Despite the outcome in 1Q17 falling below expectations, we remain on course. Following the 1Q17 Interim Report, we have only made minor changes to our forecasts. The main growth drivers (Dermoplast, Kerasal Nail and New Skin) have shown no reason for concern in 1Q17. These brands will continue to be the main profit contributors, which is why, overall, the decline in the smaller brands is less significant. We would like to emphasise that we see good potential for the clinical asset MOB-015, with limited development risk. We argue that the market, at current share price levels, does not take this into account. Moberg Pharma is now entering its peak season in terms of sales and profits (2Q17 and 3Q17). Therefore, continued solid performance in its OTC brands is a key catalyst for share price development (3-6 months).