Zimmer has terminated the agreement covering multiple orthopedic segments that was announced in 2022 with the reason being a more complex and lengthy path with the FDA than initially expected. The impact on estimates will be from removing milestones relating to this agreement which will reduce sales c. 5% and c. 10% 2025 and 2026E, with no impact 2024E. The majority of SEB’s Zimmer Biomet estimates for relates to the Trauma agreement established in 2019 which remain intact.
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