Acacia Pharma

EU: ACPH

€85.3m market cap

€1.6 last close

Acacia Pharma is a hospital pharmaceutical company focused on the development and commercialisation of new nausea and vomiting treatments for surgical and cancer patients. Its main product, BARHEMSYS, is for the treatment of PONV and is forecast to launch in 2019.

Investment summary

Acacia Pharma has announced that the FDA has accepted its revised New Drug Application (NDA) for BARHEMSYS and classified it as a Class 2 resubmission. In the revised NDA, Acacia, along with its manufacturing partner, has addressed the deficiencies identified in the 5 October Complete Response Letter (CRL). As this is a Class 2 resubmission (with a six-month total review time), the FDA has now set a Prescription Drug User Fee Act (PDUFA) goal of reviewing and acting on it, of no later than 5 May 2019. Acacia continues to expect to launch BARHEMSYS in H119. We retain our valuation of Acacia at €602m or €11.3/share.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2016A 0.0 (14.4) (16.3) (5.06) N/A N/A
2017A 0.0 (3.0) (6.5) (2.32) N/A N/A
2018E 0.0 (16.7) (18.4) (0.33) N/A N/A
2019E 2.6 (42.7) (45.1) (0.81) N/A N/A
Last updated on 19/02/2019
Industry outlook

Inadequately treated PONV leads to prolonged stay in post-anaesthesia care unit (PACU) recovery rooms. BARHEMSYS use could reduce patient hospitalisation time and the associated costs.

Last updated on 19/02/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (£m) 5.6
Forecast gearing ratio (%) 0
Price performance
%
1m
3m
12m
Actual (2.4) (25.6) N/A
Relative* (5.2) (27.3) N/A
52-week high/low €4.0/€1.2
*% relative to local index
Key management
Julian Gilbert CEO
Christine Soden CFO