NOK1255.5m market cap

NOK57.6 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. This was helped by volume growth, a strong US dollar and increased prices. The total installed base of blue light cystoscopes (both rigid and flexible) increased to 223, up 42% from the 157 installed at the beginning of 2019. Reimbursement also continues to improve. Earlier in November, the CMS released its final rule for 2020, which further improved reimbursement for Hexvix/Cysview. Importantly, the company has now indicated it is targeting US revenues of $70m (NOK658m at current exchange rates) in 2023, a dramatic increase from current levels.

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 39.5 60.8
2020E 289.5 58.1 54.9 182.0 31.6 49.1
2021E 376.5 133.7 135.9 445.0 12.9 15.4
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 31/03/2020
Share price graph
Balance sheet
Forecast net cash (NOKm) 151.8
Forecast gearing ratio (%) N/A
Price performance
Actual (26.6) (35.6) 35.9
Relative* (15.4) (16.0) 73.1
52-week high/low NOK118.8/NOK42.4
*% relative to local index
Key management
Erik Dahl CFO
Daniel Schneider President and CEO

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