Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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Oscar Haffen Lamm
- Oscar Haffen Lamm
Camurus: Brixadi bounced back; optionality provided in the incretin sp...
Camurus' Q2 earnings main takeaway was Brixadi rebounding sharply (+32% QoQ at CER), signalling that earlier US market headwinds - insurance renewals, CJS funding delays and destocking - have largely resolved. Prescription data (TRx) for Q2 was 2.1x YoY, supporting our estimate of c. 51k patients o
Maria Vara
- Maria Vara
BONESUPPORT: 2025 Trim; Spine optionality kicks in
Following Q2 earnings, we revisited our expectations across all business segments, leading to a 9% 2025E sales cut, majorly driven by FX headwinds on US sales, while country-specific policies in EUROW led to softer-than-expected H1 growth. Our long-term thesis remains unchanged, and we see improvin
Oscar Haffen Lamm
- Oscar Haffen Lamm
Camurus Q2: Brixadi renewed growth, Buvidal slowed
Camurus reported its Q2 2025 results, highlighted by renewed growth for Brixadi in the US at CER (still impacted by FX headwinds), a slowing of Buvidal and a beat on profitability. Total revenues came in at SEK676m (c. +6.8% vs css) and PBT at SEK307m (+14,6% vs css), impacted by the USD12m upfront
Mahaut Arnaud ... (+3)
- Mahaut Arnaud
- Paul de Froment
- Thomas Mordelle
Tomra Systems: Q2 2025 results, recycling division still under pressur...
This morning, Tomra System reported Q2 2025 results. Q2 2025 group revenue fell 2% YoY to EUR325m: (i) Collection was down 12% to EUR169m amid a temporary sales slowdown from newly opened DRS, while (ii) Recycling held flat at EUR57m as growth in Asia partially compensated for lower revenues from w
Oscar Haffen Lamm
- Oscar Haffen Lamm
Egetis: additional insights into the BTD for Emcitate
Following a conversation with management, we come back on Egetis' announcement that the FDA has granted Breakthrough Therapy Designation (BTD) for Emcitate in the treatment of MCT8 deficiency, with some more flesh on the bone, as we believe key additional information might have been overlooked by i
Gregory Ramirez
- Gregory Ramirez
Thibault Morel
- Thibault Morel
Cedric Rossi
- Cedric Rossi
HUGO BOSS: Successful execution and healthy geo mix lead to raised FY2...
HUGO BOSS - NEUTRAL | EUR68 vs. EUR64 Successful execution and healthy geo mix lead to raised FY22 guidance Strong sales and EBIT beat in Q2 driven by execution… … and low exposure to China’s lockdowns FY22 sales and EBIT guidance revised upwards and we increase our FY22-23 estimates by 7%
Clement Genelot
- Clement Genelot