Sun reported in-line sales in Q4 while higher bonus payouts, spend in Taro (believe related to higher volumes) and forex loss impacted EBITDA margins (18.4% vs our estimate of 21%) while one-offs related to litigation cost provision led to 20% miss in our PAT estimates. However, dip in margins remains an aberration and is expected to normalize in subsequent quarters. Global specialty portfolio recorded sales of US$126mn (up from US$118mn QoQ) led by seasonality in Levulan and Absorica coupled...