India recovery below expectations: India business grew ~2% YoY and 36% QoQ. Normalizing for the excise duty impact, domestic growth was ~10% YoY (v/s our expectation of >15%). Key launches to drive US recovery: We expect double-digit price erosion in the US base business in FY18/19E due to the impact of further channel consolidation, and competition in key products like Dacogen, Vidaza, Toprol XL and Fondaparinux. Despite this, we expect the US business to bounce back in FY19 (US sales of USD930m in FY18E and USD1.15b in FY19E). Recent...