Moberg Pharma intends to take Bupi (oral mucositis) to a registration in Europe by itself. We believe this is the right step forward. First and foremost, the costs seem reasonable, especially given the financial grant available from Eurostars. Second, we believe it will be easier to find a partner for a product than a project. The sale of the three non-strategic brands Ferguson, JointFlex and Vanquish is the reason why we have lowered our forecast; we now expect revenues to decline this year. However, the sale also means that the finances have further strengthened and the company now has robust funding to take on new brand acquisitions and pipeline investments. We are keeping our base case fair value at SEK 69 (69). Key catalyst for the stock will be to deliver product deals and the Rx projects to advance in the clinical development.