Calliditas delivers a positive surprise in patient enrolment (18% above our expectations) and new subscribers (44% above our expectations). The actual sales were impacted by USD 4.7m of US Tarpeyo sales related to the Change Health (a very large US provider of revenue and payment cycle management) Cyberattack, and this part of sales is delayed, as reflected by Calliditas Q1 receivables. The Cyberattack also impacted EBIT and operating cash flow. As a result, Calliditas Q1 is structurally positive. The actual outcome is mixed, and the immediate market reaction will likely reflect this result. Our Calliditas Base Case is SEK 270 (Bull SEK 390and Bear SEK 70).