Coming out of a regulatory debacle and two years of dismal operational performance, DRRD ended the year with 8/40/77% revenue/EBITDA/PAT growth respectively. With a sharp focus on cost optimization, weeding out of non-profitable businesses, largely clean regulatory slate, improving balance sheet and a major US revival, we remain constructive on DRRD. We believe it will be the best performing pharma stock in FY20E. To our surprise, DRRD is also catching up fast on biosimilar filings for developed markets (bNeulasta expected in 1HFY20). China ramp up remains another interesting opportunity. Overall, we expect 16/22/18% revenue/EBITDA/PAT CAGR over FY19-21E. At 22/19x FY20/21E EPS, the valuations remain attractive as compared to peers. We maintain BUY on DRRD despite a miss on our estimates (on account of certain one-offs). Our TP is revised to Rs 3,320/sh (20x FY21E EPS + Rs 380/sh for niche products). The focus on cost optimization and a revival in the US biz are key to our thesis.