Moberg Pharma (Q2 Review): Brand approval clears the path for Europe as the Karo deal extends to APAC and China - Redeye

Moberg Pharma delivered a strong Q2 2026 report, with sales well ahead of Redeye's forecasts. Beyond the print, the investment case was meaningfully broadened during the quarter: the Karo Healthcare partnership was extended into APAC in April and into China in June, and the first European markets outside the Nordics approved the transition to Karo's brands, giving the European rollout a firm timeline for the first time. With Terclara® setting new market-share records in Sweden and Norway and Israel on track for its first launch in Q3, Moberg Pharma now has a considerably wider and better-defined runway for global expansion than it did after Q1. The company continues to develop in line with our view and forecasts, and we have made only marginal changes to our near-term estimates following the report. We leave our fundamental DCF-based valuation (Base case) unchanged, while Moberg Pharma now scores as ‘Attractively Priced’ on Redeye's new proprietary Value Score, implying a Fair value of SEK16.