Q2FY18 revenues increased by 1.5% YoY lower than our forecast by 5.6%. EBITDA margin of 17.4% were lower than our estimates of 19.7%, mainly on the back of sales mix and higher expenses. PAT of Rs2bn, -8.6% YoY, was lower by 19.6%. For FY18, Glenmark has guided for the US business to have a run-rate of USD125mn+, however, with overall EBITDA margins of 21-22%. We are confident of Glenmark signing one out-licensing deal to help reduce debt. Key Highlights and Investment Rationale Pain continues for the US franchise...