Four s fortnightly pharma health track 23th january - 5th febuary 2012

FOUR-S PharmaHealth Track
23thJan– 5thFeb’11

PharmaHealth TRACK
Newsletter on Indian Healthcare Industry

Top Story Content

Results Update
Private Equity 2
Healthcare Pharma sector has seen overall positive results this
quarter. Sector has shown strong 28% y-o-y growth in revenue Mergers & Acquisitions 3
for the major companies with results declared till now. Though
profit has seen the muted growth this quarter as many
companies has seen decrease in net margin q-o-q basis.
News Update 4

Dr Reddys Laboratories Q3 net profit at `5129.60 mn Regulatory Developments 6
Drug firm Dr Reddy's Laboratories consolidated net profit rose Upcoming Events 7
by 87.80 per cent to `5129.6mn in the third quarter ended
December 31, 2011 vis-a-vis the corresponding year-ago
period. The company had posted a net profit of `2731.4mn for Stock Market Update 8
the corresponding period of the previous fiscal. Company's net
income from sales and services rose to `27691.9mn in the third Peer Benchmarking 8
quarter ended December 31, 2011, from `18,985.1mn for the
same period last fiscal. Company's net income from sales and
services rose to `27,691.9mn in the third quarter ended About Four-S Services 10
December 31, 2011, from `18,985.1mn for the same period last
fiscal. For the nine months ended December 31, 2011, the
company posted a net profit of `10,835mn, compared to
`7,695.1mn for the same period last fiscal.

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Research Desk
Four-S Services is India's leading provider of high-end research, financial consulting and Investment banking services. We have executed projects for
prestigious Indian as well as global corporations, investment banks, private equity funds, venture capitalists and hedge funds including India’s Top 5 PE
Funds. For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

Investment Activity last 1 year..

Date Investor(s) Target Stake (%) Amount ($mn) Business Stage
Aizant Drug Research NA
17-Jan-2011 Zephyr Peacock India 5.0 CRO Early
Solutions Ltd
Integrated Health & NA
18-Jan-2011 Halcyon Capital Advisor 44.2 Hospitals Buyout
Healthcare Services
Sequoia Capital, Elevar NA
28-Jan-2011 Glocal Healthcare Systems 3.3 Hospitals Early
Equity
15-Apr-2011 Avigo Capital SRL 9.27 224 Diagnostics Growth

5-May-2011 Sabre Partners SRL 4 112 Diagnostics Growth
Aquarious India,
17-Jun-2011 Vaatsalya NA 10 Hospitals Growth
SeedFund
Catamaran, Reliance VA,
20-Jun-2011 Wellspring Healthcare NA 4.6 Hospitals Growth
Bluecross BlueShield VP
23-Jun-2011 HDFC PE Angels Health Pvt Ltd 12 0.6 Online Healthcare Early
Super specialty
10-Aug-2011 Matrix Partners Kids Clinic NA 10 Early
hospital chain
28-Sep-2011 Sequoia Capital Moolchand Medcity NA 22.0 Hospitals Growth
Helion Ventures, Nexus
10-Oct-2011 Eye-Q NA NA Hospitals Growth
Ventures
28-Nov-2011 Fidelity Growth Partners XCyton Diagnostics NA NA Diagnostics Growth

12-Jan-2012 NEA, DaVita Inc NephroLife Care NA 25.0 Hospitals Growth
Sequoia Capital,
11-Jan-2012 Healthkart.Com NA 5.1 Health Services Early
Omidyar Network
18-Jan-2012 Olympus Capital DM Healthcare NA 100.0 Hospitals Growth

20-Jan-2012 Songs Investments Be Well Hospitals NA NA Hospitals Growth
OrbiMed, Ascent Kerala Institute of Medical
25-Jan-2012 NA 33.3 Hospitals Late
Capital Science

Source: Four-S Database

Four-S Indian PE Directory 2010” – A Guide to choosing private equity partners
 Detailed listing of ~330 Active PE/VC Investors in India - PE/VC players that have invested in the past 3 years.
 A first-of-its-kind, the directory offers “Deal History” in India for individual investor.
 Management, investment profile and Contact details.
 User-friendly Spreadsheet Format.
 It comes from Four-S Services, the most trusted deal information bank in India.

Research Desk

Mergers & Acquisition

Date Investor(s) Target Stake Amount ($mn) Business
(%)

19-Jan 2011 Transasia Bio-Medicals Diasis Diagnostic Systems NA NA Diagnostics

20-Jan 2011 Surya Pharmaceuticals ActivOn NA 22.3 Pharma
Bioserve Clinical Research Private
23-Feb-2011 QPS Holdings Limited NA NA Clinical Research

15-Apr-2011 Ecron Ecunova aCROnordic 75% 3.4 CRO

15-Apr-2011 Hikma Pharmaceuticals Unimark Remedies 22.2% 33.3 Pharma

15-Apr-2011 Fortis Healthcare SRL 86% 189.4 Diagnostics
15-Jun-2011 Lupin Goanna Brand NA NA OTC

17-Jun-2011 Zydus Nesher Pharma unit NA NA Generic

19-Jul-2011 Shilpa Medicare Nu Therapeutics 50 NA Pharma

21-Jul-2011 Dr Reddy’s Laboratories JBCL-Russia-CIS prescription products 100 30.5 Pharma

28-Jul-2011 Cadila Healthcare Bremer Pharma 100 NA Pharma

3-Aug-2011 Danone Wockhardt 's nutrition business 100 355 Pharma

9-Aug-2011 Ipca Labs Onyx Research 100 7.5 Healthcare Services

10-Aug-2011 Fortis Hoan My Medical 65 64 Hospitals

12-Sep-2011 Vivimed Labs Octtantis Nobel Labs Ltd 50 NA Pharma

8-Oct-2011 Akorn Inc KilitchDrugs (India) Ltd NA 40.1 Pharma

12-Oct-2011 Life Healthcare Group Max Healthcare Ltd. NA 103.1 Hospitals
Universal Medicare - branded
Pharma
4-Nov-2011 Aventis Pharma nutraceutical formulations biz NA 114.0
Shalaks Pharmaceuticals -
Pharma
14-Nov-2011 Invida Group dermatology and baby care 100 19.1

18-Nov-2011 Lupin Limited I'rom Pharma 100 NA Pharma

24-Nov-2011 SOHM Inc Novatrend Medicament NA NA Pharma
Transgene Biotek bio generic product
Pharma
23-Nov-2011 TSS EXPORT GmbH FZE - Erythropoietin 100 5.0

28-Nov-2011 Vivimed Labs Uquifa 100 55.0 Pharma

17-Jan-2012 Dishman Pharma Creapharm Parenterals 100 NA Pharma

24-Jan-2012 Watson Pharmaceuticals Ascent Pharma Health Ltd. NA 393 Pharma

1-Feb-2012 Fortis Healthcare RadLink-Asia Pte Ltd 85 50 Diagnostic

2-Feb-2012 Aanjaneya Lifecare Apex Drugs and Intermediaries Ltd 100 50 Pharma

Source: Four-S Database

Research Desk

News Update
Healthcare & Pharmaceutical Sector Pfizer posts profit of `482.8mn in Q3

1.) Pharmaceutical Sector Pfizer Ltd reported a net profit of `482.8mn and a net profit of
`435.8mn for the third quarter ended December 31, 2011. Net
Result Update Continue….
sales of the company stood at `2518.8mn for the third quarter
ended December 31, 2011 compared to `2358.4mn for the third
Piramal Healthcare Q3 cons net profit at `85.20 mn
quarter ended November 30, 2010. For the nine months ended
December 31, 2011, the company posted a net profit of
Piramal Healthcare Ltd has posted a net profit of `85.20 mn for
`1365.1mn compared to `1207.5mn for the third quarter ended
the quarter ended December 31, 2011 whereas the same was
November 30, 2010.
at `603.30 mn for the quarter ended December 31, 2010. Total
Income is `6175.70 mn for the quarter ended December 31,
TCG Lifesciences completes key milestones on delivery of
2011 whereas the same was at `5348.80 million for the quarter
pre-clinical drug candidates
ended December 31, 2010.
TCG Lifesciences Limited (TCGLS) announced the achievement of
For Q3FY2012, Pharma Solutions (CRAMS) business registered
two distinct milestones in their ongoing drug discovery
strong growth of 57.4% with sales of `3.673bn as compared to
partnership with Endo Pharmaceuticals. TCGLS will receive
`2.334bn in Q3FY2011. The revenues from Indian facilities grew
undisclosed success fees against these milestones.
by 68.9 % to `2.24bn.

Divis Labs Q3 profit up 20.65 pc at `1225.5mn In the first of two fully integrated discovery programs with Endo
aimed at identifying novel small molecule drug candidates for an
Drug firm Divis Laboratories net profit rose by 20.65 per cent to unmet medical need, TCGLS has successfully delivered a pre-
`1225.5mn for the third quarter ended December 31, 2011 clinical development candidate. In the second, TCGLS has
compared to a net profit of `1015.7mn for the quarter ended designed and delivered novel fast-follower hit structures well
December 31, 2010. Total income of the company stood at within collaboration timelines. This multi-year, three-stage
`4,174.2mn for the quarter ended December 31, 2011 as project aims to identify potent in-vivo active novel blockers of
against `3,149.7mn for the corresponding period previous fiscal an undisclosed target for eventual clinical development.

Lupin Q3 net up 4.95% at `2351mn Two lead molecules resulting from this collaboration have been
selected by Endo for cGMP manufacturing and GLP-toxicology
Drug firm Lupin consolidated net profit rose by 4.95 per cent to studies.
`2,351mn for the third quarter ended December 31, 2011
compared to net profit of `2240mn for the corresponding Pfizer recalls 1 mn packets of birth control pills
period of previous fiscal. Net sales of the company grew by 21.9
per cent to `17,917mn for the third quarter, compared to American pharmaceutical giant Pfizer has announced recall of
`14,694mn in the same period previous fiscal. more than one million packets of birth control pills after it found
out that inactive or placebo pill may have been placed out-of-
Glenmark Pharma Q3 net profit down 46% order in some packs. Company has announced a voluntary recall
of Lo/Ovral-28 (norgestrel and ethinyl estradiol) and Norgestrel
Glenmark Pharmaceuticals Ltd has posted a net profit after tax and Ethinyl Estradiol Tablets (generic) birth control pills in the
of `461.18 million for the quarter ended December 31, 2011 as United States. Its voluntary recall is based on its own internal
compared to `865.25 million for the quarter ended December assessments of this problem, in which it found that the inactive
31, 2010. Total Income has increased from `7732.79 million for or placebo pill may have been placed out-of-order in some
the quarter ended December 31, 2010 to `10418.45 million for packs.
the quarter ended December 31, 2011. The company took a hit
of `1.02bn on dollar denominated loans due to rupee State Bank of Mysore files criminal complaint against
depreciation. During the quarter, net sales stood at Sterling Biotech for 'repayment dafault'
`10,310.8mn as against `7486.4mn in the corresponding period
previous fiscal State Bank of Mysore has filed a criminal complaint against
Sterling Biotech, and its six directors, for allegedly defaulting on
repayments on credit facilities provided by the public sector
lender.

Research Desk
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In its complaint, the bank has said that cheques worth 580mn Piramal Group picks up an additional 5.5% stake in
submitted by the company have bounced. The cheques were Vodafone India for `30.07bn
drawn on Andhra Bank. Sterling Biotech is the flagship company
of Gujarat-based Sandesara Group. Sterling Biotech has 7.5% Piramal Healthcare Ltd would buy a 5.5 per cent stake in
stake in the world gelatin market and has 60% share in the local Vodafone's India unit, Essar, for `30.07bn ($616.14 million),
market. taking its total stake in the mobile company to about 11 per
cent.
Indoco Remedies signs strategic pact with DSM Pharma
The sale would mark the exit of Essar as Vodafone's joint
Indoco Remedies Ltd. has entered into a strategic business venture partner in India after the London-listed company last
alliance with DSM Pharmaceutical Products NV. DSM year sealed a long awaited deal to buy out Essar in July.
Pharmaceutical Products NV is a constituent of the Royal DSM Vodafone last year bought 22 per cent of Essar and Piramal
NV, Austria. bought 5.5 per cent.

Under the agreement reached, DPP will market and sell eight The transaction contemplates various exit options for Piramal,
active pharma ingredients (APIs) manufactured by Indoco in including both participation in a potential IPO of the unit and a
Austria and other international markets. sale of its stake back to Vodafone

Fondaparinux injection issue resolved with USFDA: Dr 2.) Healthcare
Reddy's Laboratories
Fortis Healthcare arm acquires 85% stake in RadLink-Asia
Drug firm Dr Reddy's Laboratories has resolved all issues raised
by a division of US health regulator over its promotional Fortis Healthcare Singapore Pte, Fortis Healthcare India offshore
material for an anti-coagulant injection. subsidiary, has acquired 85% stake in RadLink-Asia Pte Ltd
("RadLink"), an outpatient diagnostic and molecular imaging
Office of Prescription Drug Promotion (OPDP) had issued a letter chain in Singapore, for a purchase consideration of S$62.9
to the company for changes related to certain promotional million.
material for Fondaparinux Sodium for Injection. The company
has already addressed all matters raised by the Division of The transaction provides Fortis Healthcare a strong foothold in
Professional Promotion (DPP), USFDA in the letter issued on the premium diagnostics and molecular imaging segment in one
January 10, 2012. The DPP informed Dr Reddy's Lab on January of Southeast Asia's most attractive markets besides providing a
24, 2012 that the matters are now considered closed. complementary platform to its upcoming specialty hospital on
Adam Road in Singapore.
OPDP through the letter had intimated to the Hyderabad- based
drug firm that the company's information on a promotional Radlink has four main business segments; diagnostic imaging,
website for Fondaparinux Sodium Solution for subcutaneous molecular imaging, cyclotron (radio-isotopes manufacturing)
injection was misleading. and GP clinics.

US drugmaker Eli Lilly, Jubilant Life call off joint venture Fortis Healthcare invests SGD70 million in 2 Singapore
healthcare ventures
US drugmaker Eli Lilly & Company and Noida-based Jubilant
Life Sciences have called off their equal drug-discovery Indian healthcare group Fortis is investing SGD 70 million (about
partnership to develop molecules across several therapeutic `2.74bn) in two colorectal centres in Singapore this year. Fortis
areas. Healthcare Singapore had opened a outpatient clinic for
colorectal diseases, Novena Colorectal Centre, and a 31-
The 50:50 JV, formed in late 2008 between Jubilant Life bed Fortis Hospital for Colorectal Diseases in June this year.
Sciences' wholly-owned subsidiary Jubilant Biosys and Lilly, was Fortis has started hiring nurses and allied health professionals
to develop molecules from the pre-clinical to phase II stage for 80 positions at the clinic and hospital. The hospital would
across oncology, diabetes and cardiovascular segments. The firm serve 40 patients a day while the clinic would be a group
is called Vanthys Pharmaceuticals and based in Bangalore. practice by four colorectal specialists who also have deeper
expertise in areas such as robotic surgery to genetic testing.

Research Desk


Fortis to raise US$300mn via IPO of non-core biz written records, not prevented contamination of sterile drugs at
its facilities, inadequately tested drugs, and submitted false data
Fortis Healthcare (India) is planning to raise $300 mn by spinning to the FDA. The company made adulterated and potentially
off its non-core business into a separate company, which will unsafe drugs that were illegal to sell, it claimed.
then be listed on the Singapore Stock Exchange. Hospitals
operator Fortis, controlled by billionare brothers Malvinder and
Shivinder Singh, expects the restructuring to be completed by
Global News Update
the middle of next month. Valeant gives up on bid to buy Ista

The initial public offering is likely to hit the market in May or Valeant Pharmaceuticals International, pharmaceutical
June this year. company, headquartered in Canada, has withdrawn its offer to
acquire Ista Pharmaceuticals, a US based pharmaceutical
3.) Regulations/Legal company that specializes in ophthalmic pharmaceutical
products, a fortnight after upping its bid for the eye specialist.
Orchid Pharma receives USFDA nod for Levofloxacin Tabs
ANDA Just before Christmas, Valeant's $6.50 per share offer, which
valued Ista at $314 million, was dismissed as "grossly
The Chennai-based global pharma major, Orchid Chemicals & inadequate" by the latter. However, Valeant then raised its
Pharmaceuticals Ltd has received approval from the US FDA for initial proposal to $7.50 per share in cash and set a target price
its ANDA (Abbreviated New Drug Application) for Levofloxacin of $8.50 per share in cash, subject to one week of due diligence.
Tablets in the 250 mg, 500 mg and 750 mg strengths.
Amgen hits acquisition trail to snap up Micromet as profits
slip
Lupin gets USFDA approval for diabetes drug
Amgen, a international biotechnology company, headquartered
Drug firm Lupin has received approval from the US health
in California, has opened its wallet and unveiled plans to buy
regulator for its Metformin Hydrochloride Extended Release
Micromet, a biotech with its R&D centre in Munich and
tablets, used in treating diabetes. The company's US-based
headquarters in Rockville, USA, for $1.16 billion.
subsidiary Lupin Pharmaceuticals Inc has received tentative
approval from US Food and Drug Administration (USFDA) for
Amgen is offering $11 per share in cash, and the acquisition
Metformin tablets in strengths of 500 mg and 1,000 mg. Lupin's
includes blinatumomab, a bispecific T cell engager (BiTE)
Metformin HCl ER Tablets are the AB-rated generic equivalent of
antibody in Phase II for acute lymphoblastic leukaemia. The drug
Santarus Inc's Glumetza HCl ER Tablets. According to IMS
is also in studies for non-Hodgkin's lymphoma.
Health data, Glumetza HCl ER tablets in strengths of 500 mg and
1,000 mg had annual US sales of nearly USD 58 million for the 12
The companies already have a partnership in place. In July last
months to September, 2011.
year, they signed a deal involving the development of BiTE
antibodies against three undisclosed solid tumour targets.
Ranbaxy settles row with USFDA; to upgrade plants in India
and US
Micromet's pipeline includes solitomab, a BiTE antibody in
Ranbaxy Laboratories has agreed to make significant changes in Phase I for advanced solid tumours. Amgen will also be entitled
its manufacturing facilities in India and the US as part of a to milestone and royalties from the company's existing licensees
settlement that seeks to end wide-ranging investigations against of BiTE (such as Sanofi, AstraZeneca, Boehringer Ingelheim and
the drug maker by the US regulatory authorities. Bayer) and other technologies.

A consent decree, signed between Ranbaxy and the US Food Celgene to acquire Avila
and Drug Administration (FDA) last month and filed in a US court
Celgene Corp, a manufacturer of drug therapies for cancer and
on Wednesday, extends the ban on supply of drugs from four
inflammatory disorders, headquartered in New Jersey, is to
plants to the US market until the Indian drug maker resolves the
acquire privately-held Avila Therapeutics in a deal that could be
problems at these facilities, dashing hopes of the embargo being
worth up to $925 million.
lifted immediately after the settlement.
Celgene is paying $350 million in cash, plus up to $195 million
The US Department of Justice (DoJ), which filed the consent
for milestones related to the progress of AVL-292, an oral
decree at the request of the FDA, said Ranbaxy had not kept

Research Desk


covalent drug that inhibits Bruton’s tyrosine kinase which stockholder rights agreement, which is "designed to deter
currently in Phase I for non-Hodgkin’s lymphoma, B cell chronic coercive or otherwise unfair takeover tactics". Earlier this week,
lympocytic leukaemia and rheumatoid arthritis. the Swiss major, having been rebuffed by Illumina's board a
number of times over the last month, made an unsolicited offer
The deal also includes up to $380 million in potential milestone of $44.50 a share in cash, which represents a premium of about
payments contingent upon the development and approval of 18% to Illumina's stock price on January 24.
candidates generated from Avila's Avilomics platform.
The rights agreement means that Illumina shareholders can buy
Illumina adopts 'poison pill' to deter Roche approach $550 in common shares for just $275 if a bidder acquires 15% of
the company’s stock. The effect of this would be make Illumina
Illumina is adopting a 'poison pill' in a bid to block Roche’s $5.7 more expensive to acquire.
billion hostile takeover offer.

The US company, which develops tools and systems for the
analysis of genetic variation and function, has announced a

Events Calendar

India Pharma Convention BioAsia 2012: The Global Biobusiness Forum
Date: Feb 12, 2012 Date: 9 Feb 12 – 11 Feb 2012
Venue: DIPSAR, Delhi Venue: Hyderabad International Convention Centre, Hyderabad
Organizer: BioAsia
Organizer: Udyog Development Foundation
Tel: 91 – 40 – 66446477
website: www.udfoundation.com E-mail: info@bioasia.in

Medical Fair India PHARMA Pro&Pack 2013
Date: 2 Mar-4 Mar, 2012 Date: Apr 24-26, 2012
Venue: Bombay exhibition center, Mumbai Venue: Mumbai exhibition center, Goregaon, Mumbai
Webmail: http://ems2012.in/ Website: http://www.pharmapropack.com
Organizer : Messe Duesseldorf Email: contact@pharmapropack.com
http://www.medicalfair-india.com/

Research Desk


Stock Market Update

As on 21 Jan 2012 Market Cap Price Percentage Change (%)
In `Mn In ` 1W 1M 3M 6M 1 Year
SUN PHARMACE 547616 529 2.89 5.62 8.13 5.23 8.28
DR.REDDY'S L 287598 1696 -0.64 4.74 8.05 4.97 -1.63
CIPLA LTD. 266409 332 -0.70 2.09 16.08 5.76 -4.35
LUPIN LTD 197597 442 2.62 3.15 -6.22 -4.63 -5.05
RANBAXY LABO 195380 463 0.84 18.39 -6.65 -12.90 -17.01
GLAXOSMITH 166645 1967 0.13 6.42 -6.40 -14.76 -13.40
CADILA HEALTH 133844 654 -3.64 -8.16 -13.70 -26.20 -21.57
DIVI's LAB 103787 782 -0.22 5.27 7.16 -5.62 24.01
GLENMARK PHA 86251 319 1.55 13.82 9.99 1.54 0.02
APOLLO HOSPITAL 84015 625 -3.55 15.35 17.83 22.32 27.13
PIRAMA HEALTH 71786 416 0.59 12.31 16.50 3.44 -9.66
BIOCON LTD 54980 275 1.76 5.98 -21.81 -26.86 -26.65
OPTO CIRCUIT 41576 223 9.03 27.25 -4.06 -15.20 -9.65
IPCA LAB LTD 35016 279 1.22 10.91 13.60 -16.88 -14.08
JUBILANT ORG 28798 181 -4.05 7.98 -9.40 -18.47 -28.51
AUROBINDO PH 28195 97 -6.71 12.73 -20.27 -41.97 -60.26
ORCHID CHEM 10785 153 7.07 24.21 0.52 -32.13 -48.87
BSE SENSEX 17,605 2.2 10.5 0.7 -1.9 -4.6
NSE NIFTY 15,695 -4.1 -9.0 -2.8 -12.1 -18.8
BSE HEALTHCARE 5,326 2.3 11.8 1.1 -1.5 -3.6

Quarterly Results `in million

Companies Revenue EBITDA PAT Margins JAS’
OND’ OND’ YoY OND’ OND’ YoY OND’ OND’ YoY EBITDA% NPM %
FY10 FY11 FY10 FY11 FY10 FY11 FY’11 FY’11
DR.REDDY'S L 18985.10 27691.90 45.9 3801.70 8688.20 128.5 2731.40 5129.60 87.8 31.37 18.52
RANBAXY LABO 19283.60 20955.31 8.7 2483.89 -769.17 -131.0 3079.36 -4645.80 -250.9 -3.67 -22.17
SUN PHARMACE 13314.20 18946.00 42.3 4670.40 7840.40 67.9 5036.50 5977.40 18.7 41.38 31.55
LUPIN LTD 15102.10 18189.30 20.4 2972.60 3735.00 25.6 2240.30 2350.60 4.9 20.53 12.92
CIPLA LTD. 16343.90 17780.20 8.8 3665.60 4376.10 19.4 2630.10 3089.70 17.5 24.61 17.38
CADILA HEALTH 11668.10 13832.20 18.5 2561.70 2615.90 2.1 1620.10 1492.10 -7.9 18.91 10.79
JUBILANT ORG 8689.70 10884.90 25.3 1321.50 2083.90 57.7 441.10 -783.90 -277.7 19.14 -7.20
AUROBINDO PH 11126.20 10753.00 -3.4 2542.20 -707.90 -127.8 1983.20 -801.60 -140.4 -6.58 -7.45
GLENMARK PHA 7491.41 10313.12 37.7 1338.91 1028.65 -23.2 865.25 461.18 -46.7 9.97 4.47
APOLLO HOSP 5864.00 6997.50 19.3 996.00 1165.00 17.0 495.50 557.60 12.5 16.65 7.97
IPCA LAB LTD 4663.60 6148.30 31.8 909.90 1113.90 22.4 639.50 639.30 0.0 18.12 10.40
GLAXOSMITH 5892.70 6146.20 4.3 2159.60 1830.40 -15.2 1578.10 1458.60 -7.6 29.78 23.73
OPTO CIRCUIT 4176.60 6112.94 46.4 1228.18 1710.36 39.3 956.75 1250.85 30.7 27.98 20.46
PIRAMA HEALTH 4026.90 5587.00 38.7 -325.60 -502.10 54.2 603.30 85.20 -85.9 -8.99 1.52
BIOCON LTD 5113.80 5185.10 1.4 1642.40 1287.20 -21.6 1007.60 848.50 -15.8 24.82 16.36
ORCHID CHEM 3817.97 4194.92 9.9 734.77 1059.09 44.1 240.15 -565.68 -335.6 25.25 -13.48
Divi's Lab 3,150 4174.20 32.5 1,235 1,511.00 22.4 1,015.70 1225.50 20.7 36.20 29.36
OND:Oct-Nov-Dec quarter

Research Desk


TTM Results
`in million

Revenue EBITDA PAT Margins TTM
TTM TTM TTM TTM TTM TTM EBITDA
Companies Dec 10 Dec 11 YoY Dec 10 Dec 11 YoY Dec 10 Dec 11 YoY % NPM %
DR.REDDY'S L 81619 90326 10.7 16824 21710 29.0 11769 14141 20.2 24.0 15.7
RANBAXY LABO 81411 82864 1.8 10305 7052 -31.6 8316 19 -99.8 8.5 0.0
SUN PHARMACE 60315 65947 9.3 18986 22156 16.7 19399 21403 10.3 33.6 32.5
LUPIN LTD 62657 65881 5.1 13064 13827 5.8 9424 9551 1.3 21.0 14.5
CIPLA LTD. 62468 63987 2.4 13564 14274 5.2 9630 10090 4.8 22.3 15.8
CADILA HEALTH 45831 46964 2.5 10466 10388 -0.7 7416 6735 -9.2 22.1 14.3
AUROBINDO PH 45361 44988 -0.8 9937 6687 -32.7 3887 1105 -71.6 14.9 2.5
JUBILANT ORG 37492 39699 5.9 6888 7650 11.1 2714 1651 -39.2 19.3 4.2
GLENMARK PHA 34645 37469 8.2 6580 6270 -4.7 4336 3932 -9.3 16.7 10.5
APOLLO HOSPITAL 24497 25630 4.6 3946 4115 4.3 1937 1999 3.2 16.1 7.8
GLAXOSMITH 22371 22626 1.1 7905 7576 -4.2 4215 4096 -2.8 33.5 18.1
IPCA LAB LTD 20815 22199 6.7 4183 4387 4.9 2622 2621 0.0 19.8 11.8
BIOCON LTD 21614 21689 0.3 5700 5345 -6.2 3564 3427 -3.8 24.6 15.8
OPTO CIRCUIT 18144 20451 12.7 4907 5397 10.0 4016 4457 11.0 26.4 21.8
PIRAMA HEALTH 18517 20055 8.3 -34 -211 517.6 4055 3549 -12.5 -1.1 17.7
ORCHID CHEM 16649 17088 2.6 4123 4447 7.9 1534 1528 -0.4 26.0 8.9
Divi's Lab 15022 16069 7.0 5901 6177 4.7 4850 5059 4.3 38.4 31.5

OND quarter results not declared for Aurobindo, Apollo, Cipla, Glaxosmith, Orchid, Standalone results for Cipla, Apollo, Orchid, Glaxosmith, Divis Lab and Ipca Lab
Ranbaxy and Sun Pharma

BSE Healthcare Index movement in last 2 weeks

Research Desk


Four-S Services Pvt Ltd
Founded in 2002, Four-S has a strong & successful track record of genuine, accurate and
objective advice to top Indian & global companies & PE Firms. Four-S has already proven
success in corporate finance, strategy consulting, fund-raising, investment banking and
investor relations mandates with 100+ corporates and large PE funds

Four-S, trusted advisor to top Indian & Global Cos

Offering comprehensive bouquet of services to Private Equity Funds

Research Desk


About Four-S Services
Four-S Services provides customized business and financial research to organizations across the
globe. The company also provides Investor Relations consulting to corporate based on in-depth
sectoral and company research. The company has an impressive client profile and a team of senior
analysts covering key sectors including Finance & Banking, IT & Telecom, Retail, Media &
Entertainment, Pharmaceuticals, Infrastructure and Manufacturing amongst others. For further
information on the company please visit www.four-s.com

Disclaimer
The information contained herein has been obtained from sources believed to be reliable but is not necessarily complete and its
accuracy cannot be guaranteed. No representation, warranty, guarantee or undertaking, express or implied, is made as to the fairness,
accuracy or completeness of any information, projections or opinion contained in this document or upon which any such projections or
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solicitation of any offer to buy or sell any securities. This document shall not form the basis of and should not be relied upon in
connection with any contract or commitment whatsoever. This document is not to be reported or copied or made available to others.
The Company may from time to time solicit from, or perform consulting, or other services for, any company mentioned in this
document.

Research Desk

Four s fortnightly pharma health track 23th january - 5th febuary 2012

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Four s fortnightly pharma health track 23th january - 5th febuary 2012