Redeye comments on Oncopeptides’ Q4 report. Sales declined by 8% versus Q3 2025 when growth was expected. The main reason for this was Spain. The doctor's strike there introduces an element of political risk to the investment case. Germany grew below target while Italy exceeded its targets, albeit from a low level. We calculate a lower base case because of slower anticipated growth in 2026 and the dilution from the SEK200m rights issue announced yesterday.
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