The second half of 2017 has been a strong period for the Orexo share, and the company has delivered good news on Zubsolv and developed well in its operations. For the first time, the third quarter of 2017 showed profitability at the EBITDA level, based solely on proprietary sales. Another important milestone that was achieved was the approval of Zubsolv within the EU, and the launch is expected to commence in 2018. In our opinion, however, the foremost opportunity for next year lies in the US, where the remuneration level for Zubsolv is expected to be significantly strengthened right from January 1, 2018, which should boost sales well. The company's dependency on Zubsolv remains substantial, so the outcome of the appeal process is expected to have a strong impact on the shares. In our view, there is a clear logic behind the company's appeal and factors speaking in Orexo's favour, although it is difficult to assess the outcome. • We raise our motivated value in the base scenario to SEK 64 (60), while adjusting our bear case up to SEK 38 (30).

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