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1 E 217E 218E COMPANY ANALYSIS 3 September 216 Summary (orx.st) Zubsolv Rx Data week 38 According to latest Symphony Health Solutions Rx data, Zubsolv tablets market share (4-week rolling average) remains stable at 6.13% (6.12%). The total number of Zubsolv tablets sold week 38 (37) were slightly higher, reaching 344,441 (34,745). List: Market Cap: Industry: CEO: Chairman: Mid cap 1,623 MSEK Healthcare Nikolaj Sörensen Martin Nicklasson Zubsolv prescriptions (TRx) recorded a market share (4-week rolling average) of 6.2% (6.19%), totaling 12,297 (12,436) prescriptions during the week OMXS 3 The overall market (buprenorphine/naloxone products) showed a y/y growth rate of 7.2% (6.6%) (4- week rolling average unit sales). TRx showed a y/y growth rate by 6.4% (5.8%) (4-week rolling average) Sep 29-Dec 28-Mar 26-Jun 24-Sep Redeye Rating ( 1 points) Management Ownership Profit outlook Profitability Financial strength 8. points 7. points 7.5 points. points 3.5 points Key Financials E 217E 218E Revenue, MSEK Growth 33% 13% 6% 21% 21% EBITDA EBITDA margin -2% -14% 2% 13% 21% EBIT EBIT margin -4% -26% -1% 1% 18% Pre-tax earnings Net earnings Net margin -1% -31% -6% 5% 15% Dividend/Share..... EPS adj P/E adj EV/S EV/EBITDA Share information Share price (SEK) 46.8 Number of shares (m) 34.7 Market Cap (MSEK) 1,623 Net debt (MSEK) 218 Free float (%) 53 % Daily turnover ( ) 65 Analysts: Klas Palin Important information: All information regarding limitation of liability and potential conflicts of interest can be found at the end of the report. Redeye, Mäster Samuelsgatan 42, 1tr, Box 7141, Stockholm. Tel E-post:

2 Redeye Rating: Background and definitions The aim of a Redeye Rating is to help investors identify high-quality companies with attractive valuation. Company Qualities The aim of Company Qualities is to provide a well-structured and clear profile of a company s qualities (or operating risk) its chances of surviving and its potential for achieving long-term stable profit growth. We categorize a company s qualities on a ten-point scale based on five valuation keys; 1 Management, 2 Ownership, 3 Profit Outlook, 4 Profitability and 5 Financial Strength. Each valuation key is assessed based a number of quantitative and qualitative key factors that are weighted differently according to how important they are deemed to be. Each key factor is allocated a number of points based on its rating. The assessment of each valuation key is based on the total number of points for these individual factors. The rating scale ranges from to +1 points. The overall rating for each valuation key is indicated by the size of the bar shown in the chart. The relative size of the bars therefore reflects the rating distribution between the different valuation keys. Management Our Management rating represents an assessment of the ability of the board of directors and management to manage the company in the best interests of the shareholders. A good board and management can make a mediocre business concept profitable, while a poor board and management can even lead a strong company into crisis. The factors used to assess a company s management are: 1 Execution, 2 Capital allocation, 3 Communication, 4 Experience, 5 Leadership and 6 Integrity. Ownership Our Ownership rating represents an assessment of the ownership exercised for longer-term value creation. Owner commitment and expertise are key to a company s stability and the board s ability to take action. Companies with a dispersed ownership structure without a clear controlling shareholder have historically performed worse than the market index over time. The factors used to assess Ownership are: 1 Ownership structure, 2 Owner commitment, 3 Institutional ownership, 4 Abuse of power, 5 Reputation, and 6 Financial sustainability. Profit Outlook Our Profit Outlook rating represents an assessment of a company s potential to achieve long-term stable profit growth. Over the long-term, the share price roughly mirrors the company s earnings trend. A company that does not grow may be a good short-term investment, but is usually unwise in the long term. The factors used to assess Profit Outlook are: 1 Business model, 2 Sale potential, 3 Market growth, 4 Market position, and 5 Competitiveness. Profitability Our Profitability rating represents an assessment of how effective a company has historically utilised its capital to generate profit. Companies cannot survive if they are not profitable. The assessment of how profitable a company has been is based on a number of key ratios and criteria over a period of up to the past five years: 1 Return on total assets (ROA), 2 Return on equity (ROE), 3 Net profit margin, 4 Free cash flow, and 5 Operating profit margin or EBIT. Financial Strength Our Financial Strength rating represents an assessment of a company s ability to pay in the short and long term. The core of a company s financial strength is its balance sheet and cash flow. Even the greatest potential is of no benefit unless the balance sheet can cope with funding growth. The assessment of a company s financial strength is based on a number of key ratios and criteria: 1 Times-interest-coverage ratio, 2 Debt-to-equity ratio, 3 Quick ratio, 4 Current ratio, 5 Sales turnover, 6 Capital needs, 7 Cyclicality, and 8 Forthcoming binary events. 2

3 Zubsolv market share development Rolling 4-week Wolter Kluwers Rx data - Zubsolv 7,% 6,% 5,% 4,% 3,% 2,% 1,%,% week rolling average, Zubsolv market share and tablet sales TRx market share for the week recorded a market share of 6.19%, down by.4 percentage points from last week Zubsolv tablets sales reached a market share of 6.19% during week 38,.16 percentage points higher from last week The four week rolling average TRx market share recorded a market share of 6.2% The four week rolling average tablets market share were more or less unchanged at 6.13% Wolter Kluwers Rx data Rolling four week average TRx market share and tablets sales Suboxone Film Generics Zubsolv Bunavail Suboxone Film Generics Zubsolv Bunavail % 17.55% 6.2% 1.13% 74.44% 18.6% 6.13%.84% % 17.52% 6.19% 1.13% 74.49% 18.55% 6.12%.83% % 17.53% 6.21% 1.13% 74.44% 18.57% 6.16%.83% % 17.47% 6.24% 1.13% 74.47% 18.51% 6.19%.83% % 17.49% 6.25% 1.13% 74.48% 18.52% 6.17%.83% % 17.48% 6.27% 1.11% 74.45% 18.55% 6.19%.81% % 17.46% 6.27% 1.11% 74.43% 18.53% 6.22%.82% % 17.52% 6.25% 1.1% 74.29% 18.64% 6.24%.82% % 17.54% 6.21% 1.8% 74.33% 18.69% 6.17%.81% % 17.57% 6.3% 1.9% 74.48% 18.68% 6.%.83% % 17.66% 5.83% 1.9% 74.59% 18.8% 5.8%.82% % 17.68% 5.65% 1.1% 74.8% 18.77% 5.62%.81% % 17.67% 5.49% 1.11% 74.91% 18.8% 5.47%.83% % 17.73% 5.44% 1.11% 74.84% 18.93% 5.42%.82% % 17.7% 5.46% 1.13% 74.82% 18.9% 5.45%.83% % 17.71% 5.48% 1.14% 74.78% 18.91% 5.46%.84% % 17.73% 5.52% 1.14% 74.66% 19.% 5.51%.83% % 17.72% 5.57% 1.15% 74.64% 19.1% 5.51%.84% % 17.73% 5.56% 1.15% 74.58% 19.7% 5.51%.84% % 17.75% 5.55% 1.15% 74.5% 19.17% 5.49%.84% % 17.75% 5.6% 1.16% 74.45% 19.16% 5.54%.85% % 17.76% 5.63% 1.15% 74.41% 19.18% 5.56%.85% % 17.74% 5.65% 1.14% 74.43% 19.15% 5.57%.85% % 17.74% 5.71% 1.13% 74.4% 19.13% 5.63%.85% % 17.74% 5.75% 1.11% 74.43% 19.11% 5.63%.84% % 17.76% 5.78% 1.11% 74.33% 19.19% 5.65%.83% Source: Symphony Health Solutions 3

4 Scripts buprenorphine/naloxone products Suboxone Film Generics Zubsolv Bunavail Total Source: Symphony Health Solutions Tablets sales buprenorphine/naloxone products Suboxone Film Generics Zubsolv Bunavail Total Source: Symphony Health Solutions 4

5 Income statement E 217E 218E Net sales Total operating costs EBITDA Depreciation Amortization Impairment charges EBIT Share in profits Net financial items Exchange rate dif. Pre-tax profit Tax Net earnings Balance E 217E 218E Assets Current assets Cash in banks Receivables Inventories Other current assets Current assets Fixed assets Tangible assets Associated comp. Investments 1 2 Goodwill 27 Cap. exp. for dev. 62 O intangible rights O non-current assets Total fixed assets Deferred tax assets Total (assets) 1,226 1,16 1,64 1,1 963 Liabilities Current liabilities Short-term debt 3 Accounts payable O current liabilities Current liabilities Long-term debt O long-term liabilities Convertibles Total Liabilities Deferred tax liab Provisions Shareholders' equity Minority interest (BS) Minority & equity Total liab & SE 1,226 1,16 1,64 1,1 963 Free cash flow E 217E 218E Net sales Total operating costs Depreciations total EBIT Taxes on EBIT NOPLAT Depreciation Gross cash flow Change in WC Gross CAPEX Free cash flow Capital structure E 217E 218E Equity ratio 37% 26% 21% 25% 44% Debt/equity ratio 19% 186% 219% 185% 47% Net debt Capital employed Capital turnover rate DCF valuation Cash flow, MSEK WACC (%) 12.9 % NPV FCF ( ) 314 NPV FCF ( ) 142 NPV FCF (226-) 1516 Non-operating assets 198 Interest-bearing debt -494 Fair value estimate MSEK 2936 Assumptions (%) Average sales growth 15.8 % Fair value e. per share, SEK 84.6 EBIT margin 21.8 % Share price, SEK 46.8 Profitability E 217E 218E ROE -18% -55% -16% 18% 44% ROCE -8% -22% -4% 7% 24% ROIC -9% -26% -2% 15% 39% EBITDA margin -2% -14% 2% 13% 21% EBIT margin -4% -26% -1% 1% 18% Net margin -1% -31% -6% 5% 15% Data per share E 217E 218E EPS EPS adj Dividend..... Net debt Total shares Valuation E 217E 218E EV 4, , , , ,599.7 P/E P/E diluted P/Sales EV/Sales EV/EBITDA EV/EBIT P/BV Share performance Growth/year 14/16e 1 month -3.9 % Net sales 9.3 % 3 month 2.6 % Operating profit adj % 12 month % EPS, just % Since start of the year % Equity % Shareholder structure % Capital Votes Novo Nordisk Fonden 28. % 27.9 % HealthCap 11.5 % 11.5 % ATP 5.9 % 5.9 % Danske Invest Fonder 4.7 % 4.7 % Avanza Pension 3.6 % 3.8 % Anders Walldow 3.5 % 3.7 % Nordnet Pensionsförsäkring 1.6 % 1.8 % Svolder 1.5 % 1.5 % Thomas Lundqvist 1.3 % 1.3 % Lancelot Fonder 1.3 % 1.3 % Share information Reuters code orx.st List Mid cap Share price 46.8 Total shares, million 34.7 Market Cap, MSEK Management & board CEO CFO IR Chairman Nikolaj Sörensen Henrik Juuel Lena Wange Martin Nicklasson Financial information Q3 report October 2, 216 FY 216 Results January 26, 217 Analysts Klas Palin Redeye AB Mäster Samuelsgatan 42, 1tr Stockholm Growth E 217E 218E Sales growth 33% 13% 6% 21% 21% EPS growth (adj) -65% 247% -8% -29% 252% 5

6 Revenue & Growth (%) EBIT (adjusted) & Margin (%) E 217E 218E 4,% 35,% 3,% 25,% 2,% 15,% 1,% 5,%,% E 217E 218E 3,% 2,% 1,%,% -1,% -2,% -3,% -4,% Net sales Net sales growth EBIT adj EBIT margin Earnings per share Equity & debt-equity ratio (%) E 217E 218E ,5,45,4,35,3,25,2,15,1, E 217E 218E 25,% 2,% 15,% 1,% 5,%,% EPS, unadjusted EPS, adjusted Equity ratio Debt-equity ratio Conflict of interests Klas Palin owns shares in the company : Yes Redeye performs/have performed services for the Company and receives/have received compensation from the Company in connection with this. 6

7 DISCLAIMER Important information Redeye AB ("Redeye" or "the Company") is a specialist financial advisory boutique that focuses on small and mid-cap growth companies in the Nordic region. We focus on the technology and life science sectors. We provide services within Corporate Broking, Corporate Finance, equity research and investor relations. Our strengths are our award-winning research department, experienced advisers, a unique investor network, and the powerful distribution channel redeye.se. Redeye was founded in 1999 and since 27 has been subject to the supervision of the Swedish Financial Supervisory Authority. Redeye is licensed to; receive and transmit orders in financial instruments, provide investment advice to clients regarding financial instruments, prepare and disseminate financial analyses/recommendations for trading in financial instruments, execute orders in financial instruments on behalf of clients, place financial instruments without position taking, provide corporate advice and services within mergers and acquisition, provide services in conjunction with the provision of guarantees regarding financial instruments and to operate as a Certified Advisory business (ancillary authorization). Limitation of liability This document was prepared for information purposes for general distribution and is not intended to be advisory. The information contained in this analysis is based on sources deemed reliable by Redeye. However, Redeye cannot guarantee the accuracy of the information. The forward-looking information in the analysis is based on subjective assessments about the future, which constitutes a factor of uncertainty. Redeye cannot guarantee that forecasts and forward-looking statements will materialize. Investors shall conduct all investment decisions independently. This analysis is intended to be one of a number of tools that can be used in making an investment decision. All investors are therefore encouraged to supplement this information with additional relevant data and to consult a financial advisor prior to an investment decision. Accordingly, Redeye accepts no liability for any loss or damage resulting from the use of this analysis. Potential conflict of interest Redeye s research department is regulated by operational and administrative rules established to avoid conflicts of interest and to ensure the objectivity and independence of its analysts. The following applies: For companies that are the subject of Redeye s research analysis, the applicable rules include those established by the Swedish Financial Supervisory Authority pertaining to investment recommendations and the handling of conflicts of interest. Furthermore, Redeye employees are not allowed to trade in financial instruments of the company in question, effective from 3 days before its covered company comes with financial reports, such as quarterly reports, year-end reports, or the like, to the date Redeye publishes its analysis plus two trading days after this date. An analyst may not engage in corporate finance transactions without the express approval of management, and may not receive any remuneration directly linked to such transactions. Redeye may carry out an analysis upon commission or in exchange for payment from the company that is the subject of the analysis, or from an underwriting institution in conjunction with a merger and acquisition (M&A) deal, new share issue or a public listing. Readers of these reports should assume that Redeye may have received or will receive remuneration from the company/companies cited in the report for the performance of financial advisory services. Such remuneration is of a predetermined amount and is not dependent on the content of the analysis. Redeye s research coverage Redeye s research analyses consist of case-based analyses, which imply that the frequency of the analytical reports may vary over time. Unless otherwise expressly stated in the report, the analysis is updated when considered necessary by the research department, for example in the event of significant changes in market conditions or events related to the issuer/the financial instrument. Recommendation structure Redeye does not issue any investment recommendations for fundamental analysis. However, Redeye has developed a proprietary analysis and rating model, Redeye Rating, in which each company is analyzed and evaluated. This analysis aims to provide an independent assessment of the company in question, its opportunities, risks, etc. The purpose is to provide an objective and professional set of data for owners and investors to use in their decisionmaking. Redeye Rating ( ) Rating Management Ownership Profit outlook Profitability Financial Strength 7,5p - 1,p ,5p - 7,p ,p - 3,p Company N Duplication and distribution This document may not be duplicated, reproduced or copied for purposes other than personal use. The document may not be distributed to physical or legal entities that are citizens of or domiciled in any country in which such distribution is prohibited according to applicable laws or other regulations. Copyright Redeye AB. 7

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