Photocure

NO: PHOTO

Market CapNOK3915.7m

Last Close NOK146

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.

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Investment summary

Photocure is a commercial-stage Norwegian specialty pharmaceutical company that markets Hexvix/Cysview for diagnosing and managing bladder cancer. US sales are a key driver for the company and were up 48% in Q420. As of 1 October, Photocure has re-acquired the rights to Hexvix/Cysview in territories where Ipsen had been marketing the product (primarily the EU). Due to the re-acquisition the EU business saw 83% growth in Q420. Also, the EBITDA margin for the commercial franchise was 18.3%, compared to 2.7% in the same quarter in the prior year.

Industry outlook

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

Last updated on 27/05/2021
Content on Photocure
Photocure – Buying back rights from Ipsen
Healthcare | Update | 13 May 2020
Photocure – Firing on all cylinders
Healthcare | Update | 4 March 2020
Photocure – US sales up 53% compared to last year
Healthcare | Update | 13 November 2019
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Share price graph
Balance sheet
Forecast net cash (NOKm) 224.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 8.8 28.3 118.9
Relative* 7.5 19.2 69.6
52-week high/low NOK146.7/NOK66.3
*% relative to local index
Key management
Erik Dahl CFO
Daniel Schneider President and CEO