NOK2476.4m market cap

NOK93 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 markets Hexvix/Cysview for diagnosing and managing bladder cancer. US sales are a key driver for the company and were up 55% in 2019. Photocure has announced that it is has signed a final agreement with Ipsen to re-acquire the rights to Hexvix/Cysview in territories where Ipsen is currently marketing the product (primarily the EU). The transition is expected to occur on 1 October. Photocure expects the re-acquisition to be EBITDA accretive in 2021 and beyond. Additionally, the company has announced that it is targeting NOK1bn in reported revenues for 2023 with 40% EBITDA margins as a result of the re-acquisition.

Y/E Dec
Revenue (NOKm)
EPS (öre)
P/E (x)
P/CF (x)
2018A 181.5 (10.5) (22.5) (104.0) N/A N/A
2019A 281.6 58.9 45.9 146.0 63.7 98.2
2020E 168.4 (46.8) (60.7) (312.0) N/A N/A
2021E 266.1 39.5 38.0 117.0 79.5 100.8
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 18/09/2020
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Share price graph
Balance sheet
Forecast net cash (NOKm) 224.7
Forecast gearing ratio (%) N/A
Price performance
Actual 17.7 19.2 73.5
Relative* 18.7 15.4 95.3
52-week high/low NOK118.8/NOK47.8
*% relative to local index
Key management
Erik Dahl CFO
Daniel Schneider President and CEO

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