The TU was in line and a substantial pipeline of opportunities remain. Our thesis pivots on the possibility (probability?) that ILiAD will secure funding to initiate the largest HCT to date, as well as providing the validation of being a pivotal study. Recent changes in U.S. vaccine oversight are reshaping the risk profile for clinical development but we view these as transitory rather than fundamental. Thus, the likelihood is a return to a slower, more selective vaccine pipeline in the U.S., with modest growth focused on targeted indications rather than universal immunisation. We are comfortable with this outlook, maintain our BUY and PT of 17p.
