Despite difficult trading conditions anticipated in H2, Clinigen is set to deliver a better-than-expected underlying profit performance of c.2% for FY 2021. However, given currency impacts, we expect to lower our EBITDA and EPS FY 2021 and FY 2022 forecasts by c.2% and c.4% respectively. As we look into FY 2022, we see several drivers supporting growth, plus Proleukin newsflow that could drive a material re-rating in the stock. The stock is trading on 10x FY 2022 P/E. We reiterate our price target of £10.
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