£73.4m market cap
63p last close
Shield Therapeutics is a commercial-stage pharmaceutical company. Its proprietary product, Feraccru, is approved by the EMA for iron deficiency and is undergoing review with the US FDA. Feraccru is currently marketed through partners Norgine, AOP Orphan and Ewopharma.
Investment summary
Shield Therapeutics has announced positive top-line data from a Phase IIIb study (AEGIS-H2H) for Feraccru, a CHMP-approved oral formulation of iron positioned for the treatment of iron deficiency (ID) with or without anaemia. The data demonstrate that Feraccru is non-inferior to the market-leading IV iron (Ferinject) and has triggered a €2.5m payment from its marketing partner Norgine. Additional near-term revenue (royalties and milestones) can be expected as Norgine continues the rollout of Feraccru across Europe in 2020. In the US, we expect Feraccru approval in 2019 and that Shield will seek a marketing partner thereafter. We maintain our valuation of Shield at £178m or 153p/share.
Y/E Dec |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2016A | 0.3 | (10.5) | (13.4) | (12.71) | N/A | N/A |
| 2017A | 0.6 | (18.5) | (18.4) | (15.15) | N/A | N/A |
| 2018E | 11.9 | (3.6) | (5.9) | (3.62) | N/A | N/A |
| 2019E | 3.0 | (7.0) | (9.3) | (6.69) | N/A | N/A |
| Last updated on 19/03/2019 | ||||||
Sector |
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| Healthcare |
Share price graph
Balance sheet |
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| Forecast net cash (£m) | 9.8 |
| Forecast gearing ratio (%) | N/A |
Price performance
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12m |
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Key management |
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| Carl Sterritt | CEO |
| Tim Watts | Interim CFO |
