Calliditas sequential Q2 sales growth bounces back to just above the Q4 level (39%) after the softer Q1 (9%). The outcome and the patient enrollment conversion seem the make Calliditas' a bit more cautious and it reduced the full year product sales guide by 18-19% at midpoint to USD 100m-120m from the earlier USD 135m. We expect a moderate negative 2023 consensus revision but no significant impact on the outlook as it is supported by both the recent study date and a positive launch progress.
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