We maintain Sell rating on GlaxoSmithKline Pharma (GSK) and revise our TP to Rs1,850 (earlier Rs1,525) based on 24x March'20E EPS of Rs77.1. GSK's Q3FY18 results were below our and consensus estimates. GSK revenue was flat, EBIDTA margin improved 1,270bps to 20.1% and net profit grew 156% YoY. GSK's major brands grew by high single digit to double digit during the quarter. That said, the company has a strong presence in the vaccines segment and is likely to derive growth from the same. Key risks to our assumptions include faster-thanexpected growth in the domestic market and higher growth of its flagship brands. We recommend a switch to other pharma companies, Abbott India or...