Maintain BUY with a revised target price of Rs 605 (22x Dec-21E EPS + Rs 40/sh for specialty portfolio). Aided by forex gain (4% of sales) and subdued R&D; spend (6% of sales), Sun Pharma (SUNP) beat our earnings estimates by 40% with PAT at Rs 12bn in 3QFY19. Adjusted for forex, PAT was at ~Rs 9bn (+12/-1% YoY/QoQ). Similarly, EBITDA margin came in at 24% post forex adjustment, still ~200bps above our expectation owing to normalized specialty spend.