US business remains lackluster; extension of acute season led to healthy performance in Domestic market We expect the companies under our pharmaceuticals coverage to report revenue growth of 5.4% in Q3FY20 with 12.6% growth in profitability, driven by strong traction in India and API business. The US revenues are expected to decline by 1.6% YoY , mainly due to high base and lack of meaningful launches. However, strong ramp-up in gTamiflu and steady base business performance in some US focused players can surprise on positive side. Regulatory hurdles continue to impact as the sector received nine warning letters during CY19. With respect to domestic markets, the growth is likely to favour companies with larger presence in acute therapy led by extended acute season. Growth in...