Photocure

NO: PHO

NOK890.4m market cap

NOK40.85 last close

Photocure specialises in photodynamic therapy. Its bladder cancer imaging product is sold as Hexvix in Europe and Cysview in the US. Photocure handles the marketing in Nordic countries and the US, while Ipsen is its marketing partner in the EU.

Investment summary

Photocure is a commercial-stage Norwegian specialty pharmaceutical company that currently markets Hexvix/Cysview for diagnosing and managing bladder cancer. Recently, the US Centers for Medicare & Medicaid Services (CMS) issued a final rule that would improve reimbursement for a large number of procedures. Also, following positive Phase III results in the surveillance setting, the company received FDA approval for that indication and launched the product in May. Sales may have significant upside if the product successfully expands into the US bladder cancer surveillance market, which has 1.2m-1.4m procedures per year, compared to its current market of 325,000 transurethral resection of the bladder (TURB) procedures.

Y/E Dec
Revenue (NOKm)
EBITDA (NOKm)
PBT (NOKm)
EPS (öre)
P/E (x)
P/CF (x)
2016A 143.6 (8.0) 12.8 164.0 24.9 45.8
2017A 150.9 (33.1) (41.6) (161.0) N/A N/A
2018E 184.6 (8.8) (21.9) (73.0) N/A N/A
2019E 251.0 48.8 35.7 120.0 34.0 35.8
Last updated on 19/03/2019
Industry outlook

Photocure is a photodynamic therapy company focused on bladder cancer. As its products typically are a combination of a drug and a device, hurdles for generics are typically higher than with other therapeutics.

Last updated on 19/03/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (NOKm) 87.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (23.2) (12.2) 46.7
Relative* (25.2) (17.8) 35.6
52-week high/low NOK63.5/NOK27.1
*% relative to local index
Key management
Erik Dahl CFO
Daniel Schneider President and CEO