We expect pharmaceuticals companies under our coverage to deliver another solid quarter with EBIDTA growing of 16% YoY (down 3% QoQ). This momentum is fueled by 1) strong traction from niche US launches (gRevlimid, gSpiriva, gMyrbetriq, etc.) 2) Steady performance in domestic market and 3) Currency tailwinds supporting margins. Stable raw material pricing and price erosion in US further supporting the performance YoY. However, R&D cost are likely to remain elevated. In domestic formulation business, continued ramp-up in chronic therapies are likely to support growth during the quarter. Our top picks...