US generics comprise ~44% of total revenues and grew at a CAGR of ~17% in FY13-17. Total USFDA filings as on date are 187. So far, the company has received approval for 126. Out of the 61 pending ANDAs, ~28 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 10-15 ANDAs annually in the US. We expect US sales to remain subdued in FY17-20E to | 3162 (ex-gZetia CAGR ~3%), mainly due to higher base and pricing pressure in the US....