For 2QFY2016, Alembic Pharmaceuticals (Alembic Pharma) posted numbers well ahead of our expectations. It posted an 84.5% yoy growth in sales to end the period at Rs1,008cr V/s Rs750cr expected. On the operating front, the OPM came in at 37.2% V/s 27.8% expected and V/s 19.5% in 2QFY2015. R&D; expenditure during the quarter was 9.4% of sales V/s 13.0% of sales in 2QFY2015. The net profit consequently came in at Rs289cr V/s Rs177.3cr expected and V/s Rs77.3cr in 2QFY2015, a yoy growth of 273.4%. We maintain our Neutral rating on the stock, considering the fuller valuations. Results better than expectations: For 2QFY2016, the company posted numbers well ahead of our expectations. It posted an 84.5% yoy growth in sales to end the period at Rs1,008cr V/s Rs750cr expected. This was primarily driven by gAbilifys launch in the US. Overall formulations were 84% of sales in 2QFY2016, with international generic accounting for 45% of sales and Indian branded accounting for 34% of sales. International generics (Rs559.3cr) posted a sales growth of 342% yoy. The Indian formulation branded sales (`2,846cr) posted a sales growth of 3.3% yoy. The API business posted a yoy growth of 43% yoy. On the operating front, the...