NOK1089m market cap
NOK50 last close
Photocure specialises in photodynamic therapy. Its bladder cancer imaging product is sold as Hexvix in Europe and Cysview in the US. Photocure handles the marketing in Nordic countries and the US, while Ipsen is its marketing partner in the EU.
Investment summary
Photocure is a commercial-stage Norwegian specialty pharmaceutical company that currently markets Hexvix/Cysview for diagnosing and managing bladder cancer. Recently, the US Centers for Medicare & Medicaid Services (CMS) issued a final rule that would improve reimbursement for a large number of procedures. Also, following positive Phase III results in the surveillance setting, the company received FDA approval for that indication and launched the product in May. Sales may have significant upside if the product successfully expands into the US bladder cancer surveillance market, which has 1.2m-1.4m procedures per year, compared to its current market of 325,000 transurethral resection of the bladder (TURB) procedures.
Y/E Dec |
Revenue (NOKm) |
EBITDA (NOKm) |
PBT (NOKm) |
EPS (öre) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2016A | 143.6 | (8.0) | 12.8 | 164.0 | 30.5 | 56.0 |
| 2017A | 150.9 | (33.1) | (41.6) | (161.0) | N/A | N/A |
| 2018E | 184.6 | (8.8) | (21.9) | (73.0) | N/A | N/A |
| 2019E | 251.0 | 48.8 | 35.7 | 120.0 | 41.7 | 43.8 |
| Last updated on 20/02/2019 | ||||||
Industry outlook
Photocure is a photodynamic therapy company focused on bladder cancer. As its products typically are a combination of a drug and a device, hurdles for generics are typically higher than with other therapeutics.
Last updated on 20/02/2019
Sector |
|---|
| Healthcare |
Share price graph
Balance sheet |
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|---|---|
| Forecast net cash (NOKm) | 87.9 |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
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Key management |
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|---|---|
| Erik Dahl | CFO |
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