Cadila Healthcare (CDH) delivered lower-than-expected 3QFY22 earnings, weighed by lower Domestic Formulation (DF) / US / EM sales and increased operational costs. CDH continues its effort to build the product pipeline and niche launches (including g-Revlimid) for the US market. Even innovation-led products are advancing well in the respective clinical stages of development. We cut our EPS estimates by 2%/4%/4% for FY22E/FY23E/FY24E and reduce PE multiple to 21x (from 25x earlier) to factor in a) moderate growth in the US business over the medium term and b) the weaker outlook on the...