Medcap reported a soft Q1 with sales of SEK 223m (-6% vs our estimate and adjusted EBITDA of SEK 40.5m (-25% vs our estimate). The deviation was mainly driven by the Speciality Pharma segment which faced headwinds from COVID-19. This lead to lower demand for CDMO which is why the company lower guidance for CDMO 2021E. At first glance, we expect estimate revision of -4% to -6% and the share to underperform today. Deviation table below.

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