Autolus Aucatzyl launch success, FY25 preliminary revenue in line with CSS

Yesterday before US market opens, Autolus announced preliminary unaudited 4Q25 and FY25 net product sales of Aucatzyl (obe-cel, CD19 CAR-T), and provided a business update. $ 75m in FY25 Aucatzyl sales is in line with CSS ($ 75.9m) and ahead of our estimate of $ 72.5m. We believe this figure makes Aucatzyl's first year on the market a success, and we view FY26 guidance of $ 120-135m as within reach. Pipeline wise, we look forward to initial data from the phase 1 trial of Aucatzyl in the difficult progressive MS indication by YE26, while the pivotal nephritis trial is enrolling with a 24 month enrolment window. $ 9 TP and BUY maintained.