Strong Quarter; Concern of Debt Overhang Recedes Glenmark Pharmaceuticals (GNP) has delivered strong performance in 3QFY17 on the back of strong growth in the US business owing to launch of gZetia with 180-days exclusivity. Its revenue from the US business doubled to US$184mn from US$94mn in 3QFY16 (US$115mn in 2QFY17) primarily due to 2-month's gZetia sales (our estimate: US$60mn). API sales rose by 32% YoY due to Olmesartan API supplies to Mylan. Core EBITDA margins (excluding gZetia) remained weak owing to muted growth in domestic business (up 6% YoY), higher R&D; spend (11% of sales) and other oneoff expenses. Its PAT grew by 1.7x YoY to Rs4.6bn (vs. our estimate of Rs4.8bn)....