Maintain BUY with a revised TP of Rs 710 (16x FY20E and Rs 135/sh for pipeline). Affected by lack of lucrative product approvals for the US market and higher R&D; spend, Glenmark pharmas (GNP) reported second consecutive quarter with sub-par profitability. EBITDA declined 41% YoY to Rs 2.9bn and EBITDA margin at 13.5% was down 735bps YoY. Top line decreased 7.2%YoY due to loss exclusivity in gZetia. The US business declined 30%YoY/5%QoQ to Rs 7bn. Reported PAT at ~Rs 1.5bn was up ~600%YoY/60%QoQ supported by forex gains of Rs 640mn (vs loss in 3QFY18).