PharmaMar

SP: PHM

Market Cap€301.1m

Last Close €1.36

PharmaMar is a Spanish biopharmaceutical group with a core focus on the development of marine-based drugs for cancer. Yondelis is approved in the EU and US, and partnered with Janssen (J&J) in the US and Taiho in Japan.

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Investment summary

PharmaMar recently reported financial results for 2017. Sales for the year were down 0.9% to €162.6m compared to 2016. Yondelis sales fell 4.1% to €84.6m, mainly due to pricing erosion in Europe. However, the consumer chemicals division continues to grow and was up 3.4% for the year to €72.0m. Importantly, the company’s Phase III trial testing Zepsyre® in small cell lung cancer (SCLC) patients is around 75% enrolled and expected to be fully enrolled in the middle of this year with data in H119.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2016A 164.0 (11.5) (24.7) (10.8) N/A N/A
2017A 162.6 (8.2) (22.7) (12.0) N/A 554.5
2018E 168.8 17.7 5.8 2.6 52.1 N/A
2019E 177.3 19.5 7.2 2.7 50.2 25.6
Content on PharmaMar
PharmaMar – Termination of coverage
Industrials | | 4 January 2019
PharmaMar – Preparing for ovarian Phase III data
Industrials | Update | 14 August 2018
PharmaMar – Aplidin and Zepsyre milestones coming up
Industrials | Update | 14 August 2018
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Sector
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Share price graph
Balance sheet
Forecast net debt (€m) 79.2
Forecast gearing ratio (%) 236
Price performance
%
1m
3m
12m
Actual 8.3 5.0 (49.2)
Relative* 9.1 6.0 (39.7)
52-week high/low €2.7/€0.9
*% relative to local index
Key management
Jose Maria Fernandez Sousa-Faro Chairman & CEO
Luis Mora MD
Maria Luisa de Francia Caballero CFO
Maria Marin de la Plaza IR
Company website

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