Moberg Pharma delivered impressive y/y revenue growth of 60% in Q2, beating our forecast (46%). The nail fungus brands are the main growth driver and sales reached SEK 60.6 (35.9) million in Q2 vs. SEK 52.4 million estimated. Profits (excl. stock option costs) were also slightly better than we expected, with EBITDA of SEK 13.8 million vs. our SEK 13.2 million estimated. Following the Q2 report we have raised our top-line estimate, but slightly lowered profit expectations. On the positive side, we have lowered our WACC due to an upgraded company rating. Taking these changes into account we increase our fair value to SEK 74 (72). Continuing to display a solid performance in the OTC brands and news flow relating to MOB-015 will be key catalysts for the stock in the near term.