Contents
Generics: multiple tailwinds ...................................................................... 1
Core generics the way to go; give a break to alternative themes.................... 2
More growth drivers ahead ..................................................................... 14
Our top picks........................................................................................ 32
Companies
Biocon (BUY) ........................................................................................ 39
Cipla (BUY) .......................................................................................... 43
Dishman Pharma (ADD) ......................................................................... 49
Dr Reddy’s Lab (BUY) ............................................................................ 53
Glaxo SmithKline Pharma (ADD) ............................................................. 57
Glenmark Pharma (SELL) ....................................................................... 61
Jubilant Organosys (REDUCE) ................................................................. 65
Opto Circuits (BUY) ............................................................................... 69
Ranbaxy (REDUCE) ............................................................................... 73
Sun Pharma (BUY) ................................................................................ 77
Appendix 1: FDA approvals under PEPFAR ................................................ 89
Inserts (inside back cover)
Diabetes: Mother of all lifestyle diseases
Coronary artery disease (CAD): Protect your pulse
bino@iiflcap.com