793.2 -2.33 2.82 9.26 23.63 75.38

PIRAMA HEALT 9,398 449.7 2.33 -7.05 -5.42 -8.97 24.71

Divi's Lab 8,707 656.9 6.60 -0.90 -6.82 -13.41 15.67

GLENMARK PHA 7,929 293.5 -5.02 -20.08 -19.37 9.23 17.26

AUROBINDO PH 6,841 1175.0 -0.38 -13.33 -9.92 23.31 35.20

BIOCON LTD 6,759 338.0 -2.14 -17.92 -21.95 6.83 27.77

APOLLO HOS E 5,732 459.7 -4.43 1.18 -11.86 14.75 39.80

OPTO CIRCUIT 4,450 238.8 0.04 -2.27 -21.28 -12.32 13.74

IPCA LAB LTD 3,603 286.6 -4.00 -13.20 -15.37 1.11 22.43

JUBILANT ORG 3,263 204.9 -10.35 -26.56 -36.19 -41.74 -35.69

ORCHID CHEM 2,036 289.1 -1.26 -2.86 -5.03 52.77 99.48

BSE Sensex 18008.2 -2.11 -10.78 -14.27 -0.75 14.04

NSE Nifty 5395.8 -0.02 -0.12 -0.14 -0.01 0.11

BSE Healthcare 6071.2 -1.94 -10.77 -9.45 8.55 28.22

Companies Revenue EBITDA PAT Margins Q4 FY’10

Q3 FY10 Q3 FY11 YoY Q3 FY10 Q3 FY11 YoY Q3 FY10 Q3 FY11 YoY EBITDA NPM

DR.REDDY'S L 17431 18985 9% 3697 3999 8% -2331 2731 217% 21% 14%

RANBAXY LABO 17163 18838 10% 2385 4661 95% 1175 3116 165% 25% 17%

SUN PHARMACE 10209 16011 57% 3776 4663 24% 3389 3636 7% 29% 23%

CIPLA LTD. 13579 15014 11% 3977 3439 -14% 2890 2327 -19% 23% 15%

LUPIN LTD 12554 14672 17% 2607 3007 15% 1636 2279 39% 20% 16%

AUROBINDO PH 9152 11922 30% 2797 3177 14% 1718 1887 10% 27% 16%

CADILA HEALT 9654 11346 18% 2064 2515 22% 1297 1620 25% 22% 14%

JUBILANT ORG 9331 9876 6% 1489 1631 10% 578 816 41% 17% 8%

GLENMARK PHA 6417 7508 17% 1716 2007 17% 941 1096 16% 27% 15%

PIRAMA HEALT 9927 7314 -26% 1785 162189 8984% 1063 125404 11703% 2217% 1715%

BIOCON LTD 6351 7281 15% 1331 1780 34% 832 1017 22% 24% 14%

APOLLO HOS E 4561 5864 29% 751 1064 42% 341 496 45% 18% 8%

GLAXOSMITH 5227 5820 11% 1953 2155 10% 1411 1578 12% 37% 27%

IPCA LAB LTD 4039 4634 15% 896 1026 14% 583 640 10% 22% 14%

ORCHID CHEM 3099 4625 49% 283 1350 376% -339 566 267% 29% 12%

OPTO CIRCUIT 2570 4177 62% 820 1328 62% 658 959 46% 32% 23% Divi's Lab 1963 3097 58% 922 1272 38% 678 984 45% 41% 32%

Stock Market Update

Quarterly Results ` in million

Research Desk

Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at [email protected] or reach us as http://www.four-s.com

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FOUR-S PharmaHealth Track

BSE Healthcare Index movement in last 2 weeks

Companies Revenue EBITDA PAT Margins TTM

TTM Dec 10 TTM Dec11

YoY TTM Dec 10

TTM Dec11

YoY TTM Dec 10

TTM Dec11

YoY EBITDA NPM

RANBAXY LABO 50630 81856 62% 3197 27703 766% 474 17210 3528% 34% 21%

DR.REDDY'S L 73603 70746 -4% -2024 14756 -829% -10263 8753 -185% 21% 12%

CIPLA LTD. 53299 58513 10% 15095 14925 -1% 10594 10287 -3% 26% 18%

SUN PHARMACE 41280 54800 33% 14841 20035 35% 13612 18398 35% 37% 34%

LUPIN LTD 44991 54691 22% 9035 11840 31% 6300 8708 38% 22% 16%

AUROBINDO PH 35007 41519 19% 8398 10316 23% 5214 5600 7% 25% 13%

CADILA HEALT 34608 41119 19% 7494 9723 30% 4444 6508 46% 24% 16%

JUBILANT ORG 35804 39209 10% 4500 7308 62% 1014 3828 278% 19% 10%

PIRAMA HEALT 34978 34233 -2% 6350 167502 2538% 3671 129115 3417% 489% 377%

GLENMARK PHA 22668 28661 26% 4322 8370 94% 1077 4794 345% 29% 17%

BIOCON LTD 21772 27259 25% 4376 6105 39% 2511 3578 43% 22% 13%

GLAXOSMITH 18435 20964 14% 7908 7604 -4% 6172 5516 -11% 36% 26%

APOLLO HOS E 16261 20735 28% 2754 3551 29% 1375 1619 18% 17% 8%

IPCA LAB LTD 15387 17805 16% 2969 3801 28% 1798 2341 30% 21% 13%

ORCHID CHEM 13138 14126 8% 3224 3632 13% 929 415 -55% 26% 3%

OPTO CIRCUIT 9562 13755 44% 3346 4407 32% 2474 3230 31% 32% 23%

Divi's Lab 9490 11426 20% 4100 5352 31% 3183 4375 37% 47% 38%

TTM Results ` in million

Standalone results for Cipla, Glaxosmith, Aurobindo Pharma and Ipca Lab Sept’10 Results used for companies Glaxosmith, Ranbaxy, Piramal Healthcare. Jubilant Org,

Apollo Hospital.

Research Desk

Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at [email protected] or reach us as http://www.four-s.com

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Research Desk

Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE Funds. For further information, please contact Seema Shukla at [email protected] or reach us as http://www.four-s.com

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