Pharma Mar : Very weak Q1 earnings yet Zepzelca’s potential remains. Upgrading to Outperform on valuation grounds
>Feeble Q1 2022 earnings yet unrelated to Zepzelca’s potential. - Total revenues receded significantly -60% y-o-y in Q1 2023 (vs -40 in Q4 2022, -3% in Q3 2022 and +2% in Q2 2022) and came notably below our numbers and the consensus. Biopharma sales decreased -50% y-o-y in Q1 2023 (compared to -44% in Q4 2022, -18% in Q3 2022 and -2% in Q2 2022) reflecting lower Yondelis revenues (forced price reduction after the patent cliff) and an imposed price reduction in Zepzel...
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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