We expect this to not only drive further growth and profitability, but also reduce dependence on single blockbusters (like Niraparib), leading to lower earnings risk. We re-iterate our positive stance on the company and maintain BUY with a TP of Rs 355 (15x Sep'20E EPS). One of DCALs US based clients is preparing to commercialize an antibiotic product in Feb-19. The product was approved by the US FDA in Oct-18 for the indication of community-acquired bacterial pneumonia (CABP) and acute bacterial skin infection (ABSSSI). This will be the third commercial launch from DCALs pipeline over FY18-19. We believe DCAL could generate annual revenue of US$ 4-5mn in the initial years.