Acacia Pharma

EU: ACPH

€86.8m market cap

€1.63 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 now established its initial US sales and marketing infrastructure, ahead of the potential launch of lead asset BARHEMSYS. This is the first step in its strategy to bring antiemetic drugs to the hospital setting for unmet needs in PONV and CINV. The FDA has accepted Acacia’s revised New Drug Application (NDA) for BARHEMSYS and has now set a Prescription Drug User Fee Act (PDUFA) date of 5 May. We continue to expect launch of BARHEMSYS in H119. We value Acacia at €635m (or €11.9/share) vs €602m (or €11.3/share) previously.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 0.0 (3.0) (6.5) (2.32) N/A N/A
2018A 0.0 (15.0) (16.2) (0.35) N/A N/A
2019E 1.1 (43.7) (46.0) (0.83) N/A N/A
2020E 13.5 (39.2) (41.7) (0.76) N/A N/A
Last updated on 19/03/2019
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 19/03/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (£m) 5.6
Forecast gearing ratio (%) 0
Price performance
%
1m
3m
12m
Actual 1.6 10.4 (54.7)
Relative* (1.2) (0.4) (51.8)
52-week high/low €4.0/€1.2
*% relative to local index
Key management
Julian Gilbert CEO
Christine Soden CFO