Crossject

We have substantially revisited our model on Crossject, including in particular: 1- new assumptions concerning the timing, volumes and prices for the different NTEs (New Therapeutic Entities) to be launched in FY25-28, which appear less optimistic than previously. 2- the dilution from the latest capital increase (€8m at €1.848 per share), 3- slightly more conservative assumptions regarding the working capital needs of the company in the next few years and 4- the €6.9m financing from the French Government, as part of the France 2030 innovation plan announced last week. At the end of the day, our target price resets materially lower but still leaves ample room for the share to outperform.

Our EPS goes down with the downward revision of our forecasts mainly based (among others) on a more conservative approach to the timing of the market launches of the group’s NTEs (see also the Target Price section).

Our NAV valuation, based on future revenue multiples, goes down due to the revision of our forecasts (timing of market launches, working capital needs…). See also the Target Price section for more details.

Our DCF valuation goes down due to the revision of our forecasts (timing of market launches, capital increase, working capital needs). See also the Target Price section for more details.