Sun Pharma's reported numbers for 2Q were in-line on sales and margins front; however, higher than expected tax led to 20% miss in our estimates. Ex-Taro and excluding non-recurring sales of US$40mn, flattish performance from US formulations, muted India formulations, currency headwinds in ROW and EM led to 14.7% yoy decline in sales. Adjusting for the integration costs, margins came in at 29%. Over the past 1 year, Sun has taken several steps towards creating a specialty business model (InSite acquisition, in-licensing of MK-3222). Though we view the steps in the right direction, concerns plaguing the company (disruption...