Shield Therapeutics Edison

Shield Therapeutics

LN: STX

Market Cap£33m

Last Close 14.75p

Commercial-stage pharmaceutical company Shield Therapeutics’ proprietary product Feraccru/Accrufer is approved by the FDA and EMA for the treatment of iron deficiency from any cause. Shield launched the product itself in the United States and partner Norgine is marketing it in Europe.

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Investment summary

Shield Therapeutics is a commercial-stage speciality pharmaceutical company based in the UK. Its primary focus is 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. The commercialisation of Feraccru in Europe, Australia and New Zealand is in the hands of distribution partner Norgine, and the product has been licensed to ASK Pharm in China, Korea Pharma in South Korea, and KYE Pharmaceuticals in Canada. Shield is commercialising Accrufer itself in the United States and launched the product in July 2021. At 31 December 2021 Shield had an unaudited cash balance of £12.1m. This is sufficient to enable it to establish and expand its US commercial infrastructure to include 30–60 sales reps to support the initial product launch.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 0.7 (6.4) (9.1) (7.5) N/A N/A
2020A 10.4 0.6 (1.9) (2.2) N/A N/A
2021E 3.9 (21.6) (23.6) (11.7) N/A N/A
2022E 19.3 (11.1) (13.0) (5.1) 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 19/05/2022
Content on Shield Therapeutics
Shield Therapeutics – 2021 focus on Accrufer
Healthcare | research Update | 23 August 2021
Shield Therapeutics Edison
Shield Therapeutics – Greg Madison succeeds Tim Watts as CEO
Healthcare | research Flash note | 28 May 2021
Shield Therapeutics Edison
Shield Therapeutics – 2021 all eyes on Accrufer US launch
Healthcare | research Update | 4 May 2021
Shield Therapeutics Edison
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Share price graph
Balance sheet
Forecast net cash (£m) 8.5
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (20.0) (43.3) (72.9)
Relative* (18.4) (42.4) (73.8)
52-week high/low 60.0p/14.6p
*% relative to local index
Key management
Greg Madison CEO
Hans-Peter Rudolf CFO