Maintain BUY with a revised TP of Rs 525 (24x on FY20E EPS). Cadila (CDH) reported superlative numbers in 4QFY18. Top line grew 31%YoY; EBITDA margin was at 26.0% (up 623bps YoY) and reported PAT came in at Rs 6bn (up 57%YoY). The US revenues jumped 67%YoY, led by one-time sales of gLialda and gTamiflu under limited competition. The company has filed 26 products in FY18 and has 144 ANDAs pending with US FDA. Approval momentum continues to remain strong with 77 ANDA approvals received in FY18. However, CDH is yet to launch many of these products and has guided for 50+ launches in FY19 for the US market.