Performance in the third quarter of 2017 was a mixed bag and the revenues came in well below our expectations, although good cost control took profit above our estimates. The most negative news was the weak sales in Asia, following an unsatisfactory launch in Japan. Following the report for third quarter of 2017, we have adjusted our forecasts slightly, and these changes negatively impact our base case fair value which is lowered to SEK 65 (68). We would like to highlight the fact that, in our valuation, the clinical assets represents SEK 33. At current share price levels, we believe the market has taken a too pessimistic approach to the pipeline assets, while also overrating the risk of additional financing to finance the MOB-015 trials. We would like to emphasize that we see good potential for the clinical asset MOB-015, with a limited development risk. We argue that the market, at current share price levels (SEK 28), does not at all take this potential into account.