US generics comprise ~44% of total revenues and have grown at a CAGR of ~17% in FY13-17. Total USFDA filings as on date are 188. So far, the company has received approvals for 130. Out of the 58 pending ANDAs, ~26 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. We expect US sales to remain subdued in FY17-20E to | 2907 (CAGR -8%), mainly due to higher base, delay in product launches and acute pricing pressure in base business....