£220.3m market cap
188p 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 11/12/2019
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Key management |
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| Carl Sterritt | CEO |
| Tim Watts | Interim CFO |
