Faes’ Q1 23 results were good, with two of its three key molecules posting strong growth. Segment-wise, growth was driven by the International and Licensing business, which compensated for the decline in Spain and Animal nutrition. The management’s 2023 guidance of mid-single digit sales growth and flat EBITDA, unveiled during the March 2023 CMD, factors in higher R&D and commercial investment. Overall, our positive stance on Faes Farma stems from the bright growth prospects of its key molecules ....
