The US (48% of revenues) has grown at a CAGR of ~17% in FY15-19 backed by aggressive filings and product launches. Launches of authorised generics also contributed to overall growth. The US pipeline (cumulative) consists of 330 filed ANDAs, 144 pending final approvals. But resurfacing of cGMP issues at Moraiya (WL resolved in February 2017) and an eminent slowdown in the base are main near term headwinds. We expect US sales growth to remain muted in FY19-21E mainly due to high base and absence of meaningful launches in the near term. India to witness restructuring; focus on profitable SKUs...