On the right track

EU sales to gain momentum in 2024. ConfIdeS study randomisation by mid-'24 seems challenging. Small adjustments post-share issue : BUY, TP SEK 98 (94).

Q1: Good financials, slow ConfIdeS

Solid Q1 sales bode well for the rest of 2024

Starting '24 on the right foot

Q4 imlifidase sales better than expected (best quarter since launch). '24e sales up slightly, but cautious to extrapolate. ConfIdeS study randomisation maintained for mid-'24. BUY.

Q4 report: no big news from 6 Jan update

Closing '23 with some optimism

Valuation update post AMR study results

Imlifidase shows benefit at 5 days, but no long-term benefit vs SoC. We remove AMR from current valuation. New TP of SEK 93 (110): keep BUY.

AMR: Meets short-term goal, lacks long-term impact

Positive high-level data in GBS

Nothing new from pre-announced numbers

5-year outcomes post-imlifidase

Toning down our expectations

Q3 update sent share down 27% yesterday. Only 6 patients treated in Q3, with US study postponed ~6m. New TP of SEK 110 (235). Needs to deliver to get back credibility.

Struggling to see the light

First data on NiceR project

Entering into a promising H2

Solid quarter on product sales: +9% vs. ABGSCe. Positive signs suggest improved performance in H2'23e. Fundamentally undervalued, we reiterate BUY.

Q2'23 report: positive signs of improvement

Expanding in autoimmune diseases

Inflection point getting closer

Q2e: initial signs of improved sales; 9 patients treated, H2 better. Eurotransplant new alloc. tier: pilot programme of 20 pts in '23e. Good set-up into H2, keep BUY, TP of SEK 240 (244).

Third collaboration in gene therapy

Improved performance later in '23

Lower-than-expected sales send share 12% lower. NiceR Ph 1 trial ongoing, first volunteers dosed. Better sales from mid-'23e due to revised EU organ alloc. system.