Redeye views the Q4 report as a sizable top-line beat, exceeding forecasts by 110% despite the quarter being a seasonal low. While Q4 is considered a transitional quarter due to these seasonal effects, Terclara continued to consolidate its dominant position in the Nordics, achieving a 42% market share by value in Sweden and 31% in Norway. Moberg Pharma reported a solid year overall, with Terclara maintaining clear commercial momentum even during the off-season. In Sweden, the product also achieved a 38% share of pharmacy sell-out volumes, marking a substantial year-on-year improvement. In Norway, pharmacy sell-in data showed a robust market share of 28% by volume for the fourth quarter. Following this report, we maintain our estimates and valuation, and the focus now shifts entirely to the broader European launch
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