US Biz to Dampen FY18 Performance; Maintain HOLD Led by weak performance in the US and muted growth domestic business, Lupin (LPC) has delivered a weak performance in 1QFY18 on all counts. Its revenues, EBITDA and net profit declined by 13% YoY (9% QoQ), 41% YoY (31% QoQ) and 59% YoY (49% QoQ), respectively. Notably, LPC's US sales declined by 26% YoY to US$238mn compared to US$322mn and US$276mn in 1QFY17 and 4QFY17, respectively primarily owing to decline in gGlumetza sales. As per the Management, the US branded business (+21% QoQ to US$23mn) reported a better sales growth in 1QFY18 compared to the generics business. Its domestic sales declined by...