Macquarie upgrades its earnings view for Neuren Pharmaceuticals after a key European regulator changed its mind on the registration of the trofinetide treatment for Rett Syndrome. Its EPS forecasts rise by 5% in each of FY27 and FY28. That's driven by an expected US$35 million milestone payment in 2H of 2026 for the product, to be known in the EU as DAYBU, along with favorable currency movements. "We expect an initial launch in Germany, where DAYBU will be able to be sold in a free pricing environment for six months, and other key EU countries, such as France and Italy, to follow," Macquarie says. The U.K. typically has weaker pricing and involves a separate regulatory process, it adds. Macquarie expects the Germany launch by 4Q26. (david.winning@wsj.com; @dwinningWSJ)