Despite delivering strong performance in the US, we were unimpressed by the continued execution issues in getting complex product approvals - bEnbrel in EU and gProAir in US have been elusive so far. At a time when four formulation plants are under OAI or WL, these big-size product approvals have become crucial. Moreover, Solosec ramp up has been slower than expected, keeping margins in check as marketing spend continues to weigh in. Our FY21E numbers do include a ramp up in gLevothyroxine sales and the launch of gProAir and bEnbrel, keeping Rs 34.3 EPS at risk (in case of further delays). However, the branded domestic franchise (valued at ~Rs 650/sh) continues to support the downside. We downgrade LPC to NEUTRAL owing to visible execution woes in the form of (1) slow scale up in Solosec & gLevothyroxine in US, and (2) postponement of bEnbrel approval in EU. 1QFY20s performance beat our estimates led by higher gRanexa contribution. Our revised TP is Rs 760 (22x FY21E EPS) following a 17% cut to our FY21E EPS