Hansa: Development progress but slow sales

Research Note

2023-04-20

09:10

Hansa’s Q1 is soft in terms of product sales. We expect 2023 recurring sales contributions to be squewed towards the second half. Hansa in making significant development progress in several projects and the US pivotal study is almost fully recruited. The operational net cashflow and the EBIT is also on the soft side and we expect a negative reaction. The risk for a more severe correction is probably related to the level of transparency Hansa can provide regarding the gradually improving sales outlook.

JU

Johan Unnerus

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