Lupin's (LPC) 4QFY18 revenue declined ~5% YoY to INR40.3b (est. of INR39.8b), largely led by muted US sales. Ongoing pricing pressure in the US led to 600bp YoY contraction in the gross margin to 66%. The EBITDA margin, too, shrank 840bp YoY to 17.6% (est. of 18.9%) due to increased operating cost. However, on a QoQ basis, both gross margin (+130bp) and EBITDA margin (+30bp) exhibited an improvement, offering some comfort. LPC reported a loss of INR7.8b in the quarter due to impairment provision related to Gavis. Adjusted for the same, PAT stood at INR3.9b (est. of INR3.3b). For FY18, sales, EBITDA and adj. PAT declined ~10%, 30% and 17.3% to INR158b, INR31.5b and INR21.1b, respectively