Faes’ Q3 sales fell short of expectations, even though profitability was ahead of the consensus estimates. Unlike in the previous few quarters, Spain led the Q3 growth, although the International and Licensing business experienced slower growth and Animal healthcare continued to decline. Molecule wise, Bilastine and Calcifediol made up for the weak showing from Mesalazine. Overall, we remain optimistic on Faes given the healthy life-cycle management of Bilastine, the promising prospects of the o ....
