Shield Therapeutics Edison

Shield Therapeutics

LN: STX

£223.2m market cap

190.5p last close

Shield Therapeutics is a commercial-stage pharmaceutical company. Its product, Feraccru, is approved by the EMA and FDA for iron deficiency. Feraccru is currently marketed through partners Norgine (Europe) and a US commercial partner is being sought.

Investment summary

Shield Therapeutics is a commercial-stage speciality pharmaceutical company based in the UK. Its primary focus is the commercialisation of Feraccru/Accrufer, 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 partners Norgine. Positive data from a Phase IIIb marketing study (AEGIS-H2H) should drive clinical uptake and aid top-line growth; the complete clinical dataset was presented at UEG 2019 (19 October 2019). With FDA approval of the drug now obtained (to be marketed as Accrufer), Shield will now seek a commercial partner for the US. Management anticipates signing a deal before end-2019.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 0.6 (18.5) (18.4) (15.2) N/A N/A
2018A 11.9 (2.8) (5.2) (1.5) N/A N/A
2019E 3.1 (5.4) (7.7) (5.1) N/A N/A
2020E 3.2 (6.1) (8.5) (6.3) N/A N/A
Industry outlook

The market for iron deficiency is substantial and Feraccru 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 06/12/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 4.1 0.0 486.2
Relative* 5.2 (0.6) 435.3
52-week high/low 196.0p/30.5p
*% relative to local index
Key management
Carl Sterritt CEO
Tim Watts Interim CFO