Redeye provides its initial take on Moberg Pharma’s Q1 report, which saw sales slightly exceed expectations and margins come in significantly stronger than forecast. While the gross margin remained in line with estimates, the cost base was notably lower—driven by a boost in other operating income and lower-than-anticipated selling expenses. Beyond the financials, the key KPIs to watch remain the steady progress in Sweden and Norway, where value share increased by 9% (Pharmacy sell-out volumes) and 14% (Pharmacy sell-in data), respectively, YoY. While the market awaits further news on the broader European rollout, the investment case has been further strengthened by the recent expansion of the agreement with Karo Healthcare into the APAC region. Although the quarterly report itself does not warrant major changes to estimates, this strategic APAC expansion is expected to trigger positive mid-term adjustments. Consequently, Redeye anticipates raising its base-case valuation by c10%.
