Today’s trading update suggests trading performance in line with our estimates and slightly ahead of consensus, driven as expected by a strong performance of the Products business (organic top line growth of 120%). Importantly, the company is currently eligible for up to £208m (+32% YoY) of milestones from its Leveraged R&D business. However, we continue to believe that Horizon’s Products division (mainly X-MANTM cell lines and diagnostic reference standards) will remain the company’s key growth ....
