Key downside risks: Delay in resolution of facilities, delay in approvals; adverse outcome on drug price fixing lawsuit in US; Key upside risks: higher growth in India and EM markets, resolution of plants. We resume coverage on Dr Reddys with a Neutral rating and a TP of Rs 3,440 based on 20x FY22 EPS. With improved performance across geographies we believe the multiple is well justified. While DRL has a rich pipeline of products for the US market, approval and launch timeline for key products - gNuvaring and gCopaxone does remain elusive. Despite factoring in these launches along with sustenance of good performance in non US markets and margin expansion as per company outlook, upside is limited from current market price.