We increase our target price to Rs5,054 to factor gRevlimid launch in FY23 and maintain our ADD rating. Key catalysts are launch of gVascepa, approval for gCopaxone and gNuvaring. Meaningful addition: Dr. Reddys settles patent litigation with Celgene (Bristol Myers Squibb) in the US for gRevlimid (USD7.6bn). The drug is indicated for multiple myeloma (cancer). As per the settlement terms, Dr. Reddys is licensed to sell volume-limited quantity after Mar 2022 and without volume-restriction after Jan 31, 2026 subject to product approval from the US FDA. While the details pertaining to launch date and market share are not disclosed, the opportunity can add an NPV of Rs384/share to our target price in a base case scenario (assuming 5-20% market share, 30-45% price erosion between FY23-26).