...October 18, 2023 Pharmanovia Bidco's (Pharmanovia's) results for fiscal year 2023 (ended March 31) demonstrate solid revenue generation, due to a resilient product portfolio. The company's revenue grew by about 44% year on year to ú352.8 million (35.6% excluding foreign exchange obstacles), compared with our previous base case of approximately ú335.3 million. The increase in revenue resulted from the acquisition of Rocaltrol in China, which fully contributed in fiscal year 2023, Valium through existing indications as well as geographically. We expect growth of about 6% in fiscal year 2024, with sales reaching up to ú375 million. Growth will mainly be driven by the existing portfolio (including Rocaltrol), the potential contribution from the launch of Sunosi, and the slight contribution stemming from the latest acquisition of 11 branded products from Sanofi. While we expect further investment in operations, notably personnel costs and marketing expenses, to drive internal growth, we expect...
