Newron Pharmaceuticals (SIX: NWRN)

Currency in CHF

Last close As at 25/03/2023


0.14 (2.41%)

Market capitalisation


Newron Pharmaceuticals is focused on the central nervous system. Xadago for Parkinson’s disease (PD) is sold in Europe, Japan and the United States. Evenamide, a novel schizophrenia add-on therapy, is involved in a Phase II/III trial programme targeting schizophrenia.

Xadago is marketed as an add-on to levodopa therapy in PD. It is sold by Zambon in Europe and by Supernus in the United States. The additional study on a dyskinesia indication should start in Q122 and could eventually boost US sales. Generic manufacturers have notified the FDA of their intention to file generic Xadago products. Newron is contesting these filings. After 2022, Xadago is protected by a set of patents, which expire no earlier than 2027 if upheld.



Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Key Management

  • Marco Caremi

    Executive VP of Business Development

  • Stefan Weber


Balance Sheet

Forecast net cash (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.0 265.6 348.1
Relative 5.9 265.4 407.2
52 week high/low CHF8.0/CHF1.1


Newron Pharmaceuticals has announced positive top-line results from its Phase II trial (study 014) assessing evenamide, a glutamate modulator, as an add-on therapy to antipsychotics in moderate-to-severe treatment resistant schizophrenia (TRS). While detailed data (for the full 161 patient cohort over the six-week treatment period) have not been disclosed, management asserts that the results were similar to the six-week interim safety and efficacy data from the first 100 patients reported in June 2022. Newron intends to begin a potentially pivotal multinational Phase III study (study 003) in TRS patients (expected to start in H223) and, in our view, its initiation represents a future catalyst for investor attention. We anticipate that the 52-week results from the full evenamide extension study (study 015) in Q124, if positive, will further enhance the existing evenamide data package and support future regulatory discussions.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2021A 5.8 (11.4) (14.1) (79.23) N/A N/A
2022A 6.1 (12.6) (17.0) (95.34) N/A N/A
2023E 6.5 (14.2) (17.1) (95.86) N/A N/A
2024E 6.8 (19.1) (22.3) (124.77) N/A N/A

Further insights

Analyst of the week

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

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