SEK1585.6m market cap
SEK3.74 last close
Oasmia Pharmaceutical is a Swedish speciality pharma company focusing on its proprietary XR-17 technology platform to develop novel formulations of well-established cytostatic oncology treatments for human and animal health. Key assets include Apealea (partnered with Elevar) and Docetaxel micellar.
Investment summary
Oasmia’s H1 FY21 results highlight recent developments made to realign the business. In December, global partner Elevar Therapeutics announced it had concluded discussions with the FDA on the pathway to US approval for Apealea (Cremophor-free paclitaxel) in ovarian cancer. The FDA has stated it requires two additional trials to form the basis of the NDA submission. We have delayed our forecast US launch by two years to 2025, which means our forecast timeframe to maiden profitability has now shifted to 2025. In Europe (ex-Nordics), Elevar is in final-round discussions for a distribution partner and has signed an agreement with Taiba Middle East FZ for the Middle East and North Africa (MENA) region. Our revised valuation of Oasmia is SEK2.42bn or SEK5.41/share.
Y/E Apr |
Revenue (SEKm) |
EBITDA (SEKm) |
PBT (SEKm) |
EPS (öre) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2019A | 2.0 | (119.2) | (168.5) | (68.5) | N/A | N/A |
| 2020A | 201.8 | (10.1) | (43.4) | 0.2 | 1870.0 | N/A |
| 2021E | 0.8 | (138.3) | (170.1) | (33.2) | N/A | N/A |
| 2022E | 8.9 | (112.9) | (149.9) | (28.7) | N/A | N/A |
Industry outlook
Despite a slew of novel cancer drug treatments transforming care for many oncology indications, established chemotherapy regimens remain a cornerstone of treatment. Oasmia’s XR-17 technology is applicable to any solubility limited drug, which includes 10–15 different cytostatic agents, and can potentially provide an improved formulation and profile.
Last updated on 21/01/2021
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| Forecast net debt (SEKm) | N/A |
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Key management |
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| Francois Martelet | CEO |
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