25 August 2020 Albuterol Sulfate sales for two innovators (GSK/Teva) for their brands Ventolin/Proair stood at USD600m/USD275m for 12M-ended Jun20. Considering 15% market share / 30% price erosion for LPC, we believe Albuterol Sulfate could add up to USD8090m to LPCs annualized revenues. US revenues are expected to be driven in the near term by the launch of g- Proair, ramp-up in Levothyroxine sales, better traction in g-Apriso, relaunch of g-Glumetza, and new launches from 158 ANDAs pending approval. Compared with 5% compounded decline over FY1820, we expect a 7% sales CAGR in the US over FY2022. LPC would also launch Biosimilar-Enbrel in the EU market in 2HFY21. (a) niche launches (g-Albuterol to be launched in Sep20; Biosimilar-Enbrel/g- Fostair in the EU), (b) improving market share for Levothryoxin, (c) better-than- industry growth in DF, and (d) partly the low base of FY20 (21% compounded decline in earnings over FY1820).