Almirall: Pipeline update, Tildrakizumab launch delayed, TP cut to €10.48
Almirall: Pipeline update, Tildrakizumab launch delayed, TP cut to €10.48
- Tildrakizumab launch is delayed
- Sales estimate cut -5% in 2017e and 2018e
- Almiral guided to peak sales of €200mn for Tildrakizumab in the fourth year of marketing.
- We cut our target price to €10.48
- Our Hold recommendation is unchanged.
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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