Q1 in Moberg Pharma was below our expectations, but we remain on course and made only minor changes to our forecasts after the report. Main growth drivers (Dermoplast, Kerasal Nail and New Skin) have shown no reason for concern in Q1'17, and will continue to be main profit contributors, rendering a decline in the smaller brands less significant.
We see good potential for the clinical asset MOB-015, with limited development risk. At current share price levels, we believe the market does not take this into account. Moberg Pharma is now entering its peak season in terms of sales and profits (Q2'17 and Q3'17). Continued solid performance in its OTC brands is a key catalyst for share price development (3-6 months).
Read more and download the Research Update by Klas Palin:
http://beta.redeye.se/company/moberg-pharma/542685/moberg-pharma-entering-its-peak-season
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