Crossject

We have fine-tuned our numbers in the back of the group’s latest comments as well as integrating the new NTE to be developed (Terbutaline) instead of Apomorphine which is now on stand-by. This said, short-term numbers have little meaning (other than the group’s cash-burn) since first sales should be booked in FY20.

We have adjusted our numbers to take into account Terbutaline, the new therapeutic entity the group expects to develop alongside the six previous ones (already in our numbers). Some minor short-term changes have also impacted current net debt.

Our DCF valuation goes up quite significantly after we integrated Terbutaline and fine-tuned our numbers (volumes and prices) for the other NTEs the group plans to market.