GUD: Highlights from the RBC Healthcare Conference

研报英文原文证据摘录

GUD: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Douglas Miehm (Analyst)

Sahil Dhingra, CFA (Senior Associate)

May 19, 2026

Knight Therapeutics Inc.

Highlights from the RBC Healthcare Conference

TSX: GUD | CAD 8.43 | Outperform | Price Target CAD 9.50

Sentiment: Positive

Samira Sakhia, President & CEO of Knight Therapeutics Inc., presented at our conference this morning. Our discussion primarily

focused on: a) increased diversification of the business following the acquisitions completed last year, b) the company's pipeline

and organic growth, c) Knight as a preferred partner for licensing deals in LatAm. We rate Knight Outperform with a C$9.50 PT.

Increased diversification; revenue mix to become more balanced. Following the acquisitions of Paladin and the Sumitomo

portfolio completed last year, management highlighted the growing revenue contribution of Canada within the company's

geographic mix. Knight expects Canada to become the largest contributor to overall revenues by 4Q27/1Q28, and over time,

management expects Canada, Brazil, and Rest of LatAm to each contribute roughly equally to the revenue mix (vs. <10% from

Canada previously). The more balanced geographic exposure enables the company to be more selective in choosing which products

to launch and where, and also to execute more transactions. The Paladin acquisition has also enabled the company to invest stable

cash flows from Paladin's mature product portfolio behind new launches (3 new launches in 2024, 10 in 2025, and an additional

10 expected in 2026). The company's presence across 11 countries (Canada and Latin America) also allows it to leverage learning

from product launches in one geography to accelerate ramp-up in newer markets.