Clinigen's FY15 results demonstrated strong underlying fundamentals, with earnings and net debt better than our forecasts. The integration of Idis and the purchase of Link further its strategy as the global leader in the supply of rare and difficult-to-source drugs. We raise our FY16-17 EBITDA estimates by 7% and 16% respectively and our valuation from 771-883p to 882-975p/share. Our FY16-17 EPS forecasts are above consensus by 9% and 16% respectively.
