€160.9m market cap
€4.34 last close
Based in France, Nicox develops therapeutics for the treatment of ocular conditions. Lead development candidate NCX-470 is in Phase III studies for the treatment of glaucoma. Nicox also receives licence revenue from its partners for its FDA-approved drugs Vyzulta and Zerviate.
Investment summary
Nicox develops drugs for eye diseases, with lead candidate NCX-470 in Phase III trials targeting the topical ocular treatment of glaucoma. NCX-470 combines an NO-donating molecule with an analogue of established prostaglandin F2a drug, bimatoprost. NCX-470 0.065% has shown up to 1.4mmHg additional lowering of intraocular pressure (IOP) compared to latanoprost in the Phase II study, and the Phase III programme is testing a higher 0.1% concentration of NCX-470. Nicox is also advancing NCX-4251 in acute exacerbations of blepharitis, with results from a Phase IIb study expected in Q421.
Y/E Dec |
Revenue (€m) |
EBITDA (€m) |
PBT (€m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 4.7 | (20.7) | (18.6) | (63.1) | N/A | N/A |
| 2019A | 8.3 | (17.4) | (16.0) | (40.1) | N/A | N/A |
| 2020E | 10.4 | (9.0) | (10.1) | (28.6) | N/A | N/A |
| 2021E | 10.0 | (15.3) | (16.7) | (44.8) | N/A | N/A |
Industry outlook
NCX-470, if approved, could become the most efficacious single-agent glaucoma drug on the market in terms of IOP lowering activity. Top-line data from Mont Blanc, the first of two Phase III NCX-470 studies, are expected in H122. We expect a 2024 launch and sales of over €450m in 2030 in the US and major markets. Nicox had €29.4m in end-FY20 net cash, which we model should last into H222, beyond the Mont Blanc inflection point.
Last updated on 04/03/2021
Sector |
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| Healthcare |
Share price graph
Balance sheet |
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| Forecast net cash (€m) | 29.4 |
| Forecast gearing ratio (%) | N/A |
Price performance
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12m |
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Key management |
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|---|---|
| Gavin Spencer | Executive VP and Chief Business Officer |
| Michele Garufi | Chairman and CEO |
Content on Nicox
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