Hansa - Sales Momentum Picking Up (Sponsored Research, TP SEK84 [100], 16pgs)
Hansa’s Q224 marked the third consecutive quarter of strong Idefirix sales in kidney transplant, providing some reassurance that the previously slow uptake is now behind us. In the US, the Ph3 ConfideS trial has finished randomisation, with an expected launch in H127. Unlike in the EU, where only 2 clinics participated in the Ph3 study, the US trial has utilised 23 clinics, which will help to accelerate the pace of launch due to greater physician familiarity with Idefirix. Pivotal Ph3 data from the anti-GBM trial is also expected in H225, which we assume a launch in H126. Following the raise in Q2, Hansa now has cash runway into 2026. We conservatively revise our TP to SEK84 (previously SEK100), >2x the current share price and leaving numerous sources of upside to our valuation.For access to the full note , please contact Naresh Chouhan ( )
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