We maintain our Hold rating on Sun Pharma (SPIL) with TP of Rs580 (earlier Rs580) based on 26x March'20E EPS of Rs22.4. SPIL has developed a strong pipeline of specialty products for the US. It has received US FDA approval for Xelpros used in the treatment of glaucoma and ocular hypertension. We expect $22mn (Rs1.58bn) revenues from Xelpros in FY20. Key upside risks to our assumption include higher revenues from the US market and key downside risk includes regulatory risks for...