Cosmo Pharmaceuticals (AO) | Buy | Despite some market noise, everything remains on track

研报英文原文证据摘录

Cosmo Pharmaceuticals (AO) | Buy | Despite some market noise, everything remains on track

ard with the platform strategy to evolve the device toward an "Apple-like" ecosystem with

third-party app development and royalty collection, with the company targeting 8-10 applications approved by 2030E, which should

allow the product to potentially secure around 25-30% market share out of their forecast USD4.5bn TAM.

Overall, despite the recent market correction, we continue to see upside on Cosmo's current trading levels, with the next key catalysts

being the full data disclosure on high-dose clascoterone (expected fall 2026E) and the potential licensing deal announcement (expected

late H2 2026E). Until then, we maintain our EUR1.5bn peak sales assumption for the asset, which we continue to view as conservative,

and we reiterate our Buy rating with a CHF130 TP.

Speaker

Svetlana SIGALOVA, Chief Financial Officer

Temperature

Overall, we sensed a confident tone throughout the meetings, with the company highlighting the strength of Cosmo's business

model (strong balance sheet, double-digit sales momentum on the core products). On high-dose clascoterone, the tone was

notably more confident than in prior interactions, with management repeatedly emphasising that the 12-month data surprised to

the upside versus internal expectations (especially on the confirmation of the drug's long-term efficacy on hair regrowth).

On the other hand, the audience's main areas of interest centred on three themes: (1) understanding Cosmo's data in hair loss, (2)

management take on the competitive landscape in hair loss and the partnering strategy and profile of the ideal commercial

partner for high dose clascoterone, and (3) the GI Genius revenue mix evolution and the pathway from supply revenues to