avantiavanti schreef op 5 november 2018 08:53:
Morgan Stanley 5 november 2018
3Q18 SMIDs Earnings Roundup - Wave 1
GLPG: We update our model for the quarter. Additionally, we update our cystic fibrosis (CF) market model to account for the recently revised partnership with AbbVie by lowering royalties on any triple combination products AbbVie develops and by accounting for potential milestone payments. We also update our accounting for MOR106 in atopic dermatitis, which Galapagos and MorphoSys licensed to Novartis in mid-2018. Lastly, we add in royalties from filgotinib pipeline indications beyond rheumatoid arthritis (RA) and Crohn's disease to account for the multiple PhII and PhIII filgotinib studies underway. Based on these changes, our PT increases from $127 to $131.