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In FY2018, our Japan business contributed 13% of our global revenues. Being our largest market in the APAC region, it contributes 80% of the region’s revenues. Lupin’s subsidiaries in Japan, Kyowa Pharmaceutical Industry Co. Ltd., including Kyowa CritiCare Ltd. (collectively Kyowa), generated JPY 35,478 million in revenues with a growth of 23% over the previous year. We remain the 6th largest Japanese Generic player. Kyowa’s strong presence in the Psychiatry and Neurology space, enabled it to successfully license and launch BipressoTM a Specialty brand from Astellas for the treatment of Bipolar Depression.

During the year, the Generic segment grew by 11% in value, reaching 69% generic penetration on a volume basis by December 2017. We are focused on creating a quality pipeline including Biosimilars. Our Joint venture with Yoshindo (YLB) has progressed significantly with the filing of our first Biosimilar - Etanercept with the Japanese authorities in March 2018. This is a vital step to enter the Biosimilars space in Japan, which we believe is expected to grow substantially in the years to come.