<ul><li>Citi has assigned a low probability to the scenario of the US imposing tariffs on Indian pharmaceuticals, with companies having lower exposure to US generics being the least affected.</li><li>Companies with high exposure to US generics, including Zydus, Dr. Reddy's Laboratories (DRL), and Aurobindo Pharma, could face a 9-12% Ebitda hit.</li><li>However, companies like Torrent Pharma, Sun Pharma, and Divi's Laboratories, with lower exposure to US generics, would be the least affected, with an estimated 1-3% hit to Ebitda.</li><li>Citi believes the probability of tariffs on Indian generics is low, citing limited manufacturing of generics in the US and the high dependence on Indian generics.</li></ul>

Citi Sees Low Risk Of US Tariffs On Indian Pharma; Prefers Torrent Pharma, Divi's

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