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FOUR-S PharmaHealth Track

9thJan 21thJan11

PharmaHealth TRACK
Newsletter on Indian Healthcare Industry

Top Story
Strides Arcolab may sell Australian unit Drugmaker Strides Arcolab Ltd is considering the sale of its Australian branded-generics unit, Ascent Pharmahealth. U.S. investment bank Jefferies and Co is advising Strides Arcolab on a divestment plan that may also include other businesses such as softgel and anti-retro viral drug manufacturing, as the drugmaker wants to focus on specialty injectables. Ascent Pharmahealth is one of the largest branded generic drugmakers in Australia, with 13 percent market share. It also has a significant presence in Singapore, Thailand and Vietnam. The business had sales of $140 million in 2010 Strides Arcolab is a global pharmaceutical company headquartered in Bangalore that develops a wide range of IP-led niche pharmaceutical products with an emphasis on sterile injectable. The company has 14 manufacturing facilities across 6 countries with presence in more than 75 countries in developed and emerging markets.

Content
Private Equity Mergers & Acquisitions News Update Regulatory Developments Upcoming Events Stock Market Update Peer Benchmarking About Four-S Services

Content

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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 Research Support Valuation Services Investor Relations & IPO Consulting

For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

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 Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

FOUR-S PharmaHealth Track


Investment Activity last 1 year..

Date 17-Jan-2011 18-Jan-2011 28-Jan-2011

Investor(s)
Zephyr Peacock India Halcyon Capital Advisor Sequoia Capital, Elevar Equity

Target
Aizant Drug Research Solutions Ltd Integrated Health & Healthcare Services Glocal Healthcare Systems SRL SRL

Stake (%)
NA NA NA 9.27 4 NA NA 12 NA NA NA NA NA NA NA NA

Amount ($mn)
5.0 44.2 3.3 224 112 10 4.6 0.6 10 22.0 NA NA 25.0 5.1 100.0 NA CRO

Business

Stage
Early Buyout Early Growth Growth Growth Growth Early Early Growth Growth Growth Growth Early Growth Growth

Hospitals Hospitals Diagnostics Diagnostics Hospitals Hospitals Online Healthcare Super specialty hospital chain Hospitals Hospitals Diagnostics Hospitals Health Services Hospitals Hospitals

15-Apr-2011 Avigo Capital 5-May-2011 17-Jun-2011 Sabre Partners

Aquarious India, Vaatsalya SeedFund Catamaran, Reliance VA, 20-Jun-2011 Wellspring Healthcare Bluecross BlueShield VP 23-Jun-2011 HDFC PE 10-Aug-2011 Matrix Partners 28-Sep-2011 Sequoia Capital 10-Oct-2011 Helion Ventures, Nexus Ventures Angels Health Pvt Ltd Kids Clinic Moolchand Medcity Eye-Q

28-Nov-2011 Fidelity Growth Partners XCyton Diagnostics 12-Jan-2012 11-Jan-2012 18-Jan-2012 20-Jan-2012 NEA, DaVita Inc Sequoia Capital, Omidyar Network Olympus Capital Songs Investments NephroLife Care Healthkart.Com DM Healthcare Be Well Hospitals

Source: Four-S Database

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.

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 Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

FOUR-S PharmaHealth Track


Mergers & Acquisition Date 19-Jan 2011 20-Jan 2011 23-Feb-2011 15-Apr-2011 15-Apr-2011 15-Apr-2011 15-Jun-2011 17-Jun-2011 19-Jul-2011 21-Jul-2011 28-Jul-2011 3-Aug-2011 9-Aug-2011 10-Aug-2011 12-Sep-2011 8-Oct-2011 12-Oct-2011 4-Nov-2011 14-Nov-2011 18-Nov-2011 24-Nov-2011 23-Nov-2011 28-Nov-2011 17-Jan-2012 Investor(s) Transasia Bio-Medicals Surya Pharmaceuticals QPS Holdings Ecron Ecunova Hikma Pharmaceuticals Fortis Healthcare Lupin Zydus Shilpa Medicare Dr Reddys Laboratories Cadila Healthcare Danone Ipca Labs Fortis Target Diasis Diagnostic Systems ActivOn Bioserve Clinical Research Private Limited aCROnordic Unimark Remedies SRL Goanna Brand Nesher Pharma unit Nu Therapeutics JBCL-Russia-CIS prescription products Bremer Pharma Wockhardt 's nutrition business Onyx Research Hoan My Medical Stake (%) NA NA NA 75% 22.2% 86% NA NA 50 100 100 100 100 65 50 NA NA NA 100 100 NA 100 100 100 Amount ($mn) NA 22.3 NA 3.4 33.3 189.4 NA NA NA 30.5 NA 355 7.5 64 NA 40.1 103.1 114.0 19.1 NA NA 5.0 55.0 NA Business Diagnostics Pharma Clinical Research CRO Pharma Diagnostics OTC Generic Pharma Pharma Pharma Pharma Healthcare Services Hospitals Pharma Pharma Hospitals Pharma Pharma Pharma Pharma Pharma Pharma Pharma

Vivimed Labs Akorn Inc Life Healthcare Group


Aventis Pharma Invida Group Lupin Limited SOHM Inc TSS EXPORT GmbH FZE Vivimed Labs Dishman Pharma

Octtantis Nobel Labs Ltd KilitchDrugs (India) Ltd Max Healthcare Ltd.
Universal Medicare - branded nutraceutical formulations biz Shalaks Pharmaceuticals dermatology and baby care I'rom Pharma Novatrend Medicament Transgene Biotek bio generic product - Erythropoietin Uquifa Creapharm Parenterals

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 fund s including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

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News Update
Healthcare & Pharmaceutical Sector 1.) Pharmaceutical Sector Aanjaneya Lifecare To Acquire Apex Drugs & Intermediates Aanjaneya Lifecare may acquire Apex Drugs & Intermediates Ltd. Aanjaneya is negotiating the terms for the acquisition of 100% assets and business of Apex. Apex Drugs was originally incorporated as Agni Synthetics Pvt Ltd in the year 1989, the name was changed Apex Drugs & Intermediates Ltd in 1995 and subsequently controlling stake was acquired by Ghanshyam Kurmi - current MD of Apex along with his associates. Apex Drugs has production facilities in AP and manufactures APIs for use in therpeutic segments including cardiovascular, gastrointestinal, Antihistamine and non steroidal anti inflammatory drugs. Apex supplies its APIs to a number of domestic formulators and also sells its products to Spain, UAE, Bangladesh, Argentina and Egypt. Sanofi and 2 other venture capital firms launch Warp Drive Bio Sanofi is co-investing in Warp Drive Bio, an innovative start-up biotechnology company, along with 2 venture capital firms, Third Rock Ventures (TRV), a venture capital firm based in Boston, Massachusetts, and Greylock Partners, a venture capital firm based in Menlo Park, California. Warp Drive Bio is an innovative biotechnology company, focusing on proprietary genomic technology to discover drugs of natural origin. The Warp Drive Bio team has been assembling an array of technologies to create a platform for identifying potential drug candidates using microbiology, next generation sequencing, cutting-edge bioinformatics and chemo-informatics. Clariant opens new crop protection laboratory in Thane Clariant opens of a new crop protection laboratory for its Industrial & Consumer Specialties (ICS) Business Unit at Clariants Kolshet site in Thane, near Mumbai. Development activities at the state of the art facility will focus on building a unique portfolio of crop protection guideline formulations, using Clariants ranges of emulsifiers, adjuvants, dispersing agents and new innovative chemistries derived from renewable resources. The emphasis will be on eco-friendly, active ingredient delivery systems for emulsions, suspension concentrates (SC), water dispersible granules (WDG), oil dispersions and encapsulated technologies based on Clariants specialty performance additives. Dishman Pharma arm acquires Creapharm Parenterals Dishman Pharmaceuticals' wholly Subsidiary company, namely Carbogen Amcis AG., Switzerland has acquired Creapharm Parenterals, a subsidiary of France based Greapharm Group. Creapharm Parenterals is a contract development and manufacturing organization specializing in liquid, semi-solid and injectable aseptic dosage forms. As part of this acquisition, Creapharm Parenterals has changed its name to CARBOGEN AMCIS SAS. Glenmark gets interim order against Napo Pharmaceuticals Glenmark Pharmaceuticals Ltd has received an interim order from a U.S. arbitration panel against U.S.-based Napo Pharmaceuticals Inc's termination of a collaboration pact for an HIV-associated diarrhoea drug. The pact, signed in July 2005, had conferred exclusive rights to Glenmark to develop, commercialize and distribute the drug, Crofelemer, in 140 countries. This move provides interim relief to Glenmark, which recently started trials of the drug to treat cases of adult acute diarrhoea, including cholera. Serum Institute of India Ltd to sell off overseas buys Serum Institute, the over ` 10bn privately held vaccine maker, has learned its lesson after picking up minority stakes in vacccine and pharma companies in India and abroad. It will stick to its core business, vaccines and immuno-biologicals, to emerge as a major global player in these businesses. Company will soon offload our stakes in Lipoxen Plc of the UK and Akorn Inc of the US since the objectives (in the stake acquisition) were not achieved. Company will be happy to get even since we invested ` 1bn in each of the two companies. Lipoxen is a bio-pharma company while Akorn is a maker of sterile speciality pharmaceuticals. 2.) Healthcare St. Jude Medical launches Accent MRI Pacemaker in India St. Jude Medical, a global medical device company, has launched the Accent MRI pacemaker and Tendril MRI lead in India. The new pacemaker and lead allow patients to undergo full-body, high-resolution magnetic resonance imaging (MRI) scans to accommodate patients current and future medical needs. Each year approximately one million pacemakers are implanted worldwide, and it is estimated that up to 75 percent of

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 capital ists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

FOUR-S PharmaHealth Track


pacemaker patients could benefit from MRI scans during the lifetime of their devices. India attains milestone in polio eradication India has touched a milestone of being polio free for one whole year. The lone case of polio in 2011 was detected in a two year old girl in Panchla block of Howrah, West Bengal, with the onset of paralysis on 13th January 2011. Union Minister for Health and Family Welfare, Ghulam Nabi Azad said we are excited and hopeful, at the same time, vigilant and alert. He cautioned that there is still no room for complacency and we need to ensure no case of polio infection for the next three consecutive years for India to celebrate eradication of poliomyelitis. India has as yet spent more than ` 120bn on the Pulse Polio Programme. India took a lead in introducing bivalent polio vaccine (bOPV) in January 2010. Despite global shortage of both bOPV and trivalent Polio vaccine, India tapped domestic market for timely supply of vaccine to ensure pulse polio rounds without interruptions. The prorgamme has been in the forefront of adopting technological innovations. Goodwill Hospital withdraws IPO on poor response The initial public offer (IPO) of Goodwill Hospital and Research Centre, who runs a multi-specialty hospital at Noida, has been withdrawn by the promoters, presumably due to poor response from the investors. The ` 620mn IPO had opened for subscription on December 30, 2011 with an issue price of ` 175-185 a share. The issue was scheduled to close on 9 Jan and was heavily under-subscribed till January 6, as per the NSE data. The bids for 22,015 shares were received, against a total of 35,42,857 shares on offer. Marketmen blamed poor market conditions behind the poor show by the company's issue. SPA Merchant Bankers Ltd was the book running lead manager to the issue. Olympus Capital picks up stake in DM Healthcare for ` 5bn Private equity firm Olympus Capital Asia Investments (OCAI) has acquired a minority stake in Dubai-based DM Healthcare for ` 5bn. As a result of this investment, Olympus Capital will become DM healthcare's largest external investor. Olympus Capital nominees will also join the Board of Directors of DM Healthcare. DM Healthcare is a leading healthcare services provider in the Gulf Cooperation Council countries, with a rapidly expanding presence in India. The healthcare provider operates hospitals, clinics and pharmacies in the UAE under 'Aster' and 'Medcare' brands and has presence in Qatar, Oman and Saudi Arabia. Opto Circuits subsidiary Criticare to supply monitoring systems to Russian hospitals Opto Circuits subsidiary has received an order to supply patient monitoring systems to major hospitals in Russia'sTyumen Oblast province. Criticare Systems Inc, a subsidiary of Opto Circuits, has signed a contract to supply vital signs monitors to major hospitals in Tyumen Oblast, Russia's third-largest province Under the agreement developed by Criticare's Russian distributor, Elmedica, the company will provide nGenuity patient monitors, along with installation and training, to four hospitals, including three regional hospitals Life Healthcare inks pact with Max Healthcare for stake buy South Africa-based Life Healthcare has signed agreements with MaxHealthcare Institute Ltd (MHIL) and Max India Ltd to acquire 26 per cent stake in MHIL. The agreements are for the subscription of 26 per cent of the post-issue share capital of MHIL. The subscription price is ` 5165mn. Life Healthcare will provide pro-rata guarantees for its proportionate share of the debts of MHIL, currently guaranteed by Max India. On Oct 11, 2011, Max India had announced the deal to sell 26 per cent stake in its subsidiary, Max Healthcare Institute, for ` 5165mn to Life Healthcare. Max Healthcare Institute plans to invest the ` 5165mn for expansion and reducing debt that is estimated to be about ` 9bn. The firm plans to open four new super speciality hospitals in North India by the end of this year. 3.) Regulations/Legal

Glenmark Generics gets approval for 2 Oral Contraceptives product from USFDA Glenmark Generics Inc., USA, a subsidiary of Glenmark Generics Ltd, announced they have been granted final approval for two abbreviated new drug applications (ANDA), oral contraceptive products Norethindrone and Ethinyl Estradiol and Norethindrone and Ethinyl, by the United States Food and Drug Administration. According to IMS Health for the 12 month period ending September 2011, these products achieved total market sales of approximately USD 96 million. Novartis receives approval for Lucentis and launches Galvus in China Novartis received regulatory approval in China from the State Food and Drug Administration (SFDA) for Lucentis (ranibizumab) to treat wet (neovascular) age-related macular degeneration

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 capital ists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

FOUR-S PharmaHealth Track


(AMD), and is launching Galvus (vildagliptin), an oral treatment for patients with type 2 diabetes approved in China as an add-on to metformin, the standard of care. In China, there are an estimated 300,000 new wet AMD patients per year, and as many as 75 million people have uncontrolled type 2 diabetes. The number of people with diabetes in China has nearly quadrupled in recent years, making it the country with the largest number of adults with diabetes in the world. Wockhardt will be manufacturing the nasal spray at its facility in Morton Grove, Illinois, USA. Wockhardt has received final approval from US FDA for marketing 50 meg nasal spray of Fluticasone which is used in treatment of allergic rhinitis. Fluticasone nasal spray is the generic name for the brand Flonase, marketed in the United States by Glaxo Smithkline. According to IMS Health, the total market for this product in the US is about $580 million and there are only three other generic versions of the product in the United States. Fluticasone nasal spray is amongst the most widely used cortlcosteroids in treating allergic rhinitis. Tinnitus-commonly known as ringing in the ear, a condition where inner hair cells get damaged causing continuous depression, anxiety and insomnia in patients. Millions of people around the world suffer from Tinnitus. LPL becomes the first company in India to introduce a cure for Tinnitus as TINNEX injection using Caroverine. TINNEX Injection is a slow intravenous infusion. The dosage differs from patient to patient and depends on the severity . Microbix, Zydus agree to market Urokinase in North America Microbix Biosystems Inc, a Canadian biotechnology company commercialising novel technologies, and Cadila Healthcare Ltd have signed a Letter of Intent to market the Thrombolytic drug Urokinase in the North American markets. The estimated market size for Urokinase use in the US alone is expected to touch $400 million by 2020. The same active pharmaceutical ingredient (API) can be used in new and even larger indications in oncology and ophthalmology. Over 4 million patients have been treated successfully with Urokinase. The drug was withdrawn from the market for 3 years from 1999 to 2002 for reasons unrelated to product performance. Urokinase was acquired by Microbix in 2008 which has since stepped up efforts to re-introduce the drug in North America.

Global News Update


Lincoln Pharma enters into agreement with Phafag AG, Switzerland Lincoln Pharmaceuticals Ltd (LPL), a world class pharmaceutical company had entered into an agreement with Phafag AG, Switzerland.for its Caroverine molecule for the the treatment of

Events Calendar
Medicall Ahmedabad Date: Feb 03-05, 2012
BioAsia 2012: The Global Biobusiness Forum

Venue: Ahmedabad, Gujrath Organizer: Medicall website: www.medicall.in


Medical Fair India Date: 2 Mar-4 Mar, 2012 Venue: Bombay exhibition center, Mumbai Webmail: http://ems2012.in/ Organizer : Messe Duesseldorf http://www.medicalfair-india.com/

Date: 9 Feb 12 11 Feb 2012 Venue: Hyderabad International Convention Centre, Hyderabad Organizer: BioAsia Tel: 91 40 66446477 E-mail: info@bioasia.in

sandeep.kochhar@assocham.com Banglore India Bio sandeep.kochhar@assocham.com Date: Feb 6-8, 2012 sandeep.kochhar@assocham.com Venue: Hotel Lalit Ashok,Bengaluru Website: http://www.bangaloreindiabio.in Tel: 91 80 4113 1912 / 13

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 capital ists and hedge funds including Indias Top 5 PE Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

FOUR-S PharmaHealth Track


Stock Market Update
As on 21 Jan 2012
SUN PHARMACE DR.REDDY'S L CIPLA LTD. LUPIN LTD RANBAXY LABO GLAXOSMITH CADILA HEALTH DIVI's LAB GLENMARK PHA APOLLO HOSPITAL PIRAMA HEALTH BIOCON LTD OPTO CIRCUIT IPCA LAB LTD JUBILANT ORG AUROBINDO PH ORCHID CHEM BSE SENSEX NSE NIFTY BSE HEALTHCARE

Market Cap In ` Mn
547616 287598 266409 197597 195380 166645 133844 103787 86251 84015 71786 54980 41576 35016 28798 28195 10785

Price In `
529 1696 332 442 463 1967 654 782 319 625 416 275 223 279 181 97 153 16644 5049 6191

Percentage Change (%) 1W


2.89 -0.64 -0.70 2.62 0.84 0.13 -3.64 -0.22 1.55 -3.55 0.59 1.76 9.03 1.22 -4.05 -6.71 7.07 3.62 3.75 0.67

1M
5.62 4.74 2.09 3.15 18.39 6.42 -8.16 5.27 13.82 15.35 12.31 5.98 27.25 10.91 7.98 12.73 24.21 10.31 11.10 6.76

3M
8.13 8.05 16.08 -6.22 -6.65 -6.40 -13.70 7.16 9.99 17.83 16.50 -21.81 -4.06 13.60 -9.40 -20.27 0.52 -1.17 -0.85 3.78

6M
5.23 4.97 5.76 -4.63 -12.90 -14.76 -26.20 -5.62 1.54 22.32 3.44 -26.86 -15.20 -16.88 -18.47 -41.97 -32.13 -9.53 -9.31 -3.51

1 Year
8.28 -1.63 -4.35 -5.05 -17.01 -13.40 -21.57 24.01 0.02 27.13 -9.66 -26.65 -9.65 -14.08 -28.51 -60.26 -48.87 -12.12 -11.61 -5.77

Quarterly Results
Companies

` in million Revenue JAS FY11 22678 20280 18946 17581 17522 12389 10973 10554 10481 6998 6369 6227 5620 5084 4776 4122 3541 EBITDA JAS FY11 4798 -769 7840 4376 4040 2371 -708 2256 2381 1165 1309 1830 1547 1385 -233 1059 1382 PAT JAS FY11 3078 -4646 5977 3090 2669 1027 -802 559 794 558 780 1459 1211 857 524 -566 1061 Margins JAS EBITDA NPM FY11 FY11 21% 14% -4% -23% 41% 32% 25% 18% 23% 15% 19% 8% -6% -7% 21% 5% 23% 8% 17% 8% 21% 12% 29% 23% 28% 22% 27% 17% -5% 11% 26% -14% 39% 30%

JAS FY10 DR.REDDY'S L RANBAXY LABO SUN PHARMACE CIPLA LTD. LUPIN LTD CADILA HEALTH AUROBINDO PH GLENMARK PHA JUBILANT ORG APOLLO HOSPITAL IPCA LAB LTD GLAXOSMITH OPTO CIRCUIT BIOCON LTD PIRAMA HEALTH ORCHID CHEM Divi's Lab 19783 20593 16357 15738 15543 11889 11005 8683 9443 6410 5425 5747 5208 4417 4350 3738 3586

YoY 14.6% -1.5% 15.8% 11.7% 12.7% 4.2% -0.3% 21.6% 11.0% 9.2% 17.4% 8.4% 7.9% 15.1% 9.8% 10.3% -1.2%

JAS FY10 3836 1632 5474 3695 2944 3024 1639 2969 1862 1059 952 1993 1432 1221 72 870 1340

YoY 25.1% -147.1% 43.2% 18.4% 37.3% -21.6% -143.2% -24.0% 27.8% 10.0% 37.5% -8.2% 8.0% 13.4% -425.3% 21.8% 3.1%

JAS FY10 2627 2432 5010 2533 2101 2298 -1228 2101 771 513 617 1475 1164 701 892 155 1026

YoY 17.2% -291.0% 19.3% 22.0% 27.0% -55.3% -34.7% -73.4% 2.9% 8.8% 26.4% -1.1% 4.0% 22.3% -41.2% -464.0% 3.4%

JAS:July-August-Sept quarter

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 Indias

FOUR-S PharmaHealth Track


TTM Results
Revenue TTM Sep 11 83044 81619 65947 64748 63044 47593 45976 37492 34666 25630 23798 23123 21413 20451 18517 17088 15022 EBITDA TTM Sep 11 7052 16824 22156 14274 13064 10388 6687 6888 6982 4115 5758 7576 4183 5397 -34 4447 5901 PAT TTM TTM YoY Sep 10 Sep 11 -46.1% 8316 19 4.4% 11569 11769 14.3% 19399 21403 5.0% 9630 10090 8.1% 8914 9424 -0.7% 7416 6735 -48.6% 3887 1105 13.0% 2553 2714 12.1% 4869 4566 4.1% 1937 1999 1.3% 3558 3596 -4.3% 4215 4096 3.1% 2782 2622 9.1% 4016 4457 -62.8% 128930 4055 7.3% 1534 1528 8.4% 4519 4850 ` in million Margins TTM YoY EBITDA NPM -43102.1% 8.5% 0.0% 1.7% 20.6% 14.4% 9.4% 33.6% 32.5% 4.6% 22.0% 15.6% 5.4% 20.7% 14.9% -10.1% 21.8% 14.2% -251.9% 14.5% 2.4% 5.9% 18.4% 7.2% -6.6% 20.1% 13.2% 3.1% 16.1% 7.8% 1.1% 24.2% 15.1% -2.9% 32.8% 17.7% -6.1% 19.5% 12.2% 9.9% 26.4% 21.8% -3079.2% -0.2% 21.9% -0.4% 26.0% 8.9% 6.8% 39.3% 32.3%

Companies

RANBAXY LABO DR.REDDY'S L SUN PHARMACE CIPLA LTD. LUPIN LTD CADILA HEALT AUROBINDO PH JUBILANT ORG GLENMARK PHA APOLLO HOSP E BIOCON LTD GLAXOSMITH IPCA LAB LTD OPTO CIRCUIT PIRAMA HEALT ORCHID CHEM DIVIS Lab

TTM Sep 10 81573 77645 60315 63053 59708 46418 46376 35601 31348 24497 22917 22834 20363 18144 21056 16649 14014

YoY 1.8% 4.9% 8.5% 2.6% 5.3% 2.5% -0.9% 5.0% 9.6% 4.4% 3.7% 1.2% 4.9% 11.3% -13.7% 2.6% 6.7%

TTM Sep 10 10305 16081 18986 13564 12010 10466 9937 5989 6140 3946 5682 7905 4054 4907 -55 4123 5402

Standalone results for Cipla, Glaxosmith, Aurobindo Pharma and Ipca Lab

BSE Healthcare Index movement in last 2 weeks

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 Indias

FOUR-S PharmaHealth Track

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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 Indias

FOUR-S PharmaHealth Track


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The information contained herein has been obtained from sources believed to be reliable but is not necessarily complete and its accuracy cannot be guaranteed. No representation, warranty, guarantee or undertaking, express or implied, is made as to the fairness, accuracy or completeness of any information, projections or opinion contained in this document or upon which any such projections or opinions have been based. Four-S Services Pvt Ltd. will not accept any liability, whatsoever with respect to the use of this document or its content. This document has been distributed for information purposes only and does not constitute or form part of any offer or solicitation of any offer to buy or sell any securities. This document shall not form the basis of and should not be relied upon in connection with any contract or commitment whatsoever. This document is not to be reported or copied or made available to others. The Company may from time to time solicit from, or perform consulting, or other services for, any company mentioned in this document.

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 Indias