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Deutsche	Summary model
	Figure 89 : Genmab summary P&L
Bank	DKKm ex-per share	2016A	2017A	2018E	2019E	2020E	2021E	2022E	2023E
AG/London	Revenues	1,816	2,365	2,903	3,915	5,172	7,053	8,623	9,635
	EBIT	1,053	1,344	1,333	1,770	2,549	4,055	5,318	5,985
	Growth	60%	30%	23%	35%	32%	36%	22%	12%
	Total operating expenses	(763)	(1,021)	(1,570)	(2,145)	(2,623)	(2,973)	(3,241)	(3,535)
	Margin	58%	57%	46%	45%	49%	57%	62%	62%
	Net financial income	77	(280)	250	202	247	323	411	513
	Profit before tax	1,130	1,064	1,583	1,972	2,796	4,378	5,729	6,498
	Taxes	57	40	(348)	(434)	(615)	(963)	(1,260)	(1,430)
	Tax rate	-5%	-4%	22%	22%	22%	22%	22%	22%
	Net Income	1,187	1,104	1,235	1,538	2,181	3,415	4,469	5,068
	Wtd Average Shares	59.9	60.8	61.3	61.7	62.0	62.3	62.6	62.9
	Basic EPS	19.8	18.1	20.2	24.9	35.2	54.8	71.4	80.6
	Source: Deutsche Bank, Company data

Figure 90 : 2019E divisional revenue split		Figure 91 : Sales and EPS growth 2016A-2023E
Reimbursement	Arzerra royalty		12,000							90
inc.
	1%
5%										80
Milestone payments			10,000
										70
21%		M									(DKK)EPS
		DKKEUNEVE	8,000							60
										50
			6,000
										40
		R
			4,000							30
										20
			2,000
										10
	Darzalex royalty		-							0
			2016A	2017A	2018E	2019E	2020E	2021E	2022E	2023E
	73%
				REVENUE					EPS
Source: Deutsche Bank		Source: Deutsche Bank, Company data

51 Page

2018 December 10 Pharmaceuticals Pharmaceuticals European

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Page	Swedish Orphan Biovitrum (Upgrade to Buy; PT
52	SEK245)

Sobi is undergoing a strategic transformation

■We are upgrading Sobi to Buy as we believe the transformational nature of recent acquisitions is yet to be fully reflected in the shares. The acquisitions of Synagis and Gamifant build scale and critical mass to Sobi's US specialty business, diversify its profits from hemophilia and give it the P&L flexibility to reinvest in building its pipeline. We continue to believe its hemophilia franchise o ers durable growth potential in the medium term even with increased competition. In our view the shares 15x 2019 PER does not fairly reflect the company's solid near-term growth prospects ('18-22 EPS CAGR =14%) or the opportunity for management to leverage its strengthened platform through further business development.

■Continued Hemophilia franchise rollout and Gamifant should drive solid medium term growth. With Elocta market share still only in low double digits, we believe European sales of Sobi's long acting hemophilia franchise can easily still grow by >50% in the coming years. We remain optimistic that a potential launch of BIVV001 and use of Elocta in immune tolerance induction (ITI) could help Sobi defend these sales in the face of competition in the longer term. Importantly, the expected launch of Gamifant and the acquisition of Synagis rights means that ~45% of our 2024E profits are derived from durable franchises less exposed to competitive risks.

■Increasing PT to SEK245 (up from SEK200). We have increased our Core EPS forecasts by 1-5%, reflecting increases to our Gamifant forecasts. Given increased confidence in the sustainability of Sobi's growth prospects we now base our price target solely on our DCF with an increased terminal growth rate (2% vs 0%). This TGR is in-line with the assumption for the majority of our research coverage. Key risks include a weaker switch to longacting clotting factors, greater competition from new hemophilia therapies and disappointing sales of Gamifant.

	Figure 92 : Bull/bear target price impact (SEK/share)								Figure 93 : Sobi NPV valuation
									Product	Phase	Launch	Peak sales	Probability	NPV (SEKm)	NPV (US$m)	NPV/Share	% of total
	320											(SEKm)				(SEK)
							13	280	Kineret	Approved	Launched	1,654.2	100%	6,959.4	814.4	23.56	10%
						5			Other	Approved	Launched	964.0	100%	1,523.6	178.3	5.16	2%
	270		24		17				Orfadin	Approved	Launched	905.1	100%	1,886.3	220.7	6.39	3%
				245					Refacto	Approved	Launched	656.2	100%	819.1	95.9	2.77	1%
									Synagis franchise	Approved	Launched	2,833.5	100%	14,140.7	1,654.8	47.87	19%
		33							Gamifant	Approved	2019	2,750.0	100%	9,609.9	1,124.6	32.54	13%
	220								Core business NPV					34,939.0	4,088.8	118.3	48%
	188								Eloctate	Approved	Launched	5,152.6	100%	25,185.4	2,947.4	85.27	35%
									Alprolix	Approved	Launched	1,516.5	100%	10,106.6	1,182.7	34.22	14%
	170								Hemophilia NPV					35,292.0	4,130.1	119.5	49%
									Technology/pipeline value					9,838.3	1,151.3	33.3	14%
Deutsche
									Net cash (debt)					-7,543.9	-882.8	(25.54)	-10%
									Total					72,525.4	8,487.4	245.5	100%
	120
Bank	70
	Bear	No pipeline	Elocta	Base	Elocta better	Better	Better	Bull
AG/London			erosion from		LT outlook	Synagis	Gamifant
			2020
	Source: Deutsche Bank, * - current share price								Source: Deutsche Bank

2018 December 10 Pharmaceuticals Pharmaceuticals European

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Deutsche		Support for change in recommendation
		■	Launch of Gamifant in early 2019 diversifies Sobi's growth prospects. We expect Sobi to launch its new treatment for primary haemophagocytic
Bank			lymphohistiocytosis (HLH) in early 2019. Sobi has yet to disclose its pricing strategy. Although the initial US sales opportunity in refractory cases
			of primary HLH is in theory modest, expert feedback suggests positive experiences with the drug and suggests it is likely to ultimately become
AG/London			established as treatment option for all primary and secondary HLH cases. It seems unlikely that reimbursement will be limiting to this uptake given lack
			of clear standard-of-care and poor outcomes with current treatment. We expect Sobi to instigate e orts to improve currently poor rates of diagnosis
			and expand the drug's potential into other settings where interferon gamma has a key role in hyperinflammation. Our model assumes Sobi's target
			of $300m in sales is achieved by 2024E contributing to 13% of NPV.
		■	Limited impact from Hemlibra launch expected; meaningful growth potential remains. The potential for paradigm change in the treatment of
			hemophilia remains a risk to consensus forecasts for Sobi's long acting Factor VIII franchise. The recent expanded approval of Hemlibra could begin
			to have impact on US sales in 2019 (and impact Sobi royalties). However, expert feedback continues to suggest the transition to new therapies in
			hemophilia will take time given caution over safety and the fact that the majority of patients are well controlled on current therapy (see notes here and
			here ). We expect limited direct impact from Hemlibra launches in Sobi's core European markets before 2020 given need for further reimbursement
			access negotiations following an expected expanded approval in 1H19. In addition, we estimate that Elocta currently has only a modest ~12% market
			share leaving significant opportunity for growth even with new competition. We remain optimistic that recent impressive data from a Phase I/II trial
			of BIVV001 and first data from trials of Elocta in immune tolerance induction (ReITIrate due 4Q19) will help improve confidence that Sobi defend/
			grow its hemophilia sales in the face of competition in the longer term.
		■	Further business development seems likely. Since joining Sobi in early 2017, CEO Guido Oelkers has made it a priority to build critical mass in the
			Company's US specialty business and ultimately strengthen the company's pipeline. We believe execution on these plans has been impressive to date
			with the in-licensing of Gamifant and acquisition of Synagis giving scale to the US business and reducing the company's reliance on its hemophilia
			portfolio. We suspect that this is not likely to be the end of management's business development plans. Further deals could seek to leverage this
			strong foundation to drive shareholder value by expanding the company's pipeline.
		Figure 94 : Potential news flow
		Timing		Event	Description
	2018			Corporate	Possible business development or M&A activity
	2018			Orfadin	Impact of expected Orfadin generic launches in Europe and US
	2018			C5 inhibitor	Possible start of clinical trials of novel long-acting C5 inhibitor using Fc fusion technology
		November 20th		Emapalumab	FDA PDUFA action date
		4Q18/1Q19		BIVV001	Final results of Phase I/II trial of once-weekly Factor VIII
	2019			Kineret	Update on plans for Phase III trial in acute gout
	2019-20			SOBI003	First results from Phase I trial of SOBI003 in Sanfilippo A syndrome (MPS IIIA)
	2019			Kineret	Results from Phase III trial in Still's disease
		4Q18/1Q19		Elocta	Results of 'Rescue ITI' trial (ReITIrate) in haemophilia A with inhibitors post ITI
		Source: Deutsche Bank
53 Page

2018 December 10 Pharmaceuticals Pharmaceuticals European

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54 Page	Summary model
	Figure 95 : SOBI summary P&L
	SEKm ex-per share	2016A	2017A	2018E	2019E	2020E	2021E	2022E	2023E
	Revenues	5,204	6,511	9,091	13,571	14,865	15,713	16,710	17,096
	Gross profit	3,651	4,657	6,686	10,071	11,121	11,784	12,581	12,897
	% of sales	70%	72%	74%	74%	75%	75%	75%	75%
	SG&A (excl. amortisation)	(1,366)	(1,643)	(2,000)	(2,852)	(3,149)	(3,366)	(3,577)	(3,666)
	R&D	(778)	(908)	(1,170)	(1,696)	(1,932)	(2,043)	(2,172)	(2,222)
	Amortisation	(410)	(453)	(444)	(1,443)	(1,443)	(1,443)	(1,443)	(1,443)
	EBITA	1,543	2,054	3,528	5,523	6,040	6,376	6,832	7,008
	Margin (%)	30%	32%	39%	41%	41%	41%	41%	41%
	PBT	1,048	1,533	3,064	3,656	4,183	4,541	5,023	5,226
	Tax (expense)/benefit	(239)	(384)	(659)	(804)	(862)	(936)	(1,035)	(1,076)
	Tax rate	23%	25%	22%	22%	21%	21%	21%	21%
	Net Income	809	1,149	2,405	2,852	3,321	3,606	3,988	4,149
	Basic EPS	3.02	4.27	8.90	9.66	11.20	12.11	13.34	13.82
	Core EPS	4.08	5.51	10.16	13.42	15.01	15.91	17.12	17.58
	Source: Deutsche Bank, Company data

	Figure 96 : 2019E revenue split		Figure 97 : Sales and EPS growth 2016A-2023E
	Other
	7%		18,000							20
			16,000							18
	Synagis	Elocta (EU)	14,000							16
	19%	32%
			SEKRENUEVEM							14	(SEK)EPSERO
			12,000
			10,000							12
	Gamifant									10
	1%		8,000							8
	Orfadin
			6,000								C
	6%									6
			4,000							4
Deutsche			2,000							2
		Alprolix (EU)	-							0
	Kineret	10%
	11%		2016A	2017A	2018E	2019E	2020E	2021E	2022E	2023E
	Refacto	Hemophilia
Bank	3%	royallties…		REVENUE				CORE EPS
	Source: Deutsche Bank		Source: Deutsche Bank, Company data
AG/London

2018 December 10 Pharmaceuticals Pharmaceuticals European

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Bank Deutsche	MorphoSys (Upgrading to Buy, PT €130)
	MORe to come
AG/London		market (Tremfya, partnered with J&J) looks poised to become a multi-billion blockbuster and we believe that late stage data for its proprietary lead
	■	We are upgrading to Buy as we believe the pipeline can continue to produce positive surprises. With 115 antibody drug candidates currently in
		development (103 partnered, 12 proprietary) we see best-in-class risk diversification and value creation potential. The company’s first product on the
		candidate MOR208 are very encouraging. In addition, we see multiple potential catalysts across the remainder of the portfolio, including a potential
		near-term settlement of the MOR202 patent case. Shares are currently trading around 20% below all-time highs, while prospects look stronger than
		ever before; Buy.
	■	Tremfya taking up strongly, MOR208 data very encouraging, and further catalysts ahead. 2018 revenue guidance has been recently raised to the
		higher end of the corridor (€67-72m) given strong uptake of Tremfya and corresponding royalty income, while the upcoming ECLIPSE read-out could
		result in further upside to peak sales estimates. Meanwhile, the latest L-MIND data for MOR208 (esp. median progression free survival of 16.2 months)
		look highly encouraging, suggesting scope not only for a successful launch in 2L DLBCL in 2020 as planned, but also for broadening of development
		in 1L DLBCL. Other potential catalysts include settlement of the MOR202 patent case, PIII start for MOR103, PI/II data and further broadening of
		development of MOR106, and up to 20 PII and III read-outs from the partnered pipeline to the end of next year.
	■	Raising target price to €130 (€120). We have raised our DCF-derived target price, mainly on increased confidence in MOR208 and inclusion of a
		potential settlement of the MOR202 patent case on conservative assumptions (please see overleaf for further details). Our earnings forecasts remain
		broadly unchanged, but we see upside to our forecasts and target price on further pipeline de-risking. The main downside risks to relate to setbacks
		regarding Tremfya, clinical MOR, and late-stage partnered programs as well as proprietary pipeline overspend and value-dilutive M&A and/or in-
		licensing.

Figure 98 : MorphoSys valuation overview (EUR/share)						Figure 99 : MorphoSys NPV valuation
140						Product	Phase	Launch	Peak sales	Probability	NPV	NPV/share	% of total
									(EURm)		(EURm)	(EUR)
120				0.1	11.3
			6.7			Partnered programs					1,924	60.5	47%
						Novartis (n=54)	pre PIII	pre 2026	48,000	11-33%	666	21.0	16%
			15.2
100		Tremfya				Other (n=47)	pre PIII	pre 2026	42,000	11-33%	642	20.2	16%
			5.9			Gantenerumab	III	2024	10,000	10%	135	4.2	3%
	Gantenerumab		2.5			Tremfya	marketed	2017	3,000	100%	480	15.1	12%
80
						MOR porgrams						58.3	45%
		27.8
						MOR208	III	2020	2,000	52%	884	27.8	21%
					130.0
60						MOR202	II	2022	500	33%	80	2.5	2%
							marketed	2015		25%
		15.1				Darzalex royalties			7,000		188	5.9	5%
	4.2					MOR103	II	2023	1,500	65%	485	15.2	12%
40						MOR106	II	2024	2,000	30%	213	6.7	5%
	20.2	Other collaborations				other (n=7)	pre PII	tbd	tbd	tbd	3.2	0.1	0%
						Net cash					358	11.3	9%
20
												130.0	100%
	21.0	Novartis collaboration
0

	Partnered Partnered Partnered MOR208 MOR202			Darzalex	MOR103 MOR106 other MOR Net cash	Total
	programs	programs	programs	royalties	programs	(DB target
55Page	(pre PIII)	(PIII)	(marketed)			price)
	Source: Deutsche Bank						Source: Deutsche Bank

2018 December 10 Pharmaceuticals Pharmaceuticals European

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56 Page		Support for change in recommendation
		■	MOR208 profile looks compelling and opportunity could go far beyond 2L DLBCL. MorphoSys’ proprietary lead candidate MOR208 (Fc-enhanced
			anti-CD19 antibody) is developed in various blood cancers (DLBCL, CLL, SLL). The compound received FDA Breakthrough Therapy designation
			in Oct-17, based on strong interim data in combination with lenalidomide for treatment of patients with 2L DLBCL. The latest update from the
			corresponding L-MIND trial has further added to the profile of the compound with an impressive mPFS of 16.2 months among the highlights. This
			compares very favorably to existing/upcoming approaches (3-11 months mPFS) and strongly supports plans for a US launch in 2020. Based on the
			data, we have increased our fair value of MOR208 to E28/share (E21 prev.), assuming higher peak sales (E600m vs. E500m prev.) and probability of
			success (80% vs. 70% prev.) in 2L DLBCL. We have left assumptions for other indications unchanged (E1.5bn peak sales, 33% probability of success),
			but note that these could prove very conservative. Accordingly, we look forward to further updates including the planned broadening of development
			into 1L DLBCL (alone or together with a partner) and a commercial partnership ex the US (where MorphoSys plans to market the product on its own).
		■	Tremfya taking up strongly and peak sales estimates could rise further. In 2017, Tremfya, marketed by J&J for plaque psoriasis, became the first
			drug based on MorphoSys’ antibody technology to receive regulatory approval and since then has taken up strongly with c.€150m sales in 3Q18. We
			have left our €3bn peak sales estimate unchanged for now, but see further upside based on J&J’s strong commercial e orts and further development
			including ongoing PIII studies psoriatic arthritis and Crohn’s disease. Indeed, we believe current market share in psoriasis already support about 2/3
			of our peak sales estimate, while further share gains are likely and could be accelerated based on the upcoming ECLIPSE read out comparing Tremfya
			and Cosentyx (consensus peak sales ~€5bn). Similarly, psoriatic arthritis and Crohn’s could roughly double the market opportunity for Tremfya with
			first read-outs possible late next year and every €1bn in peak sales worth about €2/share.
		■	MOR202 patent litigation could drive meaningful upside. MorphoSys has filed a lawsuit against J&J and Genmab for infringement of several patents
			by Darzalex (launched in 2015, consensus peak sales ~€6bn). The jury trial is scheduled for 2019 and while the outcome is di cult to predict, we
			wouldn’t be surprised if the parties settle before. We have decided to include this possibility in our valuation, conservatively assuming a 25% probability
			and 2.5% royalty rate on Darzalex sales, which adds €6/share to our model. At the same time we have reduced the fair value of MOR202 to €2/share
			(from €5) to reflect the company’s decision to no longer invest behind it in multiple myeloma without a partner; i.e. we only carry a value for the
			partnership with iMAB in Greater China with upside from further partnerships and/or development in other indications such as autoimmune diseases.
		Figure 100 : Potential news flow
		Timing		Event / Description	Timing	Event / Description
		Corporate / Selected proprietary programs			Selected partnered programs
		early Dec 2018		MOR208 L-MIND data presentation at Ash and update on further development plans	early 2019	Tremfya - PIII ECLIPSE read-out (vs. Cosentyx in moderate/severe plaque-type psoriasis)
		1Q-19		MOR202 start of pivotal study in multiple myeloma in China partner by I-MAB	2H-19	Tremfya - PIII Discover-1 read-out (psoriatic arthritis)
		1Q-19		MOR202 patent case update (jury trial or potential settlement before)	2H-19	Utomilumab - PII read-out in oropharyngeal cancer
		13-Mar-19		4Q18 results (after US market close)	2H-19	Setrusumab - PII data in osteogenis imperfecta
Deutsche		07-May-19		1Q19 results (after US market close)	2019	Gantenerumab - PIII data in mild Alzehimer's (open labe extension)
		1H-19		MOR103 update on further development plan by partner GSK (i.e. pot'l start of PIII)	2019	Anetumab ravtansine - various PII read-outs in mesothelin expressing cancers
		1H-19		MOR202 update on development plans in autoimmune diseases	2019	Bimagrumab - various PII read-outs across Sarcopenia, muscular artrophy, diabetes mellitus
		mid-2019		MOR208 final L-MIND data and subsequent filing with the FDA	2019	Ianalumab - PII read-outs in Pemphigus Vulgaris and Primary Sjörgen's syndrome
Bank		06-Aug-19		2Q19 results (after US market close)
		29-Oct-19		3Q19 results (after US market close)
AG/London		2H-19		MOR106 PII data from IGUANA trial
	2019			MOR208 potential partnering (e.g. Europe commercilization, development beyond 1L DLBCL)
		Source: Deutsche Bank, Company data

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Deutsche		Summary model
		Figure 101 : MorphoSys summary P&L
Bank		EURm ex-per share data										2013A		2014A					2015A		2016A					2017A		2018E				2019E				2020E		2021E		2022E
AG/London		Revenue											78		64				106		50			67				71				37				85		161		248
		Gross margin									100%				100%				100%		100%			100%				100%				100%				94%		94%		92%
		Growth													-18%				66%		-53%			34%				6%				-48%				130%		91%		53%
		Gross profit											78		64				106		50			67				71				37				80		151		228
		SG&A											19		14				15		14			17				30				43				60			69	71
		R&D											49		56				79		96			117				101				101				101		102		102
		EBIT											10		-6				17		-60			-68				-60				-107				-82		-19		54
		EBIT margin									13%				-9%				16%		-121%			-101%				-85%				-291%				-96%		-12%		22%
		Financial result											1		2				3		0			-1				-1				0				0			0	0
		Income tax											3		-1				6		1			1				0				0				0			0	0
		Tax rate									31%				30%				28%		-1%			-2%				0%				0%				0%		0%		0%
		Net income											13		-3				15		-60			-70				-61				-107				-82		-19		54
		EPS									0.54				-0.12				0.57		-2.28			-2.41				-1.99				-3.37				-2.56		-0.60		1.71
		Growth												-123%					-595%		-505%			16%				-12%				69%				-24%		-77%		-384%
		Source: Deutsche Bank, Company data
		Figure 102 : Maturing pipeline (# of programs)																						Figure 103 : Revenues by segment (EURm)
	100																							250
	90																							200
	80
	70																							150
	60
	50																							100
	40
	30																							50
	20
	10																							0
	0
																										2012A	2013A	2014A			2015A	2016A	2017A			2018E	2019E	2020E	2021E	2022E
	2006				2007			2008	2009	2010	2011		2012	2013	2014			2015	2016	2017	2018
							Pre-clinical programs					Clinical programs					Marketed programs													Partnered discovery					Proprietary development
		Source: Company data																						Source: Deutsche Bank Company data
57 Page

2018 December 10 Pharmaceuticals Pharmaceuticals European

10 December 2018

Pharmaceuticals

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Page 58

Deutsche Bank AG/London

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Bank Deutsche	Evotec (Buy, PT €22)
	Still in strong operational shape - further catalysts expected in 2019
AG/London		partnered compounds continues to mature and carries the potential for significant value creation. With the shares trading at 54x P/E and 29x EV/
	■	We believe that growth trends for Evotec’s business are fully intact. The drug discovery and development services business continues to benefit
		from a strong outsourcing and consolidation trend, and it should grow 10-15% organically in 2019 and beyond. Furthermore, the pipeline of c.100
		EBITDA (all 2019) against expected 2017-25E sales and EBITDA CAGRs of 15% and further catalysts expected in 2019 (such as additional partnerships
		and milestones), we see upside to current share price levels.
	■	The pipeline of 100 partnered compounds is currently not fully priced in. Our SOTP valuation yields a fair value of €14 for the ‘’EVT Execute’’ services
		business, which means that at current share price levels, the “EVT Innovate” pipeline is not fully priced in, even though it carries a value of €8, on
		our estimates. We expect meaningful milestone payments for the pipeline again in 2019 and more compounds should enter into the clinical studies.
		There is also the potential for additional pipeline partnerships in 2019.
	■	Evotec is an innovation leader. We expect the company to continue to focus on innovation in 2019. Evotec’s induced pluripotent stem cell (IPSC)
		platform is unique and aims to perform early-stage drug screening in human derived cell at an earlier point, thereby improving the predictability of
		a drug’s potential success. It also aims to develop novel therapies. The platform is already partnered with Celgene (in neurodegenerative diseases)
		and Sanofi (diabetes), and additional partnerships are likely (potentially already in 2019). Also, Evotec took an equity stake in Exscientia in 2017, a
		UK company that applies artificial intelligence to early stage drug screening. We believe that Evotec should continue to outgrow the competition in
		2019 due to it's innovative and industry leading platforms.

Figure 104 : Revenue and adj. EBITDA margin development											Figure 105 : Newsflow
900										50.0%	Timing	Type	Description
800										45.0%	28-Mar-19	Results	FY 2018
700										40.0%	14-May-19	Results	Q1 2019
600										35.0%	19-Jun-19	AGM	Annual General Meeting
											13-Aug-19	Results	Q2 2019
500										30.0%
											12-Nov-19	Results	Q3 2019
										25.0%
400										20.0%
300										15.0%
200										10.0%
100										5.0%
0										0.0%
2015A	2016A	2017A	2018E	2019E	2020E	2021E	2022E	2023E	2024E	2025E

		Revenue (lhs, EURm)				Adj. EBITDA margin (rhs, %)
Source: Deutsche Bank, Company data							Source: Deutsche Bank, Company data

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2018 December 10 Pharmaceuticals Pharmaceuticals European

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	Figure 106 : Evotec summary P&L
60		2015A	2016A	2017A	2018E	2019E	2020E	2021E	2022E	2023E	2024E	2025E
	Revenue	127.7	164.5	257.6	366.1	412.7	465.2	491.5	554.3	625.2	705.1	795.3
	Milestones/upfronts/licenses	12.3	18.9	27.8
	Gross profit	35.1	58.6	82.6	111.1	127.4	151.0	163.9	188.7	217.2	250.2	288.3
	margin	28%	36%	32%	30%	31%	32%	33%	34%	35%	35%	36%
	Total operating costs	23.5	27.2	45.1	28.9	59.1	72.2	101.8	112.7	128.1	147.1	167.5
	Adj. EBITDA	8.7	36.2	58.0	83.7	99.2	111.3	94.1	109.2	126.7	145.4	168.5
	margin	7%	22%	23%	23%	24%	24%	19%	20%	20%	21%	21%
	EBIT	11.6	31.3	37.5	66.8	68.3	78.8	62.2	76.0	89.2	103.1	120.8
	Non-operating income (expense)	0.9	1.6	-11.2	-2.3	-0.7	-0.2	0.4	0.8	1.3	1.9	2.6
	EBT	12.5	33.0	26.3	64.5	67.6	78.6	62.5	76.8	90.5	105.0	123.3
	Tax	4.0	-6.1	-2.3	-6.5	-15.2	-19.6	-15.6	-19.2	-22.6	-26.3	-30.8
	Net profit	16.5	27.5	24.3	58.1	52.4	58.9	46.9	57.6	67.8	78.8	92.5
	EPS	0.12	0.20	0.17	0.39	0.36	0.40	0.32	0.39	0.46	0.53	0.63
	Source: Deutsche Bank, Company data

Figure 107 : DBe 2019 revenue breakdown		Figure 108 : Sales and EPS 2015-2025E
EVT INNOVATE		900										0.80
15%		800
												0.70
		700										0.60
		600										0.50
		500
												0.40
		400
		300										0.30
		200										0.20
		100										0.10
	EVT EXECUTE	0										0.00
		2015A	2016A	2017A	2018E	2019E	2020E	2021E	2022E	2023E	2024E	2025E
	85%
				REVENUE (LHS, EURM)					EPS (RHS, EUR, DILUTED)
Source: Deutsche Bank, Company data		Source: Deutsche Bank, Company data

AG/London Bank Deutsche

2018 December 10 Pharmaceuticals Pharmaceuticals European