cGMP issues, pricing headwinds in US to the fore Lupin's US business (~38% of revenue) has one of the largest ANDA pipelines comprising 324 filed ANDAs and 151 pending approvals including ~40 FTFs. However, this segment is facing headwinds due to persisting pricing pressure and the recent warning letters (Goa, Indore and Mandideep) and OAI at Gavis plant. The company is looking for branded products and complex generics (biosimilars and injectables) to overcome this issue. We expect sales from the US to grow ~5% to | 6393 crore in FY19-22E due to...