Redeye updates its estimates and valuation following MedCap’s Q4 2025 report. Both sales and adjusted EBITA beat our forecasts. The organic growth rate of 10% y/y represented another continued sequential improvement. Medtech had an impressive organic growth of 24%. Speciality Pharma underperformed, but management expects investments in new drugs to lift sales from H2 2026. Comparables for Q1 are relatively soft.
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