headwinds with growth to be impacted across all markets including US, Japan and India. Lupin's US business faces significant headwinds from price erosion (~10-12%) in the base business as well as high value products. In Japan, Lupin could be hit by a pincer where authorities not only mandate more frequent price revisions (annually) across all product categories but also want to direct business to the top 5 generic companies in each product category. On the India front frequent regulatory intervention is already taking a toll on the overall domestic business growth. US structural weakness is the biggest risk The US market which is the mainstay for...