Autolus 1Q25 shows higher than expected Aucatzyl sales in r/r adult ALL

Yesterday before US market open, Autolus reported 1Q25 results with the highlight being the first Aucatzyl (CD19 CAR-T) sales in r/r adult ALL in the US ($ 9m), coming in above our expectations (1Q25 KBCSe $ 5m) and sending the stock up +10%. We see the stronger than expected initial demand as a good sign for the remainder of the launch. Seasonality remains to be seen, but if this momentum continues for the rest of FY25, our sales estimate of $ 43m will be within reach (BBG CSS $ 37m). We reiterate our $ 10 TP and Buy rating for this significantly undervalued stock.