Although the warning letter for the Halol facility is a setback for Sun Pharma, we resume our coverage with a BUY rating on account of (1) Strong cash flow from Gleevec (~US$ 1.3bn in sales) over FY17-FY18E (2) A promising pipeline of specialty products (including MK-3222) and complex generics, and (3) A strong war chest (~US$ 1.5bn) and proven track record of inorganic growth. Our TP is Rs 900 (24x FY18E EPS Rs 20 for Gleevec non-recurring sales)