With the generic version of Focalin XR being approved, GRAN now has 30 ANDA approvals (28 final and 2 tentative). It is used for the treatment of Focalin XR and its generic equivalent had US sales of USD556m for 12- There are 5 companies having final approval for this product, other than GRAN. Accordingly, we expect price erosion of 7-10% with market share gradually building up to 10% over 12 months post the launch of the product. This could provide meaningful upside to GRANs ANDA-led Formulations GRAN has multiple growth levers, such as (a) the ANDA pipeline for US generics (with some products having limited competition opportunity), which should drive an increase in the share of formulations for developed markets, (b) enhanced reach for core molecules, and (c) reduced opex through backward integration.