Injectable Portfolio & New Launches to Drive US Biz; Maintain BUY Aurobindo Pharma (ARBP) has delivered a better-than-expected performance on all metrics in 2QFY19. Aided by strong sequential growth in the US, ARV and RoW business (barring Europe), its revenue/EBITDA/PAT exceeded our estimate by 3%/8%/15%, respectively. Its revenue grew by 11.8% QoQ to Rs47.5bn led by healthy US business (+17.8% to US$318mn), ARV (+57%), RoW (+20%) and API business (+9%), while Europe sales declined by 3.6%. Despite recovery in high margin injectable biz and sales from NBO, gross margin contracted by 314bps YoY (+188bps QoQ) due to change in business-mix (higher growth in ARV and RoW business)....