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Ergomed

AIM: ERGO

Market Cap£667m

Last Close 1330p

Ergomed is a global full-service CRO business with a core focus on the US and EU. It provides Phase I–III clinical services in addition to post-marketing pharmacovigilance (Phase IV) services and is predominantly focused on oncology, orphan drugs, rare diseases and pharmacovigilance.

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Investment summary

In a strategic move to support its business development plans and digitisation efforts, Ergomed has announced two senior appointments to its executive team. Michael Spiteri, a serving non-executive director at Ergomed, has been named as the chief transformation and technology officer (CTTO) and Jonathan Curtain has been appointed as deputy chief financial officer. Amid the sustainable and strong momentum in Ergomed’s business in H122 despite market softness, we see that the new additions as underscoring the management’s focus on business expansion and digital transformation.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 86.4 19.4 14.4 22.8 58.3 35.6
2021A 118.6 25.4 21.6 39.6 33.6 34.5
2022E 140.1 28.2 23.9 39.0 34.1 32.1
2023E 156.5 31.7 27.7 44.7 29.8 24.3
Industry outlook

Innovation in healthcare is driving sales and growth in the number of clinical trials being initiated, as pharmaceutical and biotechnology companies continue to invest substantially. Tight operational control and execution will enable Ergomed to drive market share in high-growth orphan drug trials as well as in larger indications.

Last updated on 30/11/2022
Content on Ergomed
Ergomed – Two key management changes
Healthcare | research Flash note | 18 November 2022
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Ergomed – Poised for a strong FY22
Healthcare | research Update | 30 September 2022
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Ergomed – Sustained growth momentum in H122
Healthcare | research Flash note | 27 July 2022
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Share price graph
Balance sheet
Forecast net cash (£m) 31.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 8.5 18.8 3.9
Relative* 1.6 15.0 1.1
52-week high/low 1520.0p/932.0p
*% relative to local index
Key management
Richard Barfield CFO
Dr Miroslav Reljanović Executive chairman