Decent sales and improving margin

ABGSCe revenue slightly ahead of cons. into Q1. Beyfortus and efan alfa royalty income to boost adj. EBITA margins. Attractive growth valuation, key value inflection points coming - BUY.

A good entry point for the case

Q4 sales in line. Beyfortus beat, but Vonjo disappointed. Conference call focused on Vonjo low sales. TP SEK 310 (318) and BUY. Good entry point for the case.

Q4'23 report

Beyfortus takes the stage again

Strong Q4 w/high Beyfortus royalties expected (+74% vs. consensus). We now model faster uptake of Beyfortus from '24e. New TP of SEK 318 (287), we reiterate BUY.

Promising signs for a strong end of '23

Beyfortus royalties ahead of expectations, share up 3%. We raise '23e sales +3.6%; adj. EBITA margin now at 34.1% (33.3%). Beyfortus revisions lift our TP to SEK 287 (280), BUY.

Q3 first take: strong report above expectations

Beyfortus comes strong in Q3

Solid top line, yet CTI weighs on EPS

We expect solid sales supported by Doptelet and Gamifant. CTI acquisition amortisation and net financials lower Q3e EPS. Big-picture narrative unchanged: BUY, TP of SEK 280 (275).

KOL highlights efan alfa's potential

FDA grants approval to GSK's momelotinib

KOL highlights Vonjo's potential

Attractive entry point after strong Q2

Q2 numbers ahead of expectations, share up 3.4%. We raise '23e sales by +2%; adj. EBITA margin unchanged. Attractive entry point; TP up to SEK 275 (270).

Q2 first take: a big sales beat

Heads-up for Q2 report, Tuesday 18 July

Q2 preview and in-depth on Vonjo

+3% sales beat driven by higher Doptelet sales in China. Vonjo in-depth analysis provides confidence on new asset. TP SEK 270; EMERALD data readout next share price trigger.