GSK Pharma (GLXO)'s 3QFY21 performance was better than estimated, with an increase in sales driving higher profitability (on account of operating leverage). With the intensity of YoY decline lower over the past two quarters, GLXO exhibited low-double-digit YoY growth with the easing of the lockdown and partly aided by the low base of the past year. We increase our EPS estimates by 8%/3%/2% for FY21/FY22/FY23E, factoring in strong recovery in key therapies and improving productivity. We continue to value GLXO at 38x 12M forward earnings (25% discount to its...