Alembic Pharmaceuticals' 4QFY2016 results have come in below our expectations, on the sales front. The company posted sales of Rs626cr (V/s Rs763cr expected) for the quarter, registering a yoy growth of 24.7%. The growth in sales was driven by international formulations (Rs190.2cr) which grew 20% yoy, while Indian formulations (Rs259.6cr)..