We cut our FY23E EPS est. by 12% and FY24E EPS est. by 8% to factor in lower margins and US sales. Aurobindo Pharma's (ARBP) 9MFY22 performance was weak, given cost headwinds and lower US sales. We believe cost pressures have stabilized and margin trajectory should improve from FY23. However, pick up in US sales hinge on timely niche approvals along with stabilization of pricing pressure in base business. ARBP has multiple growth drivers in place with investments in vaccines, injectables, biosimilars...