NOK1290.4m market cap

NOK59.2 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 announced Q319 results, with 18% revenue growth for the Hexvix/Cysview franchise (vs Q318) to NOK51.1m. US sales of NOK25.2m were up 53% as the region continues to be the growth driver for the company while both Nordic and partner revenue fell (by 7% and 2% respectively) compared to the same period a year ago. Sales in the US continue to be driven mainly by improved reimbursement, added sales resources and a higher installed base of blue light cystoscopes. There are now 211 installed cystoscopes in the US, indicating 12% growth in the installed base over the quarter and up 34% since the beginning of 2019.

Y/E Dec
Revenue (NOKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 150.9 (33.1) (41.6) (161.0) N/A N/A
2018A 181.5 (10.5) (22.5) (104.0) N/A N/A
2019E 260.9 38.6 21.8 69.0 85.8 92.5
2020E 289.5 55.9 49.3 163.0 36.3 59.6
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 19/11/2019
Share price graph
Balance sheet
Forecast net cash (NOKm) 142.5
Forecast gearing ratio (%) N/A
Price performance
Actual 9.8 5.2 62.9
Relative* 9.6 (1.0) 64.2
52-week high/low NOK60.9/NOK33.4
*% relative to local index
Key management
Erik Dahl CFO
Daniel Schneider President and CEO

Content on Photocure