Following yesterday's cut to sales guidance, we cut our PT to €5.40 and L-T revenues by 10-15%. We are 40% below consensus EBITDA in 2028 despite including significantly more cost savings. We show the base business is loss making this year & could just break even in 2026. We are most concerned about the reliance on single lumpy contracts. The SDZ milestones will mostly disappear by 2028 & the commercial revenues required to offset them imply biosimilar sales of €550m by 2030 for drugs that will ...
Alfen: Dead cat bounce? Ayvens: Overhang cure. Belgian telcos: Hey! discontinues €5 offer, OBEL price increases from June 2025. B&S Group: Pulls FY EBITDA guidance in light of tariffs. D'Ieteren: CMD, 1Q25 Preview. Kendrion: Wrestling through difficult macro conditions. NN Group, ASR: Vote on Dutch pension reforms postponed. TKH Group: Not that bad, good progress at Eemshaven. UCB: US Most Favoured Nation initiative back on the agenda. Vastned: Good results, integration ongoing...
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