Maintain BUY with a TP of Rs 790 (16x Sep-20E EPS and Rs 135/sh for pipeline). Glenmark Pharmas (GNP) revenue at Rs 25.8bn for 2Q reported a growth of 14/19% YoY/QoQ and beat our estimates by 5%. This was driven by new product launches in the US and traction gained in EM and India. EBITDA at Rs 4.4bn was up 13/27% YoY/QoQ, with margin remaining largely flat at 17% (in-line).