Crossject

We have integrated the set of FY24 numbers released yesterday. The FY24 net loss came in higher than our forecast, mainly owing to higher financial expenses (bond issuance to HCM) and a lower tax credit. This does not change our forecasts and view looking forward, based on the launch of Zepizure.

Our DCF valuation has reset lower owing to a higher-than-expected net debt at year-end 2024, due to a higher cash loss and higher than expected WCR. That said, the valuation of the group remains largely dependent on new product launches, thus there is a limited total impact on our target price.