Nidda - comment
Nidda beat our top-line forecast by €30m, generating €1,041m, and a Gross Margin of 46% was above our forecast. However, higher COGS Inflationary headwinds) meant that Adjusted EBITDA was in line with our €255m forecast. Working capital outflows of -€68m vs our model of €28m was the main difference, with the swing factor being inventories as Nidda built up stock and recognised stock from a Sanofi portfolio purchase. The call is this afternoon at 1 pm (London time), registration is required (link below). We will update our model after the call.