Paion

DE: PA8

€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
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 22.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
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

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