Maintain BUY with a revised TP of Rs. 1,200 (20x Dec-19E EPS). Lupins (LPC) revenue performance in 3QFY18 was good, with the US business surprising positively. The top-line declined 7% YoY, on a high base that included sales of gGlumetza and gFortamet with limited competition. However, there was sequential growth of ~1% (despite a high domestic business base), driven by a better than expected performance in the US (+5% QoQ and ~10% above estimates).