Autolus FY25 in line with expectations, phase 1 Aucatzyl data in MS by YE26

Autolus reported FY25 results in line with expectations with Aucatzyl sales amounting to $ 74.3m, in line with CSS. Management re-iterated FY26 guidance of $ 120-$ 135m in Aucatzyl sales (includes US and UK revenue), which we think is within reach (KBCSe FY26: $ 146.5m) given the strong initial demand and positive real world experience as demonstrated by the ROCCA dataset. In the pipeline, phase 1 data for Aucatzyl in progressive MS by YE26 could provide upside and pique interest from potential partners given the size of the commercial opportunity. With a cash position of $300.7m, the company has runway into 4Q27, which means Autolus is funded towards multiple important catalysts. $ 9 TP and Buy maintained.