FOUR-S PharmaHealth Track

23thJan 5thFeb11

PharmaHealth TRACK
Newsletter on Indian Healthcare Industry

Top Story
Results Update Healthcare Pharma sector has seen overall positive results this quarter. Sector has shown strong 28% y-o-y growth in revenue 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. Dr Reddys Laboratories Q3 net profit at `5129.60 mn Drug firm Dr Reddy's Laboratories consolidated net profit rose 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 the corresponding period of the previous fiscal. Company's net income from sales and services rose to `27691.9mn in the third 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 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.

Content
Private Equity Mergers & Acquisitions News Update Regulatory Developments Upcoming Events Stock Market Update Peer Benchmarking About Four-S Services 2 3 4 6 7 8 8 10

About Four-S Services

Four-S Services is India's leading provider of Research, Financial Consulting and Investment Banking services with offices in Gurgaon, Mumbai and Bangalore. We have a proven track record of consistently delivering high quality solutions, enabling our clients to improve the effectiveness of decision making and acting as a catalyst in achieving business success. We have executed more than 120 mandates across diverse range of industries including Education, Financial Services, Infrastructure, M&E, IT-ITeS, Auto and Auto ancillaries, Retail, Real Estate and Textile etc

Our Services:
Strategy Consulting Business Planning Investment Banking Research Support Valuation Services Investor Relations & IPO Consulting

For further information, please contact Seema Shukla at seema@four-s.com or reach us as http://www.four-s.com

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 Indias 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

FOUR-S PharmaHealth Track

Investment Activity last 1 year..

Date

Investor(s)

Target
Aizant Drug Research Solutions Ltd Integrated Health & Healthcare Services Glocal Healthcare Systems SRL SRL

Stake (%)
NA NA NA 9.27 4 NA NA 12 NA NA NA NA NA NA NA NA NA

Amount ($mn)
5.0 44.2 3.3 224 112 10 4.6 0.6 10 22.0 NA NA 25.0 5.1 100.0 NA 33.3 CRO

Business

Stage
Early Buyout Early Growth Growth Growth Growth Early Early Growth Growth Growth Growth Early Growth Growth Late

17-Jan-2011 Zephyr Peacock India 18-Jan-2011 Halcyon Capital Advisor 28-Jan-2011 Sequoia Capital, Elevar Equity

Hospitals Hospitals Diagnostics Diagnostics Hospitals Hospitals Online Healthcare Super specialty hospital chain Hospitals Hospitals Diagnostics Hospitals Health Services Hospitals Hospitals Hospitals

15-Apr-2011 Avigo Capital 5-May-2011 Sabre Partners 17-Jun-2011

Aquarious India, Vaatsalya SeedFund Catamaran, Reliance VA, 20-Jun-2011 Wellspring Healthcare Bluecross BlueShield VP 23-Jun-2011 HDFC PE 10-Aug-2011 Matrix Partners 28-Sep-2011 Sequoia Capital 10-Oct-2011 Helion Ventures, Nexus Ventures Angels Health Pvt Ltd Kids Clinic Moolchand Medcity Eye-Q XCyton Diagnostics NephroLife Care Healthkart.Com DM Healthcare Be Well Hospitals Kerala Institute of Medical Science

28-Nov-2011 Fidelity Growth Partners 12-Jan-2012 NEA, DaVita Inc 11-Jan-2012 Sequoia Capital, Omidyar Network

18-Jan-2012 Olympus Capital 20-Jan-2012 Songs Investments 25-Jan-2012 OrbiMed, Ascent Capital

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
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 Indias 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

FOUR-S PharmaHealth Track

Mergers & Acquisition Date 19-Jan 2011 20-Jan 2011 23-Feb-2011 15-Apr-2011 15-Apr-2011 15-Apr-2011 15-Jun-2011 17-Jun-2011 19-Jul-2011 21-Jul-2011 28-Jul-2011 3-Aug-2011 9-Aug-2011 10-Aug-2011 12-Sep-2011 8-Oct-2011 12-Oct-2011 4-Nov-2011 14-Nov-2011 18-Nov-2011 24-Nov-2011 23-Nov-2011 28-Nov-2011 17-Jan-2012 24-Jan-2012 1-Feb-2012 2-Feb-2012 Investor(s) Transasia Bio-Medicals Surya Pharmaceuticals QPS Holdings Ecron Ecunova Hikma Pharmaceuticals Fortis Healthcare Lupin Zydus Shilpa Medicare Dr Reddys Laboratories Cadila Healthcare Danone Ipca Labs Fortis Vivimed Labs Akorn Inc Life Healthcare Group Aventis Pharma Invida Group Lupin Limited SOHM Inc TSS EXPORT GmbH FZE Vivimed Labs Dishman Pharma Watson Pharmaceuticals Fortis Healthcare Aanjaneya Lifecare Target Diasis Diagnostic Systems ActivOn Bioserve Clinical Research Private Limited aCROnordic Unimark Remedies SRL Goanna Brand Nesher Pharma unit Nu Therapeutics JBCL-Russia-CIS prescription products Bremer Pharma Wockhardt 's nutrition business Onyx Research Hoan My Medical Octtantis Nobel Labs Ltd KilitchDrugs (India) Ltd Max Healthcare Ltd. Universal Medicare - branded nutraceutical formulations biz Shalaks Pharmaceuticals dermatology and baby care I'rom Pharma Novatrend Medicament Transgene Biotek bio generic product - Erythropoietin Uquifa Creapharm Parenterals Ascent Pharma Health Ltd. RadLink-Asia Pte Ltd Apex Drugs and Intermediaries Ltd Stake (%) NA NA NA 75% 22.2% 86% NA NA 50 100 100 100 100 65 50 NA NA NA 100 100 NA 100 100 100 NA 85 100 Amount ($mn) NA 22.3 NA 3.4 33.3 189.4 NA NA NA 30.5 NA 355 7.5 64 NA 40.1 103.1 114.0 19.1 NA NA 5.0 55.0 NA 393 50 50 Business Diagnostics Pharma Clinical Research CRO Pharma Diagnostics OTC Generic Pharma Pharma Pharma Pharma Healthcare Services Hospitals Pharma Pharma Hospitals Pharma Pharma Pharma Pharma Pharma Pharma Pharma Pharma Diagnostic Pharma

Source: Four-S Database

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 Indias 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

FOUR-S PharmaHealth Track

News Update
Healthcare & Pharmaceutical Sector 1.) Pharmaceutical Sector Result Update Continue. Piramal Healthcare Q3 cons net profit at `85.20 mn Piramal Healthcare Ltd has posted a net profit of `85.20 mn for the quarter ended December 31, 2011 whereas the same was at `603.30 mn for the quarter ended December 31, 2010. Total Income is `6175.70 mn for the quarter ended December 31, 2011 whereas the same was at `5348.80 million for the quarter ended December 31, 2010. For Q3FY2012, Pharma Solutions (CRAMS) business registered strong growth of 57.4% with sales of `3.673bn as compared to `2.334bn in Q3FY2011. The revenues from Indian facilities grew by 68.9 % to `2.24bn. Divis Labs Q3 profit up 20.65 pc at `1225.5mn Drug firm Divis Laboratories net profit rose by 20.65 per cent to `1225.5mn for the third quarter ended December 31, 2011 compared to a net profit of `1015.7mn for the quarter ended December 31, 2010. Total income of the company stood at `4,174.2mn for the quarter ended December 31, 2011 as against `3,149.7mn for the corresponding period previous fiscal Lupin Q3 net up 4.95% at `2351mn Drug firm Lupin consolidated net profit rose by 4.95 per cent to `2,351mn for the third quarter ended December 31, 2011 compared to net profit of `2240mn for the corresponding period of previous fiscal. Net sales of the company grew by 21.9 per cent to `17,917mn for the third quarter, compared to `14,694mn in the same period previous fiscal. Glenmark Pharma Q3 net profit down 46% Glenmark Pharmaceuticals Ltd has posted a net profit after tax of `461.18 million for the quarter ended December 31, 2011 as compared to `865.25 million for the quarter ended December 31, 2010. Total Income has increased from `7732.79 million for the quarter ended December 31, 2010 to `10418.45 million for the quarter ended December 31, 2011. The company took a hit of `1.02bn on dollar denominated loans due to rupee depreciation. During the quarter, net sales stood at `10,310.8mn as against `7486.4mn in the corresponding period previous fiscal Pfizer posts profit of `482.8mn in Q3 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 sales of the company stood at `2518.8mn for the third quarter ended December 31, 2011 compared to `2358.4mn for the third quarter ended November 30, 2010. For the nine months ended December 31, 2011, the company posted a net profit of `1365.1mn compared to `1207.5mn for the third quarter ended November 30, 2010. TCG Lifesciences completes key milestones on delivery of pre-clinical drug candidates TCG Lifesciences Limited (TCGLS) announced the achievement of two distinct milestones in their ongoing drug discovery partnership with Endo Pharmaceuticals. TCGLS will receive undisclosed success fees against these milestones. In the first of two fully integrated discovery programs with Endo aimed at identifying novel small molecule drug candidates for an unmet medical need, TCGLS has successfully delivered a preclinical development candidate. In the second, TCGLS has designed and delivered novel fast-follower hit structures well within collaboration timelines. This multi-year, three-stage project aims to identify potent in-vivo active novel blockers of an undisclosed target for eventual clinical development. Two lead molecules resulting from this collaboration have been selected by Endo for cGMP manufacturing and GLP-toxicology studies. Pfizer recalls 1 mn packets of birth control pills American pharmaceutical giant Pfizer has announced recall of more than one million packets of birth control pills after it found out that inactive or placebo pill may have been placed out-oforder in some packs. Company has announced a voluntary recall of Lo/Ovral-28 (norgestrel and ethinyl estradiol) and Norgestrel and Ethinyl Estradiol Tablets (generic) birth control pills in the United States. Its voluntary recall is based on its own internal assessments of this problem, in which it found that the inactive or placebo pill may have been placed out-of-order in some packs. State Bank of Mysore files criminal complaint against Sterling Biotech for 'repayment dafault' 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
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 Indias 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

FOUR-S PharmaHealth Track

In its complaint, the bank has said that cheques worth 580mn submitted by the company have bounced. The cheques were drawn on Andhra Bank. Sterling Biotech is the flagship company of Gujarat-based Sandesara Group. Sterling Biotech has 7.5% stake in the world gelatin market and has 60% share in the local market. Indoco Remedies signs strategic pact with DSM Pharma Indoco Remedies Ltd. has entered into a strategic business alliance with DSM Pharmaceutical Products NV. DSM Pharmaceutical Products NV is a constituent of the Royal DSM NV, Austria. Under the agreement reached, DPP will market and sell eight active pharma ingredients (APIs) manufactured by Indoco in Austria and other international markets. Fondaparinux injection issue resolved with USFDA: Dr Reddy's Laboratories Drug firm Dr Reddy's Laboratories has resolved all issues raised by a division of US health regulator over its promotional material for an anti-coagulant injection. Office of Prescription Drug Promotion (OPDP) had issued a letter to the company for changes related to certain promotional material for Fondaparinux Sodium for Injection. The company has already addressed all matters raised by the Division of Professional Promotion (DPP), USFDA in the letter issued on January 10, 2012. The DPP informed Dr Reddy's Lab on January 24, 2012 that the matters are now considered closed. OPDP through the letter had intimated to the Hyderabad- based drug firm that the company's information on a promotional website for Fondaparinux Sodium Solution for subcutaneous injection was misleading. US drugmaker Eli Lilly, Jubilant Life call off joint venture US drugmaker Eli Lilly & Company and Noida-based Jubilant Life Sciences have called off their equal drug-discovery partnership to develop molecules across several therapeutic areas. The 50:50 JV, formed in late 2008 between Jubilant Life Sciences' wholly-owned subsidiary Jubilant Biosys and Lilly, was to develop molecules from the pre-clinical to phase II stage across oncology, diabetes and cardiovascular segments. The firm is called Vanthys Pharmaceuticals and based in Bangalore. The sale would mark the exit of Essar as Vodafone's joint venture partner in India after the London-listed company last year sealed a long awaited deal to buy out Essar in July. Vodafone last year bought 22 per cent of Essar and Piramal bought 5.5 per cent. The transaction contemplates various exit options for Piramal, including both participation in a potential IPO of the unit and a sale of its stake back to Vodafone 2.) Healthcare Fortis Healthcare arm acquires 85% stake in RadLink-Asia Fortis Healthcare Singapore Pte, Fortis Healthcare India offshore subsidiary, has acquired 85% stake in RadLink-Asia Pte Ltd ("RadLink"), an outpatient diagnostic and molecular imaging chain in Singapore, for a purchase consideration of S$62.9 million. The transaction provides Fortis Healthcare a strong foothold in the premium diagnostics and molecular imaging segment in one of Southeast Asia's most attractive markets besides providing a complementary platform to its upcoming specialty hospital on Adam Road in Singapore. Radlink has four main business segments; diagnostic imaging, molecular imaging, cyclotron (radio-isotopes manufacturing) and GP clinics. Fortis Healthcare invests SGD70 million in 2 Singapore healthcare ventures Indian healthcare group Fortis is investing SGD 70 million (about `2.74bn) in two colorectal centres in Singapore this year. Fortis Healthcare Singapore had opened a outpatient clinic for colorectal diseases, Novena Colorectal Centre, and a 31bed Fortis Hospital for Colorectal Diseases in June this year. Fortis has started hiring nurses and allied health professionals for 80 positions at the clinic and hospital. The hospital would serve 40 patients a day while the clinic would be a group practice by four colorectal specialists who also have deeper expertise in areas such as robotic surgery to genetic testing. Piramal Group picks up an additional 5.5% stake in Vodafone India for `30.07bn Piramal Healthcare Ltd would buy a 5.5 per cent stake in Vodafone's India unit, Essar, for `30.07bn ($616.14 million), taking its total stake in the mobile company to about 11 per cent.

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 Indias 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

FOUR-S PharmaHealth Track

Fortis to raise US$300mn via IPO of non-core biz Fortis Healthcare (India) is planning to raise $300 mn by spinning off its non-core business into a separate company, which will 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 the middle of next month. The initial public offering is likely to hit the market in May or June this year. 3.) Regulations/Legal written records, not prevented contamination of sterile drugs at its facilities, inadequately tested drugs, and submitted false data to the FDA. The company made adulterated and potentially unsafe drugs that were illegal to sell, it claimed.

Global News Update

Valeant gives up on bid to buy Ista Valeant Pharmaceuticals International, pharmaceutical company, headquartered in Canada, has withdrawn its offer to acquire Ista Pharmaceuticals, a US based pharmaceutical company that specializes in ophthalmic pharmaceutical products, a fortnight after upping its bid for the eye specialist. Just before Christmas, Valeant's $6.50 per share offer, which valued Ista at $314 million, was dismissed as "grossly inadequate" by the latter. However, Valeant then raised its initial proposal to $7.50 per share in cash and set a target price of $8.50 per share in cash, subject to one week of due diligence. Amgen hits acquisition trail to snap up Micromet as profits slip Amgen, a international biotechnology company, headquartered in California, has opened its wallet and unveiled plans to buy Micromet, a biotech with its R&D centre in Munich and headquarters in Rockville, USA, for $1.16 billion. Amgen is offering $11 per share in cash, and the acquisition includes blinatumomab, a bispecific T cell engager (BiTE) antibody in Phase II for acute lymphoblastic leukaemia. The drug is also in studies for non-Hodgkin's lymphoma. The companies already have a partnership in place. In July last year, they signed a deal involving the development of BiTE antibodies against three undisclosed solid tumour targets. Micromet's pipeline includes solitomab, a BiTE antibody in Phase I for advanced solid tumours. Amgen will also be entitled to milestone and royalties from the company's existing licensees of BiTE (such as Sanofi, AstraZeneca, Boehringer Ingelheim and Bayer) and other technologies. Celgene to acquire Avila Celgene Corp, a manufacturer of drug therapies for cancer and inflammatory disorders, headquartered in New Jersey, is to acquire privately-held Avila Therapeutics in a deal that could be worth up to $925 million. Celgene is paying $350 million in cash, plus up to $195 million for milestones related to the progress of AVL-292, an oral

Orchid Pharma receives USFDA nod for Levofloxacin Tabs ANDA The Chennai-based global pharma major, Orchid Chemicals & Pharmaceuticals Ltd has received approval from the US FDA for its ANDA (Abbreviated New Drug Application) for Levofloxacin Tablets in the 250 mg, 500 mg and 750 mg strengths. Lupin gets USFDA approval for diabetes drug Drug firm Lupin has received approval from the US health regulator for its Metformin Hydrochloride Extended Release tablets, used in treating diabetes. The company's US-based subsidiary Lupin Pharmaceuticals Inc has received tentative approval from US Food and Drug Administration (USFDA) for Metformin tablets in strengths of 500 mg and 1,000 mg. Lupin's Metformin HCl ER Tablets are the AB-rated generic equivalent of Santarus Inc's Glumetza HCl ER Tablets. According to IMS 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 months to September, 2011. Ranbaxy settles row with USFDA; to upgrade plants in India and US Ranbaxy Laboratories has agreed to make significant changes in its manufacturing facilities in India and the US as part of a settlement that seeks to end wide-ranging investigations against the drug maker by the US regulatory authorities. A consent decree, signed between Ranbaxy and the US Food and Drug Administration (FDA) last month and filed in a US court on Wednesday, extends the ban on supply of drugs from four plants to the US market until the Indian drug maker resolves the problems at these facilities, dashing hopes of the embargo being lifted immediately after the settlement. The US Department of Justice (DoJ), which filed the consent decree at the request of the FDA, said Ranbaxy had not kept

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 Indias 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

FOUR-S PharmaHealth Track

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

Events Calendar

India Pharma Convention Date: Feb 12, 2012 Venue: DIPSAR, Delhi Organizer: Udyog Development Foundation website: www.udfoundation.com
Medical Fair India Date: 2 Mar-4 Mar, 2012 Venue: Bombay exhibition center, Mumbai Webmail: http://ems2012.in/ Organizer : Messe Duesseldorf http://www.medicalfair-india.com/

BioAsia 2012: The Global Biobusiness Forum

Date: 9 Feb 12 11 Feb 2012 Venue: Hyderabad International Convention Centre, Hyderabad Organizer: BioAsia Tel: 91 40 66446477 E-mail: info@bioasia.in

PHARMA Pro&Pack 2013 Date: Apr 24-26, 2012 Venue: Mumbai exhibition center, Goregaon, Mumbai
Website: http://www.pharmapropack.com

Email: contact@pharmapropack.com

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 Indias 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

FOUR-S PharmaHealth Track

Stock Market Update
As on 21 Jan 2012
SUN PHARMACE DR.REDDY'S L CIPLA LTD. LUPIN LTD RANBAXY LABO GLAXOSMITH CADILA HEALTH DIVI's LAB GLENMARK PHA APOLLO HOSPITAL PIRAMA HEALTH BIOCON LTD OPTO CIRCUIT IPCA LAB LTD JUBILANT ORG AUROBINDO PH ORCHID CHEM BSE SENSEX NSE NIFTY BSE HEALTHCARE

Market Cap In `Mn

547616 287598 266409 197597 195380 166645 133844 103787 86251 84015 71786 54980 41576 35016 28798 28195 10785

Price In `
529 1696 332 442 463 1967 654 782 319 625 416 275 223 279 181 97 153

1W
2.89 -0.64 -0.70 2.62 0.84 0.13 -3.64 -0.22 1.55 -3.55 0.59 1.76 9.03 1.22 -4.05 -6.71 7.07

Percentage Change (%) 1M 3M

5.62 4.74 2.09 3.15 18.39 6.42 -8.16 5.27 13.82 15.35 12.31 5.98 27.25 10.91 7.98 12.73 24.21 8.13 8.05 16.08 -6.22 -6.65 -6.40 -13.70 7.16 9.99 17.83 16.50 -21.81 -4.06 13.60 -9.40 -20.27 0.52

6M
5.23 4.97 5.76 -4.63 -12.90 -14.76 -26.20 -5.62 1.54 22.32 3.44 -26.86 -15.20 -16.88 -18.47 -41.97 -32.13

1 Year
8.28 -1.63 -4.35 -5.05 -17.01 -13.40 -21.57 24.01 0.02 27.13 -9.66 -26.65 -9.65 -14.08 -28.51 -60.26 -48.87

17,605 15,695 5,326

2.2 -4.1 2.3

10.5 -9.0 11.8

0.7 -2.8 1.1

-1.9 -12.1 -1.5

-4.6 -18.8 -3.6

Quarterly Results
Companies

`in million
Revenue OND FY11 27691.90 20955.31 18946.00 18189.30 17780.20 13832.20 10884.90 10753.00 10313.12 6997.50 6148.30 6146.20 6112.94 5587.00 5185.10 4194.92 4174.20 EBITDA OND FY11 8688.20 -769.17 7840.40 3735.00 4376.10 2615.90 2083.90 -707.90 1028.65 1165.00 1113.90 1830.40 1710.36 -502.10 1287.20 1059.09 1,511.00 PAT OND OND FY10 FY11 2731.40 5129.60 3079.36 -4645.80 5036.50 5977.40 2240.30 2350.60 2630.10 3089.70 1620.10 1492.10 441.10 -783.90 1983.20 -801.60 865.25 461.18 495.50 557.60 639.50 639.30 1578.10 1458.60 956.75 1250.85 603.30 85.20 1007.60 848.50 240.15 -565.68 1,015.70 1225.50 Margins JAS EBITDA% NPM % FY11 FY11 31.37 18.52 -3.67 -22.17 41.38 31.55 20.53 12.92 24.61 17.38 18.91 10.79 19.14 -7.20 -6.58 -7.45 9.97 4.47 16.65 7.97 18.12 10.40 29.78 23.73 27.98 20.46 -8.99 1.52 24.82 16.36 25.25 -13.48 36.20 29.36

DR.REDDY'S L RANBAXY LABO SUN PHARMACE LUPIN LTD CIPLA LTD. CADILA HEALTH JUBILANT ORG AUROBINDO PH GLENMARK PHA APOLLO HOSP IPCA LAB LTD GLAXOSMITH OPTO CIRCUIT PIRAMA HEALTH BIOCON LTD ORCHID CHEM Divi's Lab

OND FY10 18985.10 19283.60 13314.20 15102.10 16343.90 11668.10 8689.70 11126.20 7491.41 5864.00 4663.60 5892.70 4176.60 4026.90 5113.80 3817.97 3,150

YoY 45.9 8.7 42.3 20.4 8.8 18.5 25.3 -3.4 37.7 19.3 31.8 4.3 46.4 38.7 1.4 9.9 32.5

OND FY10 3801.70 2483.89 4670.40 2972.60 3665.60 2561.70 1321.50 2542.20 1338.91 996.00 909.90 2159.60 1228.18 -325.60 1642.40 734.77 1,235

YoY 128.5 -131.0 67.9 25.6 19.4 2.1 57.7 -127.8 -23.2 17.0 22.4 -15.2 39.3 54.2 -21.6 44.1 22.4

YoY 87.8 -250.9 18.7 4.9 17.5 -7.9 -277.7 -140.4 -46.7 12.5 0.0 -7.6 30.7 -85.9 -15.8 -335.6 20.7

OND:Oct-Nov-Dec quarter

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 Indias

FOUR-S PharmaHealth Track

TTM Results
Revenue TTM Dec 11 90326 82864 65947 65881 63987 46964 44988 39699 37469 25630 22626 22199 21689 20451 20055 17088 16069 EBITDA TTM Dec 11 21710 7052 22156 13827 14274 10388 6687 7650 6270 4115 7576 4387 5345 5397 -211 4447 6177 PAT TTM TTM YoY Dec 10 Dec 11 29.0 11769 14141 -31.6 8316 19 16.7 19399 21403 5.8 9424 9551 5.2 9630 10090 -0.7 7416 6735 -32.7 3887 1105 11.1 2714 1651 -4.7 4336 3932 4.3 1937 1999 -4.2 4215 4096 4.9 2622 2621 -6.2 3564 3427 10.0 4016 4457 517.6 4055 3549 7.9 1534 1528 4.7 4850 5059

`in million
TTM Dec 10 16824 10305 18986 13064 13564 10466 9937 6888 6580 3946 7905 4183 5700 4907 -34 4123 5901 Margins TTM EBITDA % NPM % 24.0 15.7 8.5 0.0 33.6 32.5 21.0 14.5 22.3 15.8 22.1 14.3 14.9 2.5 19.3 4.2 16.7 10.5 16.1 7.8 33.5 18.1 19.8 11.8 24.6 15.8 26.4 21.8 -1.1 17.7 26.0 8.9 38.4 31.5

TTM Dec 10 Companies DR.REDDY'S L 81619 RANBAXY LABO 81411 SUN PHARMACE 60315 LUPIN LTD 62657 CIPLA LTD. 62468 CADILA HEALTH 45831 AUROBINDO PH 45361 JUBILANT ORG 37492 GLENMARK PHA 34645 APOLLO HOSPITAL 24497 GLAXOSMITH 22371 IPCA LAB LTD 20815 BIOCON LTD 21614 OPTO CIRCUIT 18144 PIRAMA HEALTH 18517 ORCHID CHEM 16649 Divi's Lab 15022

YoY 10.7 1.8 9.3 5.1 2.4 2.5 -0.8 5.9 8.2 4.6 1.1 6.7 0.3 12.7 8.3 2.6 7.0

YoY 20.2 -99.8 10.3 1.3 4.8 -9.2 -71.6 -39.2 -9.3 3.2 -2.8 0.0 -3.8 11.0 -12.5 -0.4 4.3

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

Standalone results for Cipla, Apollo, Orchid, Glaxosmith, Divis Lab and Ipca Lab

BSE Healthcare Index movement in last 2 weeks

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 Indias

FOUR-S PharmaHealth Track

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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
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 Indias

FOUR-S PharmaHealth Track

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 opinions have been based. Four-S Services Pvt Ltd. will not accept any liability, whatsoever with respect to the use of this document or its content. This document has been distributed for information purposes only and does not constitute or form part of any offer or 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 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 Indias