Maintain BUY with a revised TP of Rs 1,000 (18x Sep-19E and Rs 135/sh for innovative pipeline). Glenmarks (GNP) 2QFY18 performance was slightly below expectations. The overall top-line grew 2% YoY to Rs 22.2bn. While a sequential decline in the US was expected on account of the loss of exclusivity of gZetia, US$113mn for the quarter was below our expectations. The EBITDA margin came in at 16%. There were one-time bonuses of Rs 1.1bn paid during the quarter, adjusted for which the margin would have been 21% and ~100bps ahead of our estimates. PAT was ~Rs 2bn, down ~9% YoY.