€125.6m market cap

€2.02 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), due by 5 April 2020, Paion is set for 20–25% royalties from US sales made by Cosmo. A European regulatory filing for PS will be made in H219 allowing a possible European launch in 2021, an EMA filing for general anaesthesia (GA) might be made by late 2020. Paion intends to market remimazolam directly in some countries in Europe but this will need investment. A new CEO, Dr James Phillips, will join on 16 October. Paion had €19.2m June 19 cash with a European Investment Bank loan facility of €20m available until June 2021; €5m will be drawn in H219. With expected 2020 milestones, Paion is funded into H220.

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 10.3 12.0
Last updated on 21/10/2019
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 21/10/2019
Share price graph
Balance sheet
Forecast net cash (€m) 9.6
Forecast gearing ratio (%) N/A
Price performance
Actual (14.9) (20.4) (9.9)
Relative* (16.8) (23.5) (18.3)
52-week high/low €2.6/€2.0
*% relative to local index
Key management
Jörg Spiekerkötter, Chairman
Wolfgang Soehngen CEO
Abdelghani Omari CFO

Content on Paion