Orexo's DTx launch has got off to a slow start, with close to no sales being reported in Q4 2020. We stand by our view that digital therapies in general should face a high underlying need, but we acknowledge that Orexo must soon overcome the current reimbursement challenges and show an uptick in DTx revenue in order for the market to regain confidence in the outlook and the stock. We take down our estimates and lower our DCF-based fair value range to SEK 72-91 (95-119) following the report. Marketing material commissioned by Orexo.
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