Mesoblast

AU: MSB

AU$1471.7m market cap

AU$2.59 last close

Mesoblast is developing adult stem cell therapies based on its proprietary MPC and culture-expanded MSC platforms. It has six late-stage clinical trials across four areas.

Investment summary

Mesoblast is approaching some very key catalysts. The company expects to complete its filing of Remestemcel-L in pediatric acute graft versus host disease (aGvHD) in January, which if approved, will launch in 2020. For Revascor for advanced heart failure, the required accrual of primary endpoint events in its Phase III occurred in December, with data expected by mid-2020. Additionally, the last patient visit for the 24-month follow-up in the Phase III for MPC-06-ID in low back pain is expected to occur in H120 with data likely later in the year.

Y/E Jun
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2018A 17.0 (66.2) (68.6) (8.14) N/A N/A
2019A 16.0 (75.4) (86.5) (15.69) N/A N/A
2020E 61.2 (25.3) (38.7) (5.78) N/A N/A
2021E 48.5 (37.8) (49.8) (9.28) N/A N/A
Industry outlook

Mesoblast is a leading mesenchymal stem cell company. It has a manufacturing alliance with Lonza. JCR Pharmaceuticals markets Mesoblast’s GvHD therapy in Japan; FY19 royalties were US$5.0m.

Last updated on 24/02/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (US$m) 9.6
Forecast gearing ratio (%) 2
Price performance
%
1m
3m
12m
Actual 1.9 53.5 131.2
Relative* 1.0 44.5 96.8
52-week high/low A$3.1/A$1.2
*% relative to local index
Key management
Josh Muntner CFO
Silviu Itescu Chief Executive Officer & Managing Director