We have fine-tuned our numbers on the back of the group’s latest comments as well as integrating the new NTE (New Therapeutic Entity) to be developed (Terbutaline), instead of Apomorphine which is now on stand-by.

This said, short-term numbers have little meaning (other than the group’s cash-burn) since first sales should be booked in FY20.

We have also updated future product launches (i.e. the timing of their marketing post clinical trials) and reached a new target price of €17.8 (vs €16.4 previously), leaving a huge upside potential.

This valuation is also supported by the take-over of Narcan by Emergent BioSolutions which was announced this summer for about 4.9x current sales, according to our estimates, suggesting strong growth prospects.

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