US growth from new launches to offset base business price erosion US generics (~44% of total revenues) grew at ~15% CAGR over FY12-17. Total USFDA filings as on date are 185. So far, the company has received approval for 118. Out of 67 pending ANDAs, ~27 are Para IV applications. Key therapies in the US, going forward, will be oncology dermatology and respiratory. The company expects to file 20-25 ANDAs and launch 1015 ANDAs annually in the US. We expect US sales to remain subdued in FY17-19E to | 3284 (ex-gZetia CAGR ~5% in constant currency), mainly due to higher base and pricing pressure in the US....