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Bactiguard: Momentum starting to build - SEB

Q3 was largely in line with our estimates; however, importantly, BD is currently stabilising at its pre-pandemic level and BIP sales have improved throughout the year. In addition, the intensity of dialogue with potential new licence partners has increased, based on comments in the report. Licence deals in further product categories and the sales uptake of ZNN Bactiguard over coming quarters remain key triggers, we believe.

Q3 was largely in line with our estimates; however, importantly, BD is currently stabilising at its pre-pandemic level and BIP sales have improved throughout the year. In addition, the intensity of dialogue with potential new licence partners has increased, based on comments in the report. Licence deals in further product categories and the sales uptake of ZNN Bactiguard over coming quarters remain key triggers, we believe.
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