€182.2m market cap

€2.75 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

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)
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 46.6 192.3
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. Otherwise, there will be a European partnering strategy. 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 26/11/2020
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Share price graph
Balance sheet
Forecast net cash (€m) 22.3
Forecast gearing ratio (%) N/A
Price performance
Actual 18.0 5.4 38.9
Relative* 8.2 4.6 38.4
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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