FY 2015 results released on 26th April showed a strong performance in line with the company’s trading update in January, although expenditure was slightly higher than our estimates. Our valuation implies a broadly unchanged target price of 194p (from 196p). However, the strong share price performance YTD (+33%) has left limited valuation upside (9%) at these levels. In addition, the increased level of investment in Research Biotech, sales channel and company infrastructure could strain the company’s cash resources over the forecast period. We retire our Buy recommendation and move to Hold.