Moberg Pharma delivered a top- and bottom-line beat in 3Q16, driven by strong sales performance by its OTC nail fungus brands. 3Q16 revenues came in at SEK 104.1 million vs. SEK an estimated 101.9 million, and EBITDA at SEK 29.0 million vs. an estimated SEK 16.5 million. Following the solid 3Q16 report we have raised our profit expectations for the full year 2016 and onwards. The divestment of PediaCare, however, is the reason why we have lowered our revenue forecasts from 2017 and onwards. All in all, our estimate changes have a positive impact on our base case fair value estimate, which we raise to SEK 78 (74). The main value driver of the share price in the coming months will be the delivery of new brand acquisitions. One example of a possible acquisition would be to exercise its option from Prestige Brands to acquire the Dermoplast brand.