Hints and tips:
...For completeness, 1H20 EBITA/PBT/EPS are better than JEFe, but are sharply down yoy, as expected (1H20 EBITA -81% yoy, with EBITA margins -580bps, to 2.2%) and the group incurred significant exceptional...
...So whilst there may not be obvious strategic sense (outside cell therapies), we believe dismissing this too quickly may be rash....
...Severe patients are of course in greatest need of a therapy and there are no proven options currently....
...In the 12 months to December 31, revenues fell from $4.3bn to $4.1bn, while pre-tax profit rose from $848m to $1.1bn thanks to a $251m exceptional gain from the spin-off Bioventus, its biological therapies...
...It feels like a reliable lunch spot rather than an exceptional venue....
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