Shield Therapeutics Edison

Shield Therapeutics

AIM: STX

Market Cap£20m

Last Close 7.75p

Shield Therapeutics is a commercial-stage pharmaceutical company. Its proprietary product, Feraccru/Accrufer, is approved by the EMA and FDA for iron deficiency. Outside the United States, Feraccru is marketed internationally through Shield and its commercial partners.

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Investment summary

Shield Therapeutics is a UK-headquarted commercial-stage speciality pharmaceutical company focused on the commercialisation of Feraccru/Accrufer (oral ferric maltol), approved by the EMA and FDA for the treatment of iron deficiency in adults, with or without anaemia. Shield launched the product in the US in July 2021 and recently reported a 87% q-o-q increase in total prescriptions in Q222. The commercialisation of Feraccru in Europe, Australia and New Zealand is managed by distribution partner Norgine, and the product has been licensed to ASK Pharm in China, Korea Pharma in South Korea and KYE Pharma in Canada. Shield had a net cash balance of £2.4m at end-June 2022 and raised US$10m in convertible debt from its largest shareholder in August. This should be sufficient to support its ongoing US commercial roll-out through the end of 2022.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2020A 10.4 0.6 0.8 0.1 77.5 N/A
2021A 1.5 (17.9) (17.5) (8.4) N/A N/A
2022E 5.8 (20.2) (20.0) (8.3) N/A N/A
2023E 15.9 (16.3) (17.9) (6.5) N/A N/A
Industry outlook

The market for iron deficiency is substantial and Feraccru/Accrufer is a unique oral formulation of iron developed to overcome the side-effect profile of salt-based oral iron therapies and provides an alternative treatment to intravenously administered iron.

Last updated on 30/11/2022
Content on Shield Therapeutics
Shield Therapeutics – Tangible progress in US Accrufer launch
Healthcare | research Update | 8 September 2022
Shield Therapeutics Edison
Shield Therapeutics – Focus on increasing US market access
Healthcare | research Update | 22 July 2022
Shield Therapeutics Edison
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Share price graph
Balance sheet
Forecast net debt (£m) 5.3
Forecast gearing ratio (%) 21
Price performance
%
1m
3m
12m
Actual 0.0 (30.2) (76.9)
Relative* (6.4) (32.4) (77.5)
52-week high/low 48.0p/5.8p
*% relative to local index
Key management
Greg Madison CEO
Hans-Peter Rudolf CFO