ANGLE: Trinity Delta
has proactively refocused the Parsortix commercial strategy to prioritise large pharma deals within the Pharma Services business. This follows growing momentum in 2024, with three large pharma deals signed that are progressing well. This business has the potential to drive significant mid- and longer-term revenues through later-stage development as part of existing deals (depth), cross-selling (breadth), and new deals (halo). The shift avoids regulatory and research funding headwinds which will likely constrain near-term revenues in the Products business. Internal resources are being appropriately deployed to Pharma Services, and streamlined in Products, whilst the building blocks remain in place to expand the Products business as conditions improve. Our DCF-based valuation is £155m, or 48p/share.
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