Consolidation of Invagen, launch of a host of high- value products in the US (including respiratory, oncology and complex oral solids) and operating leverage are the key earnings growth drivers for Cipla over the next two years. We believe these will help the company deliver ~25% EPS CAGR over FY16-18E. Our earnings estimates for FY16E/17E/FY18E are reset to Rs 24.2/30.5/38.6. We assume coverage on Cipla with a BUY rating. Our TP is Rs 760 (22x 1-year forward rolling EPS).