We remain positive on ALKEM due to robust ANDA pipeline/minimal regulatory risk in the US and 4QFY20 revenues grew 10.6% YoY to INR20.5b (v/s est. We expect 15% earnings CAGR over FY20-22E, led by 16%/10% sales CAGR in the US/DF generics on new launches and better traction in existing The reduced promotional expense in DF and improving profitability in the US should drive 220bp margin expansion over FY20-22E. Based on product pipeline and minimal regulatory risk in the US, we expect ALKEMs US sales to deliver 16% CAGR at ~USD420m over We cut our EPS estimates by 6%/4% for FY21/FY22E to factor in the weakness in DF segment over the near term. We expect 15% earnings CAGR over FY20-22E, led by 16%/10% sales CAGR in the US/DF generics on new launches and better traction in existing products.