...July 5, 2023 Recent acquisitions and strong uptake of Qutenza in the U.S. should ensure revenue growth in 2023 and 2024, although this and ongoing investments in research and development (R&D) will dilute our adjusted EBITDA margins. We forecast revenue growth of about 4%-6% in 2023 and 2%-3% in 2024. This is supported by the recent acquisitions of testosterone drug Nebido (closed in November 2022), and 51% stake (expected closing in August 2023) of the joint venture (JV) with Kyowa Kirin International PLC (KKI). In addition, we expect considerable increase in revenue (from the 76 million in 2022) from Qutenza. These should help offset revenue erosion from matured drugs, notably the top-selling drug Palexia (about 20% of revenue in 2022), which we assume will decline about 25% in 2023 and 2024 due to generic competition in Germany and the rest of Europe. We assume some mitigant from the targeted promotional activity with pain specialists. The deal with KKI is dilutive to adjusted EBITDA...
