(This is a translation of the original report which was released the 7 of February 2018) The report for Q4’17 exceeded our expectations and the quarter was the first where the company showed growth in more than a year. We believe that Q4’17 is a turn in the trend in this particular respect and expect Orexo to now be on the way into a phase of accelerating growth and the possibility of delivering improved profitability. We have updated our estimates after the report, which has some negative effect on the valuation and the fair value estimate is reduced to SEK 61 (64). We are also making a minor downward adjustment (mainly a weaker USD) of the bear and bull cases to SEK 36 (38) and SEK 115 (120), respectively. The most significant catalyst of the share in the short term is the final verdict on the appeal of patent ‘330, previously declared invalid. We expect a decision in H1’18. We believe the current share price includes a set-back, but there is of course a risk of overreaction and even lower price levels in the event of a negative ruling.