Alembic Pharmaceuticals Ltd (ALPM') reported in-line numbers for Q2FY22 on the back of strong momentum in domestic business and better gross margins (~74% vs ~71% in Q1FY22). US business continued to remain under pressure on the back of pricing pressure in the base business and full impact of Theophylline competition in Q2FY22. Domestic business (ex Azithromycin) grew >30% YoY as per the management which was led both by margins and price hikes. On Rhizen, TG Therapeutics have guided USD 50mn sales for Ukoniq over next year which would entail higher royalty revenues. While the management has withdrawn its FY22 EPS guidance, higher launch rate, faster remediation of Injectable unit and approval for CLL indication remains key positive triggers for the medium term.We maintain BUY on the stock, with a March-23 TP of Rs1,200, thus an upside of 51% over the CMP. ALPM is currently trading ~18x / ~13x PE for FY22E / FY23E. Delay in Remediation of F3 (New Injectable Facility), USFDA action in Panelav F1 and domestic...