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Iconovo: Inhale the future - Redeye

Redeye initiates coverage of Iconovo, a Swedish medtech company specialising in developing inhalation drugs. The company offers multiple future income streams, where its generic version of AstraZeneca’s Symbicort and GSK’s Breo/Relvar are the main triggers for its coming sales ramp-up. Our fair value range suggests significant upside potential in the share, and we argue upcoming licensing deals and royalties will close the gap between our base case and current valuation.

Redeye initiates coverage of Iconovo, a Swedish medtech company specialising in developing inhalation drugs. The company offers multiple future income streams, where its generic version of AstraZeneca’s Symbicort and GSK’s Breo/Relvar are the main triggers for its coming sales ramp-up. Our fair value range suggests significant upside potential in the share, and we argue upcoming licensing deals and royalties will close the gap between our base case and current valuation.
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