US (44% of revenues) grew at ~12% CAGR in FY16-20 backed by aggressive filings, product launches. Launches of authorised generics also contributed to overall growth. US pipeline (cumulative) consists of 390 filed ANDAs, 99 pending final approvals. However, resurfacing of cGMP issues at Moraiya and an imminent slowdown in base are main near term headwinds. We expect US sales to grow at ~9.5% CAGR in FY20-22E to | 7502 crore. Our growth assumptions model near term Hydroxychloroquine opportunity in the US but besides this no significant meaningful launches....