Market Cap€163m

Last Close -2.46

Paion owns the fast-onset and short-recovery anaesthesia product remimazolam. This is approved in Japan for GA and in the US and China for PS. ByFavo is licensed in the US to Acacia. It is filed in the EU (for PS) and South Korea. A European GA filing is expected in H121.

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Investment summary

The Remimazolam Phase III general anaesthesia (GA) trial in Europe has released initial data. Remimazolam was as effective as propofol in maintaining anaesthesia in major surgery so met the primary endpoint. More importantly, fewer hypotensive episodes were noted on average in the remimazolam arm; these are common and may lead to post-surgical morbidity. For at risk patients (ASA Class III or IV), this safety gain could be critical in justifying remimazolam’s price premium over propofol. In the US, remimazolam (ByFavo) is expected to be launched soon for procedural sedation (PS). Paion indicates that it has cash until H221. Our valuation remains €283m.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 2.8 (12.5) (12.4) (15.9) N/A N/A
2019A 8.0 (9.2) (9.3) (10.8) N/A N/A
2020E 20.3 2.4 2.4 5.9 41.7 172.0
2021E 4.2 (20.9) (20.9) (31.2) N/A N/A
Content on Paion
Paion – GA data enable an application for surgical use
Healthcare | research Update | 27 November 2020
Paion – executive interview
Healthcare | Edison TV | 5 November 2020
Paion – Commercialisation of remimazolam underway
Healthcare | research QuickView | 15 October 2020
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Share price graph
Balance sheet
Forecast net cash (€m) 22.3
Forecast gearing ratio (%) N/A
Price performance
Actual (0.8) 14.4 7.9
Relative* (0.9) 1.6 3.7
52-week high/low €3.2/€1.4
*% relative to local index
Key management
Jörg Spiekerkötter, Chairman
Dr James (Jim) Phillips CEO
Abdelghani Omari CFO