Glenmark's Q4FY17 results were disappointing, revenues and PAT was below our expectation by 11.5% and 7.3% respectively, led by lower than expected revenues from all geographies except US and India. While launch of gZetia was for the full quarter, poor performance of the molecule led to pain at the EBITDA margins, however, extraordinary income cushioned the PAT. Adj PAT was below our estimates by 52%. Revenue increased 6.5% YoY to Rs24.6 bn, EBITDA grew 47.1% YoY to Rs4.4 bn while Adj PAT rose 96.4% YoY to Rs2.8 bn and reported PAT rose 278% YoY to Rs5.4 bn for Q4FY17. For FY18, Glenmark has guided a slower than expected pick up in gZetia, however, remains...