We update our forecasts for Shield Therapeutics today, following the company’s recent FY25 results, which confirmed our view of the business transitioning to a scaling and cash-generative commercial model. Record ACCRUFeR® performance in the US was underpinned by higher volumes and improved net pricing, with first positive operating cash flow in 4Q25. Accordingly, we update our forecasts for FY26E and introduce estimates for FY27E and FY28E, anticipating FY25-FY28 revenue CAGR of 35.9%. On this ....
