Västra Hamnen Corp. Finance

• Strong net sales in Q2 due to high CDMO sales and royalties
• Impressive margins mean two out of three financial targets are met
• We maintain our valuation interval SEK 46.60 – 62.80 SEK per share

Magle Chemoswed’s report for Q2 2022 showcased higher-than-expected revenue as CDMO sales and royalties came in strong. Generic API sales have recovered well from the temporary dip in the previous quarter and are currently back to historic levels. This resulted in strong margins and a healthy bottom line. During the quarter, the DSM products have developed well with sales of EmboCept S going according to plan and manufacturing having begun for both SmartGel and SmartPan. With two out of three financial targets fulfilled during Q2, we keep our long-term scenario intact and therefore maintain our valuation interval.

The full report is available here.