First Berlin Equity Research has published a research update on APONTIS PHARMA AG (ISIN: DE000A3CMGM5). Analyst Christian Orquera reiterated his BUY rating and maintained his EUR 17.00 price target.

Abstract
Overall, H1/24 results were as expected. Total sales increased by 19.2% to €22.7m and sales in the core single pill business rose by an impressive 47.9% to €17.9m. The two asthma products from the new cooperation with Novartis generated initial sales of €2.5m in the 2.5 months since their market launch which indicates they are in line to meet the FY/24 sales target of €9m. EBITDA came in at €2.1m (H1/23: €-4.0m). Management confirmed the FY/24 guidance of €50.7m sales and €3.3m EBITDA upgraded on 5 April following the announcement of the Novartis agreement. Based on the solid H1/24 results, the guidance seems conservative, but management prefers to have some headroom for additional marketing spend in H2 that could accelerate future growth. On the conference call with investors, management confirmed that the implemented multichannel marketing efforts are gaining traction and that the promoted products are achieving notable growth. Apontis has gained Kaufmännische Krankenkasse Halle (KKH) as an additional partner for its seven exclusive single pill products and now has agreements with three statutory health insurers that account for ~28% of all prescriptions by statutory health insurance funds (previously two insurers accounting for ~23%). Negotiations are underway with other statutory health insurance funds. Health insurance funds are attracted by the higher compliance rates associated with single pills, which lead to better health outcomes and lower costs. The three new single pill launches scheduled for H2 are on track. Management is delivering as promised. Based on the positive development seen in H1/24 and unchanged estimates, we reiterate our Buy recommendation and price target of €17.