Lupin (LPC) has missed our estimates in 2QFY17 due to lower-than-expected sales from US & India and higher other expenses. Its Sales, EBITDA & PAT grew by 29% yoy, 55% yoy & 58% yoy to Rs42.9bn, Rs10.3bn & Rs 6.6bn, respectively led by Gavis consolidation, revenue contribution from gGlumetza & gFortamet in the US. Its US sales declined by 9% qoq to US$292mn in 2QFY17 from US$322mn in 1QFY17 due to Mylan entry for Fortamet and weak sales in branded segment sales. Japan grew 10.4% yoy in CC terms (35% yoy in INR terms) due to favourable Yen currency. Its EBITDA margin dipped 530bps qoq to 24% from 29.3% in 1QFY17 due to launch of Mylan's gFortamet, price erosion in base product...