We leave our estimates largely unchanged after Q1. Our valuation range of SEK 61-81 per share is thus reiterated. Bactiguard grew sales in its Wound management portfolio in Q1 and as comps are easier for BD ahead, we believe growth may return at the group level, despite the BIP portfolio being phased out. Cost control was good in Q1 too, as Bactiguard is now putting all focus on licencing and the Wound Management business, which is profitable.

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