Maintain BUY with a revised TP of Rs 691 (18x FY20E and Rs 135/sh for pipeline). Glenmark pharma (GNP) reported a decent set of numbers in its 1QFY19 results. Revenue at Rs 21.3bn was down 8.6%YoY and 5.3%QoQ. EBITDA margin at 14.6% declined 880bps YoY but recovered 150bpsQoQ. PAT at Rs 2.2bn was reduced by 31.6%YoY but showed a strong sequential growth of 47.4%. These numbers are not comparable on a YoY basis because GNP had launched Ezetimibe (generic Zetia) with its partner Endo in December 2016, and had exclusivity on the product.