Glenmark Pharma (GNP) delivered in-line sales for 3QFY21. However, earnings were better than expected, led by the Domestic Formulation (DF)/API segment and controlled opex. GNP is confident of sustaining the profitability over the next 1224M, led by a better outlook in DF/US/API and an ongoing cost rationalization exercise. We raise our EPS estimate for FY21/FY22/FY23 by 4%/8%/6%, factoring in a) new launches in DF/US, b) stable price erosion in the US base business, c) an improved outlook in the API segment, and d) benefits from higher operating...