We lower our EPS estimates by 8% for FY20E to factor in continued pricing pressure in the base business and delay in company's key drug launches. Strong pending niche ANDA pipeline coupled with expected monetization of Specialty and innovation R&D; pipeline and potential out-licensing deals for its novel drugs are some of the key positives. Hence, we maintain HOLD' rating with a revised TP of Rs695. Weak US sales; Expected key launches to drive business going ahead GNP reported 8.4% YoY decline in consolidated revenue impacted by decline in the US business (down 33% YoY) owing to continued pricing pressure in the US and high base (marketing exclusivity of gZetia in...