Progress on OAI and Sandoz integration key stock catalysts Aurobindo Pharma (ARBP) saw soft operating leverage in Q4 despite best-ever US sales at US$ 352mn, partly led by Spectrum integration and higher injectable sales. Revenue/EBITDA beat estimates by 8%/13% but gross margins at 55.2% saw moderate expansion QoQ (provisioning for Valsartan recall). Management is fairly confident about FY20 growth and expects Sandoz FTC approvals by Jul'19 end. We retain our FY20/FY21 EPS of Rs 49/Rs 52. Sandoz integration...