Shield Therapeutics

LN: STX

Market Cap£88m

Last Close 40.75p

Shield Therapeutics is a commercial-stage pharmaceutical company. Its proprietary product, Feraccru/Accrufer, is approved by the FDA and EMA for the treatment of iron deficiency from any cause. Shield has launched the product itself in the US and partner Norgine is marketing it in Europe.

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 and Korea Pharma in South Korea. Shield is commercialising Accrufer itself in the United States and launched the product in July 2021. At 30 June 2021 Shield had an unaudited cash balance of £22.6m. This is sufficient to enable it to establish and expand its US commercial infrastructure to include 30–60 sales reps to support the 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 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 16/09/2021