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 compa ....
