ff Domestic formulations, wellness and US sales growth (ex HCQS and AGs) has been muted in the recent past. Management guided for mid-teen growth from 2Q onwards in India as systemic issues resolve. ff For US, management guided ~40 filings-50% in complex space, from Baddi, Moraiya and SEZ and expects to gain ~20 approvals in FY16E. Moraiya resolution remains imperative for Cadila in FY16E as it is key to approvals (Asacol HD, Abilify, Lailda, Nexium and Prevacid ODT). ff Cadila filed 1 ANDA from Nesher in 1Q. Nesher is engaged in a consent decree with...