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We make material downward estimate revisions ahead of Q4 results driven by a relocation of future licence deals as Bactiguard, partly as a result of the pandemic, did not manage to strike a licence deal during 2021. Bactiguard has improved its platform for future growth in recent years and the long-term growth potential appears strong, however, we again highlight that the investment case partly hinges on the ability to secure further licence deals.
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