Hansa - Signs of Progress in Europe (Sponsored Research, TP SEK220 [385], 13 pgs)
With Hansa having negotiated Idefirix reimbursement in nine European markets and its sales achieving a stable base from which to grow, we revisit the investment case for Hansa given the recent lacklustre share price performance. Despite the slow sales ramp, we see evidence of building momentum in Europe and progress on ESOT guidelines. Outside of kidney transplant, imlifidase development is progressing, as it enters P3 studies in anti-GBM and a P2 readout in AMR is imminent. We reduce our TP to SEK220/share, but reiterate our longer term sales forecasts and consequently believe that long-term investors are likely to be rewarded for their patience.For access to the full note, please contact Naresh Chouhan ( )
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