€163m market cap
-2.46 last close
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.
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) |
EBITDA (€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 |
Sector |
|---|
| Healthcare |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net cash (€m) | 22.3 |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| *% relative to local index | |||||||||||||||
Key management |
|
|---|---|
| Jörg Spiekerkötter, | Chairman |
| Dr James (Jim) Phillips | CEO |
| Abdelghani Omari | CFO |
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