We continue to maintain our BUY rating with a TP of Rs 985 (22x Dec-20E EPS). While 1HFY19 was weak for Lupin, the company reported decent revenue growth in 3Q (up 8% YoY), despite a delayed onset of the flu season in the US. On the margins front, we saw the impact of a lower gross margin and higher specialty spend weigh in on profitability. We anticipate 4Q to be stronger for Lupin, owing to gRanexa launch and increased intensity in the flu season.