Significantly low contribution from gAbilify, pricing pressure in Nexium and some older products, led to 45% YoY decline in Torrent Pharma?s (TRP) US sales in 4QFY17. This resulted in a low EBITDA margin of 20.6% and PAT decline of ~28% to ~Rs 2bn. However, TRP has filed six more ANDAs in 4QFY17, totalling 17 in FY17. Notably, these include two in derma and six FTFs. TRP?s pipeline build-up programme is likely to gain further momentum in FY18/FY19.