Earnings Report /

EIPICO: 1Q23: Healthy Annually, Hindered Sequentially; Adjust FV to EGP35.00

  • Seasonality and base effect shape revenue performance

  • Revenue growth and margin expansion counterbalance higher financing expenses

  • Biosimilar project adds to CF by mid-2024 with 1-1.5ppts blended margin expansion; We adjust our FV to EGP35.00/share


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