The worries related to supply constraints, Iran/Yemen geopolitical uncertainty, and raw material prices are either priced in or resolved, in our view. Moreover, Cipla has surpassed its US business guidance of US$ 125mn run rate in 4QFY19. We believe it was crucial for Cipla to cross the US$ 120mn revenue mark to breakeven in the segment. Going into FY20/21E, we expect the US momentum will continue to drive profitability, while launches like gProventil could provide a further boost. Overall, we model 12/16/24% CAGR in revenue/EBITDA/PAT over FY19-21E. At CMP the stock is trading at 26/20x FY20/21E P/E, which is a premium to generic peers. The premium is justified due to a richer mix. We maintain BUY on CIPLA following a modest beat to our estimates. Our TP is revised at Rs 625/sh (22x FY21E EPS). We believe most of the concerns are allayed.