A relatively minor 2.3% EPS downgrade has prompted a 13% share price fall in Clinigen’s share price. Issues in the small CTS division and FX headwinds have been partially offset (though not sufficiently) by strength in Commercial Medicines, where much of the value lies, in our opinion. Importantly, our FY19/20 estimates are largely unchanged. We continue to see latent potential in the Quantum Pharma pipeline in particular and investors should be reassured by positive commentary around its integration and performance since acquisition. For these reasons we stay positive and believe the recent weakness will be temporary and is a good buying opportunity. We reiterate our Buy recommendation with a TP of 1157p (from 1225p).