Shield Therapeutics Edison

Shield Therapeutics

LN: STX

£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
Healthcare
Share price graph
Balance sheet
Forecast net cash (£m) 9.8
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 24.8 106.6 260.0
Relative* 22.2 90.2 249.7
52-week high/low 68.5p/15.5p
*% relative to local index
Key management
Carl Sterritt CEO
Tim Watts Interim CFO