Faes has finished 2021 on an encouraging note, with strong momentum across most segments / geographies. While the upcoming patent expiry of Bilastine in Europe (ex. Spain) is a key risk, its impact is expected to be offset by strong growth elsewhere. The Capital Markets Day in March 2022 could be a key catalyst, especially if the group shares promising expectations for the near-to-medium term. Overall, our positive stock recommendation is reiterated.
