Maintain BUY rating with a TP of Rs 670 (25x Sep'20E + Rs 40/sh option value for specialty). With the provision for Modafinil litigation liability to the tune of Rs 12bn, Sun Pharma (SUNP) reported a loss of Rs 2.2bn in 2QFY19. However, adjusted PAT at Rs 9.96bn was still 8% below our estimates due to a similar miss on top line. The inventory correction exercise resulted into a 16% fall in India revenues, along with slower than expected growth in the US (up 21%YoY) which led to 4%YoY revenue growth in 2QFY19 (8% miss).