As a result, despite cutting our top-line and earnings estimates by 6%/7% and 24%/18% for FY19/20E respectively, we maintain a BUY rating on the stock, with a revised TP of Rs 1,125 (20.x Sep-19E). We have also cut our earnings multiple from 22x to 20x to factor in the impact on growth in the US business. With the US FDA issuing a combined warning letter to Lupins (LPC) important Goa and Pithampur (Unit II) facilities, the stock price plummeted 17% in a day. While we acknowledge that this warning letter will lead to a substantial reduction in the number of approvals for the US market over the next 12-18 months (12-15 from 30-35 earlier), many of the lucrative and near-term opportunities are filed from other facilities.