Bankinter: Ebglyss (lebrikizumab) receives positive opinion from the European Medical Agency’s advisory committee. The Target Price is raised from €9.50/share to €10/share .
The positive opinion of the committee has to be reviewed by the European Commission, which issues the marketing authorisation. This step could take 2-3 months and, if ratified, the commercial launch of Ebglyss will be almost immediate. The drug is a treatment for moderate to severe atopic dermatitis that has been developed by Eli Lilly, Almirall (ALM) has exclusive rights to market it in Europe.
Assessment: Positive news, although expected after the positive results of the latest clinical trials with Ebglyss, which will compete against Dupixent (Sanofi), from which we expect a competitive commercial policy to defend the positioning of its leading drug in sales. We raise our Target Price for Almirall to 10.00 eur/share (9.50 eur/sh. prev.). We reiterate our Neutral recommendation.