Newron Pharmaceuticals

SW: NWRN

CHF51.2m market cap

CHF2.87 last close

Newron Pharmaceuticals is CNS-focused. Xadago for Parkinson’s disease (PD) is sold in Europe, Japan and the US. Evenamide, a novel schizophrenia therapy, may start Phase III trials from Q221.

Investment summary

Newron has completed the recruitment of 138 patients into the Phase II study of its novel schizophrenia drug, Evenamide. As expected, the read out is due in March 2021. Newron notes that Evenamide Phase III trials could start in H221 and it is progressing possible partnering and co-development deals. Newron had €39m cash at end-June 2020, with enough cash to fund development well into 2022. Our indicative value remains CHF121m.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 4.0 (14.9) (15.0) (84.20) N/A N/A
2019A 7.0 (20.7) (20.2) (113.24) N/A N/A
2020E 5.6 (13.8) (14.5) (81.09) N/A N/A
2021E 6.7 (19.6) (20.2) (113.13) N/A N/A
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 5.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 32.3 55.1 (57.5)
Relative* 26.3 40.7 (58.4)
52-week high/low CHF6.9/CHF1.3
*% relative to local index
Key management
Stefan Weber CEO
Marco Caremi Executive VP of Business Development

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