Maintain BUY with a revised TP of Rs 780 (16x Dec-19E and Rs 135/sh for pipeline). Glenmarks (GNP) 3QFY18 performance was sub-par, as pricing pressure in the US business, higher R&D; and forex losses weighed on profits. While YoY comparisons are not apt on account of the exclusive launch of gZetia in 3QFY17, the top-line declined ~2% QoQ to Rs 21.7bn (in-line with estimates). EBITDA margin disappointed at 13.4% (vs expectation of 18%), down ~260bps QoQ. Gross margins declined ~220bps QoQ on the back of an inferior business mix, and R&D; costs remained elevated (12.9% of sales vs 12% QoQ). PAT was ~Rs 935mn, dragged down ~54% QoQ by forex losses of Rs 480mn (vs gain in 2QFY18).