Sun Pharma's Q2FY11 results were ahead of our expectations due to an impressive performance in India (+36%) and launch of products in US with limited competition. Sun launched generic Exelon (brand size USD130mn shared exclusivity with Watson Labs) and generic Optivar (brand size USD50mn SUNP is the 2nd generic along with Apotex). While sales growth on the high base of Q2FY10 (due to generic Protonix) is encouraging, it needs to put in the context of sustainability of sales of these products. Both these products buoyed exports growth to 2
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