Sanofi's Q2CY18 results were above our estimates. Though Sales were marginally above our estimates by 1.6% at Rs6.8bn EBITDA/PAT were above our estimates by 8.1%/9.3%, respectively. EBITDA margins increased 485 bps given better management of costs. Regulatory hurdles have been continuously impacting the revenues of the company. However, we expect growth in-line with the industry on the back of volume growth in its flagship brands and patent product launches from parent. We expect Sanofi's sales/EBITDA/net profit to grow at a CAGR of 11.3%/17.8%/19.4%, respectively, over CY17-19E. We maintain our ACCUMULATE rating on the stock with a...