Grünenthal : No reason to change positioning

Grünenthal had a relatively weak Q3 23 due to revenues pressure from Palexia, which is in generics (Gx) competition, and ramp up costs in connection with Qutenza and RTX. In FY 23 and FY 24 Palexia will be subject to high revenues losses (-25% in 9M 23; we assume cumulatively 65% over the medium term), which Grünenthal partly compensates by growth from Qutenza (+54% in 9M 23; Grünenthal annual revenues opportunity of EUR 350-500m by FY 30). 9M 23 Crestor and Vimovo revenues growt...