Goodbody has issued an effusive recommendation of one of its charges, Galen Pharmaceuticals. The broker describes the Northern company as having excellent management and outstanding growth prospects.

With a diversified portfolio of 120 products across six therapeutic categories, Goodbody says Galen is well-positioned even ahead of this week's UK approval of a new intravaginal ring-based product for hormone replacement therapy (HRT). It will now look for global approval for the product.

The worldwide market for such products is seen as worth £3 billion sterling and even a 5 per cent share for Galen - which the broker sees as conservative - would yield £150 million.

In light of this, Goodbody argues that the company's share price has not reflected its value and urges investors to invest in what it terms a well-managed growth story.