€127.6m market cap

€1.99 last close

PAION is a specialty pharma company developing anaesthesia products. Its lead product, remimazolam, is partnered with Mundipharma in Japan, Yichang in China, Hana Pharma in S Korea, Cosmo in the US, Pendopharm in Canada and R-Pharm in CIS, Turkey and MENA.

Investment summary

Assuming a successful FDA review of remimazolam for procedural sedation (PS), with an outcome due by 5 April 2020, Paion is set for 20–25% royalties from US sales made by Cosmo. Remimazolam is a safe ultra-short-acting sedative/anaesthetic offering both rapid onset and offset of action. This profile should drive US market uptake for short, painful procedures such as colonoscopy. A European regulatory filing for PS will now be made in H219 allowing a possible European launch in 2021, and an abbreviated EMA filing for general anaesthesia (GA) could be made by late 2020. We maintain our valuation of €317m (€4.96 per share). Dr James Phillips took over as CEO on 16 October.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 5.8 (15.9) (15.9) (20.5) N/A N/A
2018A 2.8 (12.5) (12.4) (15.9) N/A N/A
2019E 8.0 (11.1) (11.1) (14.2) N/A N/A
2020E 25.0 10.8 10.8 19.6 10.1 11.8
Industry outlook

Remimazolam is an ultra-short-acting sedative/anaesthetic and its profile should drive US market uptake for short procedures such as colonoscopy. Remimazolam has advantages over competing products (midazolam and propofol), including fast onset and offset of action with a reversal agent available.

Last updated on 14/11/2019
Share price graph
Balance sheet
Forecast net cash (€m) 9.6
Forecast gearing ratio (%) N/A
Price performance
Actual (3.2) (14.4) (7.9)
Relative* (8.3) (25.3) (20.2)
52-week high/low €2.6/€2.0
*% relative to local index
Key management
Jörg Spiekerkötter, Chairman
Dr James (Jim) Phillips CEO
Abdelghani Omari CFO

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