Supported by Bilastine’s active management and decent growth in Calcifediol, Faes achieved its 2022 guidance. While management expects cost inflation to continue in 2023, no further guidance was provided in terms of sales and profitability. Overall, our ADD recommendation on the stock is underpinned by the firm’s ability to manage Bilastine’s patent expiries, decent growth prospects for the other two key molecules – i.e. Calcifediol and Mesalazine – and a robust balance sheet providing options t ....