After filing ANDA in the US in 2003, the company has come a long way as current ANDA filings are at 487. The US revenue run rate has grown from ~US$100 million in 2009 crossing $1 billion sales as on 2017. Note that this was despite the USFDA embargo in FY12-13 on unit VI and unit III. In rupee term, US sales have grown at 34% CAGR to | 7442 crore in FY1318. US formulations now constitute 45% of total turnover, up from 30% in FY13. However, US pricing pressure in the oral solid space (~77% of US sales) is likely to be the main stumbling block for growth. We expect US FY20E sales to grow at 8.4% CAGR to | 8758 crore in FY18-20E on the back of...