Key downside risks: slower ramp up in Ilumya, higher price erosion in the US, lower growth in the India, adverse outcome on SEBI's probe on whistle-blower complaint, drug price fixing lawsuits in the US. We resume coverage on Sun Pharma with a Buy rating and TP of Rs 500 based on 22x FY22 EPS. Suns business outlook for the next two years will be driven by ramp up in specialty portfolio led by Illumya and Cequa. We expect the improved traction in specialty sales will drive operating leverage and aid margin expansion. This, along with healthy growth in India and EM markets will drive 14% earnings CAGR over FY20-22e. The stock trades at attractive valuation of 19x FY22 EPS , ~10% discount to its 5-year average PER.