Redeye updates its outlook on Hansa Biopharma anticipating gradual launch support during 2023 and supporting pipeline progress over the next 12 months. We make a minor positive revision after the recent Q2 2023 result which includes improved launch traction after 2023E, pipeline progress and a higher OPEX as a result of cost inflation, FX and an advancing pipeline. Our Base Case is SEK175 (165) with a Bull Case of SEK400 (390) and a Bear Case of SEK45.