Photocure

NO: PHO

NOK1634.7m market cap

NOK75 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. US sales are a key driver for the company, and were up 53% in Q319 and 57% over the first nine months of the year. 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 211, up 34% 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.

Y/E Dec
Revenue (NOKm)
EBITDA (NOKm)
PBT (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 69.0 108.7 117.1
2020E 289.5 55.9 49.3 163.0 46.0 75.5
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 16/01/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (NOKm) 142.5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (11.8) 40.2 56.9
Relative* (13.1) 35.6 50.7
52-week high/low NOK101.4/NOK38.5
*% relative to local index
Key management
Erik Dahl CFO
Daniel Schneider President and CEO

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