Redeye comments on Moberg Pharma’s Q3 report, in which sales came in slightly ahead of our forecast at SEK4.0m. Gross margin was slightly below forecast, while operating costs were clearly below estimates. Terclara continues to perform exceptionally well in Sweden and Norway, which likely set the stage for the recently announced milestone event — the licensing agreement with Karo Healthcare for 19 European markets. We believe this deal strengthens the mid- and long-term outlook and is expected to accelerate a broad and efficient rollout across Europe. Based on the Q3 report itself, we do not expect to make significant changes to our estimates or fair value range; however, the Karo Healthcare licensing agreement in combination with the shift in lead analyst is likely to trigger estimate revisions, with potential downward adjustments for 2026–27e as registration of the Lamisil® brand will shift launches slightly later, offset by a clear positive effect on long term market potential and upward revisions for 2028e and beyond.
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