€160.3m market cap

€2.42 last close

Paion sells and develops the fast-onset and short-recovery anaesthesia product remimazolam (ByFavo), approved in Japan and in the US. ByFavo, licensed in the US to Acacia, is filed in the EU, China and South Korea.

Investment summary

Remimazolam is approved in the US and China for procedural sedation (PS) and was launched in late July in Japan by partner Mundipharma for general anaesthesia (GA). In the US, launch by Acacia is expected by Q4. In China, partner Yichang Humanwell launched for PS in August with GA trials ongoing. H120 results reported revenues of €3m from the Japanese approval and the Asian Hana Pharma deal; a €15m milestone was paid in H2 after US approval. Paion indicates that it has cash until H221.

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 41.0 169.2
2021E 4.2 (20.9) (20.9) (31.2) N/A N/A
Industry outlook

Paion is considering licensing or acquiring products to make a direct European salesforce economic. In Italy and Belgium, compassionate use of remimazolam is possible to sedate COVID-19 patients if other sedatives are in short supply.

Last updated on 17/09/2020
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Share price graph
Balance sheet
Forecast net cash (€m) 22.3
Forecast gearing ratio (%) N/A
Price performance
Actual (10.7) (5.1) 6.6
Relative* (12.6) (11.0) (0.1)
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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