Moberg Pharma delivered a strong Q3 report, with sales up 44% YoY and well ahead of our forecast, as Terclara® continued to gain market share in Sweden and Norway. Israel was launched as the first market outside the Nordics, Karo deliveries remain on track for around year-end, and a new U.S. patent extends protection to 2041. We raise our 2026e estimates and lower 2027e on higher R&D costs, which together with a higher WACC leaves our Base case intact at SEK14. Moberg Pharma scores as ‘Attractively Priced’ on Redeye's Value Score, with a Fair value of SEK15.
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