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Nirmal Bang Report
We analysed the translation of research and development and acquisition expenditure to U.S. sales for the top Indian pharmaceutical companies exporting to the U.S. - Lupin Ltd., Aurobindo Pharma Ltd., Cadila Healthcare Ltd., Sun Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd. and Cipla Ltd.
We see a clear trend of Aurobindo Pharma and Cadila Healthcare managing research and development expenditure more efficiently with higher U.S. sales and higher incremental abbreviated new drug application filings in the U.S. market per dollar of research and development spend.
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