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investor’s eye sector update

Pharmaceuticals
Sector Update

Fast ramp up in the US market

Key points to recommend a stock specific approach given the


 We maintain our positive stance on pharmaceutical dominance of company specific issues and rich
(pharma) companies under our coverage that have valuations.
exposure to US generics markets. We estimate a strong
 Our top picks remain Sun Pharma and JB Chemicals.
22% compounded annual growth rate (CAGR) for the
We also like Glenmark and Strides (not rated) given
US generic business over the next two years which
their potential to tap the US business and sterile
would be driven by:
injectables respectively.
 Increasing market share of Indian pharma
companies in the US generics segment: Despite US generics: Indian companies striving for global
growing competition, an improving trend in market presence and scale
share was shown by the Indian generic players such Although the domestic market has grown at a fast pace,
as Lupin (Lotrel-22%), Sun Pharmaceutical Industries the US competitive dynamics have led the Indian pharma
(Sun Pharma; Protonix-25%), Ranbaxy Laboratories companies to focus more on niches. Indian pharma
(Ranbaxy; Valtrex-37%) and Cadila Healthcare companies are choosing high value and low competition
(Cadila; Flomax-26%) among others. products to break through in the US market. Thus despite
competition, they have been able to maintain a healthy
 Unique opportunities with low competition: Sun
market share in the US market.
Pharma, Glenmark Pharmaceuticals (Glenmark),
Lupin, Dr, Reddy’s Laboratories (Dr Reddy’s), and Market share for key products
Ranbaxy are focusing more on technically complex
Company Product Market share (%)
niche product filings. Exclusive products worth
Lupin Lotrel 22.0
~$25-30 billion are expected to be launched in the
next two-three years by these five companies alone. Imipramamine Pamoate 35.0
Sun Pharma Bupropion XR 1.0
 Large number of ANDAs pending approval: A large Venlafexine Tablets 2.0
number of pending approvals for Sun Pharma (147), Exelon 7.0
Lupin (87), Strides Arcolab (Strides; 87), Dr Reddy’s Optivar 1.3
(74), Ranbaxy (66), Cadila (57) and Glenmark (47) Protonix 25.0
indicate their strong positioning to capture a
Ranbaxy Valacyclovir 37.0
significant share in the US generics market.
Aricept 22.0
 Improved growth visibility from fast paced Lisinopril 10.0
approvals: Glenmark received the highest number Furosemide 21.0
of approvals in FY2011E (18 approvals year till date Dr Reddy Prograf 15.0
[YTD]) followed closely by Sun Pharma and Strides Glenmark Tarka 64.0
(16 approvals till date each). Cadila Healthcare Tamsulosin 26.0

 Despite the re-rating of the Sharekhan pharma universe Sun Pharma, Glenmark, Lupin, Dr Reddy’s and Ranbaxy
from 18.1x to 19.8x the aggregate price to earning are focusing more on technically complex niche product
(P/E) in terms of FY2012E earnings (since our last filings. Exclusive products worth ~$25-30 billion are
report “Strong Defense”), we remain bullish on expected to be launched in the next two to three years
selective companies, given the comfortable relative by these five companies alone.
valuations and improved fundamentals. We continue

Sharekhan 6 January 05, 2011 Home Next


investor’s eye sector update

Key product opportunities with low competition forecast a 22% CAGR growth for the US generics businesses
Companies Exclusive Indication Market Probable of the companies in the Sharekhan pharma universe over
products Size launch the next two years .
($mn) date
 Sun Pharma suffered due to USFDA’s ban on Caraco;
Sun Pharma Strattera anti-depression 530 2011 however the Taro acquisition provides a strong
Exelon Alzheimers 200 2012 abbreviated new drug application (ANDA) pipeline and
Namenda Alzheimers 1200 2015 drugs like Aricept, Taxotere and Eloxatin could result
Lyrica Neurology 1500 2014 in huge growth opportunities.
Gemzar Cancer 680 2012
Glenmark Zetia Cholestorol 1500 Under  Glenmark has shown a consistent growth in the past
litigation four years. The growth in FY2010 slowed due to a delay
Tarka CVS 64 Launched in approvals. However H1FY2011 reflects improvement
Malarone Anti-malarial 58 2012 in this regard. Further with four sole first to file (FTFs),
Lupin Namenda Alzheimers 1200 2015 we anticipate a quick scale up in the US market.
Lyrica Neurology 1500 2014  Lupin has been one of the consistent performers in
Fosrenol Kidney 108 2014 the US market with one limited/less competition
Cipro Antibiotic 130 2015 product launch every year. The branded product
Ranexa Angina 240 2016 portfolio has seen a strong prescription growth in the
Geodon Bipolar disorder 480 2013 last three years. However generication of Suprax and
Renegal Kidney 700 2014 slow pick up in Antara could pose a risk.
Niaspan Cholestorol 786 2014
 Cadila has witnessed a fast paced growth and is quickly
Dr Reddy Avandia Diabetes 520 2012
gaining scale in the US market. With niche filings in
Exelon Alzheimers 200 2012
the pipeline, we anticipate the US market to contribute
Ranbaxy Aricept Alzheimers 2600 2010
~22% of total sales by FY2012.
Lipitor Cholestorol 5650 2011
Actos Diabetes 3000 2012 US formulations: a major revenue contributor, growing at fast pace
Nexium Ulcer 1850 2014 FY2007 FY2008 FY2009 FY2010 2HFY11
45.0
40.0
With large focus on the US generics market, we anticipate 35.0
% of total sales

the US business to give higher returns than overall sales 30.0


25.0
of the company over the next two years. 20.0
15.0
US generics to grow at a faster pace than overall business 10.0
5.0
140% 0.0
US revenue CAGR Total revenue CAGR
Glenmark
Pharma

Pharma
Healthcare

Healthcare
Lupin

Ipca Labs

Torrent
120%
Piramal
Sun

Cadila
100%

80%

60% Strong ANDA pipeline to boost future growth pie


40% 400.0
ANDA filed ANDA pending approval
20% 350.0
300.0
0%
JB Chem

250.0
Glenmark
Pharma

Pharma
Healthcare
Lupin

Ipca Labs

Torrent
Sun

Cadila

200.0
150.0
100.0
50.0
With the US being the single largest market for pharma 0.0
Glenmark
Pharma

Pharma

Dr Reddy
Healthcare
Lupin

Ipca Labs

Ranbaxy
Torrent

Arcolab
Strides

companies, we bring out the performance of the


Sun

Cadila

Sharekhan pharma universe over the last four years


highlighting their US businesses. The US market accounts
for around 25%+ of the revenues for most of the companies Key approvals in FY2011
under our coverage. Though Indian players are small as As per the latest IMS health report, Indian pharma
compared to their US counterparts, a relatively small companies have been dominating in receiving the USFDA
base, together with competencies that can match any of approvals. We present below the key approvals received
the leading players, can help Indian players maintain their
by the pharma companies under the Sharekhan pharma
high growth rates in the US market in the long term. We
universe.

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investor’s eye sector update

Sun Pharma

Date Generic name Brand name Innovator Approval Indication Market Marketing Key players
company type size Time line
($mn)
30-Dec-10 Ibandronate Sodium Boniva Injection Hoffmann- Tentative Osteoporosis 70.0 Mar-12
Injection La Roche Inc.
30-Nov-10 Donepezil Aricept Tablets Eisai Co. Ltd Tentative Alzheimer’s 2500.0 Jul-13 Ranbaxy, Barr
hydrochloride tablets
24-Nov-10 Duloxetine Cymbalta Capsules Eli Lilly & Co Tentative Anti- 3000.0 Jun-11 Zydus
hydrochloride depression
18-Nov-10 Diltiazem Tiazac Capsules Biovail Final High BP/ 46.0 Immediate Actavis, Apotex,
Hydrochloride Corporation Hypertension Mylan, Watson
18-Nov-10 Desloratadine tablets Clarinex Tablets Schering Corp Final Anti-histamine 212.0 Immediate Dr Reddy’s, Orchid,
Sandoz, Sun Pharma
1-Oct-10 Carbidopa, Stalevo Tablets Orion Cor Tentative Parkinson's 95.0 Apr-12 Impax, Mylan,
Levodopa, disease Actavis, Teva, BMS
Entacapone
29-Sep-10 Rosuvastatin Crestor Tablets IPR Tentative Anti- 3400.0
calcium Pharma cholesterol
28-Sep-10 Riluzole Rilutek Tablets Sanofi Aventis ALS Treatment 50.0 Jun-13 Impax
Tentative
31-Aug-10 Atomoxetine Stattera Capsules Eli Lilly & Co Final Anti- 530.0 180 days Actavis, Mylan,
Hydrochloride depression marketing Aurobindo, Zydus
capsules exclusivity Sandoz, Teva
19-Aug-10 Generic Venlafexine Venlafexine Tablets Osmotica Final Anti- 200.0 180 days Wyeth, Teva,
Hydrochloride depression marketing Actavis, Alembic,
tablets exclusivity Aurobindo, DRL,
Mylan, Zydus
2-Jul-10 Rivastigmine Exelon Novartis Final Alzheimer’s 130.0 180 days Dr Reddy’s,
capsules marketing Watson
exclusivity
24-Dec-10 Oxaliplatin Eloxatin Sanofi Aventis Cancer 1300.0 Launched Hospira, Sandoz,
in April 10 Fresensius, Teva,
and stopped Actavis, Par
marketing pharma
in June 10.
Favourable
ruling by
appeals
court. Can
now launch
again at risk
16-Jul-10 Tamsulosin Capsules Flomax Capsules Boehringer Final Urinary tract 2790.0 Immediate Impax, Mylan,
Ingelheim Sandoz, Synthon
Pharma, Inc. pharma, Teva,
Wockhardt, Zydus
22-Jun-10 Azelastine Optivar Ophthalmic Medpointe Final Allergy 50.0 Immediate Apotex, Meda
Ophthalmic Solution, 0.05% Pharma pharma
Solution, 0.05%.
18-Jun-10 Alprazolam tablets Xanax tablets Pfizer Inc. Final Anxiety & 145.0 Immediate Actavis, Apotex,
panic disorder Impax, Mylan,
Sandoz
17-Jun-10 Levetiracetam Keppra Injection UCB Final Anti-epileptic 85.0 Immediate Nexus
Injection 100mg/ml
10-Apr-10 Memantine Tablets Namenda Tablets Forest Final Alzheimer’s 1200.0 180 days
Lab, Inc. marketing
exclusivity
8-Apr-10 Bupropion Tablets Wellbutrin SR GSK Pharma Final Anti- 300.0 Immediate Biovail, Impax, Teva
Tablets Inc. depression Mylan, Sandoz,
Watson, Apotex,

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investor’s eye sector update

Glenmark Pharmaceuticals

Date Generic name Brand name Innovator Approval Indication Market Marketing Key players
company type size Time line
($mn)
28-Dec-10 Lithium Carbonate Lithobid Noven Final Bipolar 21.0 Immediate Roxane, Westward
Pharma Inc. Disorder
23-Dec-10 Indomethacin Indomethacin Mylan Final Rhuematoid 20.0 Immediate Mylan, Ivax,
Arthritis Sandoz, Heritage
Pharma, Zydus
23-Dec-10 Sulfamethoxazole & Final Urinary tract 31.0 Immediate Amneal, Vista
Trimethoprim infection Aurobindo, teva,
Monarch Pharma,
Mutual Pharma,
Sandoz, Vintage
23-Dec-10 Eszoplicone Lunesta Seprecor Inc. Tentative Insomnia 787.0 Nov-13 Lupin, Ranbaxy,
Dr Reddy’s
12-Dec-10 Felodipine Plendil Astrazeneca Final Hypertension 97.0 Immediate Mutual Pharma,
Pharmaceuticals Mylan
12-Dec-10 Oxycodone Product 13.0 Immediate
Line
11-Oct-10 Pramipexole Mirapex Boehringer Final 520.0 Immediate Actavis, Alembic,
Dihydrochloride Ingelheim Barr, Watson, Zydus
Breckenridge,
Mylan, Sandoz,
teva, Torrent
16-Aug-10 Trospium Sanctura Allergan Inc. Final Urinary 25.0 Immediate Allergan, paddock
infection labs
10-Aug-10 Mometasone Final Inflammation 25.0 Immediate Altana, Schering,
Furoate Taro, G&W labs,
Nycomed, perrigo
5-Aug-10 Clotrimazole Clotrimazole Cream Taro Inc. Final Dermatology 26.0 Immediate Nycomed
Cream 1%
29-Jul-10 Riluzole Rilutek Sanofi Tentative Amyotrophic 47.0 Jun-13 Impax
Aventis LLC lateral
Sclerosis
23-Jul-10 Fluocinonide 0.1% Vanos Cream Medicis Tentative Inflammation 30.0 Dec-13 -
Cream Pharma Corp.
23-Jul-10 Norethindrone Micronor Tablets Ortho McNeil Final Oral 43.0 Immediate Viintage,
Janssen Barr, Watson
Pharma, Inc. contraceptive
22-Jul-10 Norethindrone Aygestin Duramed Final Oral 27.0 Immediate Duramed
Acetate Research Inc. contraceptive
14-Jul-10 Theophylline Uniphyll Purdue Final Asthama 8.0 Immediate Nostrum
Tablets Pharma
2-Jul-10 Adapalene Gel Final Dermatology 84.0 Immediate Teva, impax
7-Apr-10 Ropinirole Requip Euro Immediate
film-coated tablets 24 mn
1-Apr-10 Moexipril Univasc Schwarz Final 9.0 Immediate
Hydrochloride Pharma

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investor’s eye sector update

Strides Arcolabs

Date Generic name Brand name Innovator Approval Indication Market Marketing Key players
company type size Time line
($mn)
10-Dec-10 Lidocaine Lidopen Final Irregular 61.0 Immediate Hospira
Hydrochloride Inj heartbeat
USP multi dose vials
1-Dec-10 Midazolam Final Anesthesia 31.0 Immediate Hospira
Hydrochloride Inj
29-Oct-10 Lamivudine & Combivir Tentative VIIV Healthcare
Zidovudine Tablets
4-Oct-10 Lidocaine Final Irregular 61.0 Immediate Hospira
Hydrochloride Inj heartbeat
USP-Single use vials
4-Oct-10 Lidocaine Final Irregular 61.0 Immediate Hospira
Hydrochloride Inj USP heartbeat
4-Aug-10 Ergocalciferol Drisdol Sanofi Final Hypo- 62.9 Sun Pharma,
Capsules USP phophatemia Sigmapharma labs
30-Jul-10 Rocuronium Zemuron Schering Final Neuromuscular 59.0 App Pharma, Teva,
Bromide Injection blocking agent Hospira, Sandoz
30-Jul-10 Sumatriptan Imitrex GSK Final Migraine 16.2 Par pharma,
Succinate Injection Sandoz
-Single use vials
14-Jun-10 Sumatriptan Imitrex GSK Final Migraine 182.0 Par pharma,
Succinate Injection- Sandoz
Pre-filled syringes
13-May-10 Vecuronium Bromide Final Anesthesia 10.0 Bedford, Hospira,
for Injection Sun Pharma, Teva,
Watson
12-May-10 Bacitracin for Final Anti-infective 32.0 App Pharma,
Injection Pharmacia
22-Apr-10 Adenosine Injection Adenoscan Astellas Tentative 124.0 App pharma,
USP Pharma Baxter, Bedford,
Teva, Wockhardt,
Gland Pharma
21-Apr-10 Metoprolol Tartrate Lopressor Novartis . Final Acute 13.0 Sandoz, Watson
Injection, USP Pharma Corp myocardial
infarction
19-Apr-10 Mesna Injection Mesnex Baxter Final Prophylactic 12.0 Bedford, Baxter,
International agent in App pharma, Teva
chemotherapy parenteral
14-Apr-10 Granisetron F. Hoffmann- Final Prevent nausea 26.0 Sandoz, Teva
Hydrochloride La Roche AG and vomiting Parenteral, Baxter
Injection-Single caused by Watson, Claris,
dose vial chemotherapy Wockhardt, Ebewe
pharma, Dr reddy,
App Pharma
14-Apr-10 Granisetron F. Hoffmann Final Prevent nausea 26.0 Sandoz, Teva
Hydrochloride -La Roche AG and vomiting Parenteral,
Injection-Multi caused by Watson, Dr Reddy
dose vial chemotherapy Wockhardt, Ebewe
pharma, Claris
Lifesci, Baxter,
App Pharma

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investor’s eye sector update

Dr Reddy’s Laboratories

Date Generic name Brand name Innovator Approval Indication Market Marketing Key players
company type size Time line
($mn)
12-Nov-10 Fexofenadine HCL Allegra Sanofi Tentative Barr, Mylan, Teva,
Impax
18-Nov-10 Zafirlukast Tablets Accolate Astrazeneca Final Respiratory 50.0 Immediate
Pharma
15-Oct-10 Lansoprazole Prevacid Takeda Final Heartburn 709.0 Immediate Matrix, Sandoz,
Capsules teva
29-Jun-10 Anastrozole Tablets Arimidex Astrazeneca Final Cancer 927.0 Immediate Accord, Fresensius
Pharma Kabi, Mylan, Natco,
Roxane, Sandoz,
Teva, Watson,
Zydus
13-May-10 Tacrolimus Capsules Prograf Astellas Final Immunosuppressant 955.0 Immediate
Pharma US, Mylan, Sandoz,
Inc. Watson
15-Apr-10 Amlodipine Lotrel Novartis Final Anti- 921.0 Immediate Lupin, Mylan, Par
Benazepril Capsules Pharma, US hypertensive Pharma, Teva,
Watson
13-Sep-10 Mycophenolate Cellcept Roche Final Immuno- Accord, Apotex,
Mofetil suppressant Endo Pharma,
Mylan, Roxane,
Sandoz, Strides
Arcolabs, Teva,
Zydus

Cadila Healthcare

Date Generic name Brand name Innovator Approval Indication Market Marketing Key players
company type size Time line
($mn)
7-Oct-10 Losratan Potassium Hyzaar Merck Inc. Final Hypertension 1300.0 Immediate Mylan, Roxane,
Tablets Sandoz, Teva,
Torrent, Zydus,
Acatvis, Alembic,
Apotex, Watson
Aurobindo
7-Oct-10 Losratan Potassium Cozaar Merck Inc. Final Hypertension 944.0 Immediate Mylan, Roxane,
+ Hydrochloro- Sandoz, Teva,
thithiazide tablets Torrent, Zydus,
Acatvis, Alembic,
Apotex, Watson,
Aurobindo
29-Jun-10 Anastrazole Tablets Arimidex Astrazeneca Final Cancer 1100.0 Immediate Accord, Fresensius
Pharma Kabi, Mylan, Natco,
Roxane, Sandoz,
Teva, Watson, DRL
28-Apr-10 Tamsulosin Tablets Flomax Capsules Boehringer Final Urinary tract 2790.0 Impax, mylan,
Ingelheim Sandoz, Synthon
Pharma, Inc. pharma, Teva,
Wockhardt, Sun
15-Nov-10 Indomethacin Mylan Final Rhuematoid 20.0 Immediate Mylan, Ivax,
Arthritis Sandoz, Heritage
Pharma, Glenmark
16-Sep-10 Atomexitine HCL Stattera Capsules Eli Lilly & Co Final Anti- 530.0 Actavis, Teva,
depression Aurobindo, Mylan,
Sandoz, Sun
16-Sep-10 Duloxetine HCL Cymbalta Capsules Eli Lilly & Co Tentative Anti- 3000.0 Sun pharma
depression

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investor’s eye sector update

Lupin

Date Generic name Brand name Innovator Approval Indication Market Marketing Key players
company type size Time line
($mn)
2-Nov-10 Desloratadine Clarinex Schering- Final Anti- 229.0 Immediate Dr Reddy, Orchid,
Tablets Plough Corp. Histamine Sandoz, Sun pharma
2-Nov-10 Suprax Chewable Cefixime Final Pediatric 120.0 Immediate
Tablets
4-Oct-10 Hydrochlorothiazide Hyzaar & Cozaar Merck Inc. Final Hypertension 1600.0 Immediate Mylan, Roxane,
Losartan Potassium Sandoz, Teva,
Torrent, Zydus,
Acatvis, Alembic,
Apotex, Watson,
Aurobindo.
1-Jul-10 Famotidine Oral Pepcid Merck Inc. Final Ulcer 29.0 Immediate Salix, Navinta LLC
Suspension
4-Jun-10 Lamotrigine tablets Lamictal GSK Pharma Final Epilepsy 452.0 Immediate Aurobindo,
Dr Reddy,
Glenmark, Mylan,
Taro, Watson,
Zydus, Apotex,
Roxane, Sandoz,
Torrent, Zydus
20-Apr-10 Imipramine Pamoate Tofranil-PM Mallinckrodt Final anti- 39.0 Immediate Roxane
Capsules Inc. depression

Ranbaxy Laboratories

Date Generic name Brand name Innovator Approval Indication Market Marketing Key players
company type size Time line
($mn)
30-Nov-10 Donepezil Aricept Eisai Inc. Final CNS 2600.0 180 days Mutual Pharma,
Hydrochloride marketing Barr
Tablets exclusivity
11-Aug-10 Risperidone Risperdal Ortho Mcneil Final Psychiatric 68.0 Immediate Par Pharma,
Janssen Sandoz, Zydus

Torrent

Date Generic name Brand name Innovator Approval Indication Market Marketing Key players
company type size Time line
($mn)
17-Nov-10 Levetiracetam Keppra Injection UCB Tentative Anti-epilectic 85.0
100mg/ml
6-Oct-10 Losartan Potassium Hyzaar Merck Inc. Final Hypertension
19-Oct-10 Alfuzosin HCL Tentative Urinary tract Breckenridge,
Glenmark
8-Oct-10 Pramipexole Final Parkinson’s disease
Dihydrochloride
22-Sep-10 Clopidogrel Tentative CVS

Cipla

Date Generic name Brand name Innovator Approval Indication Market Marketing Key players
company type size Time line
($mn)
27-Oct-10 Zidovudine Retrovir VIIV Final ARV Aurobindo, Hetero
Healthcare Drugs, Matrix labs,
Ranbaxy

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investor’s eye sector update

Based on the inferences put forward and the re-rating in the pharma sector we roll forward our multiples in line with
that of the sector. Thus our revised price targets stand as follows:
Sharekhan Pharma Universe
Company Multiple Price Rationale CMP Potential Reco
(x) target (Rs) upside (%)
Sun Pharma 24 510 Safe investment haven, enjoys legacy premium 490 4.1 Buy
multiple; 353 ANDAs after Taro inclusion, Taro provides
entry in dermatology, marketing and distribution channel
access, other niche opportunities like Taxotere and Eloxatin
would compensate for Caraco loss.
Ipca 16 381 Indore SEZ approval expected in H2FY2011 to fasten the 339 12.4 Buy
pace of commercialization of already approved ANDAs.
Plans to file 8-10 ANDAs every year backed by its own APIs
and launch 3-4 products per anum. Strong domestic growth,
newer approvals and scale up in the US market
Torrent 15 685 With 48 ANDAs filed and another 37 under development, 581 17.9 Buy
Torrent plans to file 6-7 ANDAs per annum scaling up the
US business. Strong play in domestic formulations and the
AZ deal to pep emerging markets growth
Cadila 20 861 (includes Strong ANDA pipeline of 117 products including filings in 769 12.0 Buy
Rs41 for niche areas of pulmonary, nasal and injectables to
Para IV strengthen US business. High return ratios (25%+),
opportunities) growth aided by JVs, robust domestic business,
potential triggers from R&D pipeline
Lupin 22.5 520 At least one low-competition product in the US every year 489 6.3 Hold
in the past few years, 3-4 similar opportunities scheduled
in FY12. Ophthalmology and oral contraceptives to drive
US growth further. However the branded business
stunted growth poses a risk
Glenmark 17 408 (includes Multiple product opportunities/launches in the US, 365 11.9 Buy
Rs39 for restructured Latam markets, R&D out licensing offers
R&D pipeline) potential upsides (Crofelemer in adv PH-III)
Opto 16 355 Only listed entity on the Indian bourses for medical 261 36.3 Buy
equipments, increasing market share in emerging
markets, Criticare to boost revenues, Newly acquired
Cardiac Lifesciences could act as a dampener on margins,
a small player as compared to J&J, Medtronic, etc
Piramal NPV 522 Disappointing performance in the residual business, 470 11.1 Hold
remain cautious due to lack of clarity on the cash
deployment from the sale of business
JB Chemicals 9.5 174 Considering the double-digit growth in its revenues and 138 25.8 Buy
the earnings from its core business, its strong free
cash flows and healthy return ratios (18-20%), the company
trades at a discount in the midcap segment
Valuation table
Company CMP Mkt cap EPS (Rs) EPS P/E (x) EV/EBITDA (x)
(Rs) (Rs cr) FY10 FY11E FY12E CAGR (%) FY10 FY11E FY12E FY10 FY11E FY12E
Sun Pharma 488.3 50564 13.00 16.2 21.2 28 37.6 30.1 23.0 35.7 27.3 20.2
Ipca 333.2 4182 16.40 20.0 23.8 20 20.3 16.7 14.0 14.2 12.3 10.0
Torrent 574.2 4857 27.30 37.0 45.7 29 21.0 15.5 12.6 15.0 11.7 9.1
Cadila 769.1 15747 24.90 33.5 41.0 28 30.9 23.0 18.8 20.5 16.3 13.2
Lupin 486.6 21690 15.20 19.4 23.0 23 32.0 25.1 21.2 26.6 21.1 17.0
JB Chemicals 138.3 1167 12.60 15.3 19.3 24 11.0 9.0 7.2 67.4 78.9 93.3
Glenmark 364.3 9840 12.00 17.9 21.7 34 30.4 20.4 16.8 18.7 13.3 11.1
Opto Circuits 251.8 4614 14.40 18.5 22.2 24 17.5 13.6 11.3 13.3 12.0 9.8
Piramal 485.7 10150 23.40 9.2 15.7 -18 20.8 52.8 30.9 16.3 41.0 32.1

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