Genus has delivered a solid FY25 trading update, with underlying Group PBT in line with cons. Adj. PBT is expected to be at least £68m in actual currency, but this excludes a £3.7m milestone following FDA approval of the PRP. Including this, adj. PBT rises to at least £72m. Overall, PIC adj. operating profit growth was as expected, and ABS was ahead of expectations in H2 25, driven by the VAP Phase 2 self-help programme delivering an £8.5m in-year benefit. Additionally, cash generation was strong in H2, meaning leverage is now expected to be below 1.6x at y/e. We update our FY25E forecasts to be in-line with the FY25 update, but make no changes to outer year forecasts/valuation, which we will revisit post the FY25 results. BUY.
