Injectable Biz & New Launches to Drive US Biz; Maintain BUY Aurobindo Pharma (ARBP) has reported a weak performance in 4QFY18. Its revenue grew by 11.2% YoY to Rs40.5bn (vs. our estimate of Rs42.6bn) due to 43.3% decline in ARV business to Rs1.5bn and muted growth in US business. Its reported PAT stood at Rs5.3bn, which adjusted for Rs159mn forex loss, stood at Rs5.4bn. Gross profit margin remained flat at 58.8% YoY during the quarter. While its US sales rose by just 5.8% YoY to Rs17.4bn, Europe sales surged by 48.2% to Rs11.5bn. Led by higher employee and R&D; cost, EBITDA grew by just 4.3% YoY to Rs8.0bn, while EBITDA margin declined by 132bps YoY to 19.9%. We maintain our BUY recommendation...