BioArctic (Buy, TP: SEK350.00) - Large milestones in 2025e
The Q4 report was slightly better than we expected. The royalty levels were already known, but the operating loss was below our forecast due to lower R&D and S&M spending. In 2025, BioArctic is set to receive cUSD130m in milestone payments from Bristol-Myers Squibb (due to the Brain Transporter deal) and Eisai (for EU approval as well as a sales milestone). The next important event is set to be the CHMP meeting in February that should (again) result in a positive opinion for Leqembi’s EU approval. We reiterate our BUY and SEK350 target price.BioArctic is a research-based biopharma company which is engaged in developing new innovative disease modifying treatments based in antibodies (immunotheraphy) for neurodegenerative disease (i.e. diseases where the nervous system degenerates) such as Alzheimer's disease and Parkinson's disease and a treatment concept for complete spinal cord injuries (i.e. an injury where the spinal cord is completely broken). Co.'s operations are focused on research and development of new drugs for diseases and conditions with great medical need.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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