Alkem Laboratories, established in 1973, is 5th largest pharma company in India by domestic sales. The company is leader in the acute therapies and has also invested in the chronic therapies. Alkem's US business grew at 24% CAGR over FY16-19 when its large peers struggled for growth. The company faced earning challenges over FY17-19 due to the macro events, weak seasonality, distributor restructuring, API price inflation and FDC ban. FY20E however is proving to be favorable for earnings with strong acute season and continued growth in the US business. With strong domestic business, continued growth in the US business and already completed capex, we believe Alkem has better earnings visibility. The potential...