Nicox (PAR: COX)

Currency in EUR

Last close As at 26/05/2023


−0.01 (−1.69%)

Market capitalisation


France-based Nicox develops therapeutics for the treatment of ocular conditions. Lead candidate NCX-470 is in Phase III studies for the treatment of glaucoma and it is advancing NCX-4251 for dry eye disease. Nicox receives licence revenue for its FDA-approved drugs Vyzulta and Zerviate.

In addition to its established intraocular pressure lowering activity, Nicox is starting a Phase IIIb study in H123 to investigate whether NCX-470 can provide improvements to retinal perfusion, which may provide an additional protective mechanism for glaucoma treatment. Nicox had €21.4m gross cash at 31 March 2023 and has guided that it is financed into Q224, based on the development of NCX-470 alone.

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Equity Analyst

Pooya Hemami

Analyst - Healthcare

Key Management

  • Andreas Segerros


  • Gavin Spencer

    Executive VP and Chief Business Officer

  • Michele Garufi


Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 4.7 (30.1) (67.2)
Relative 8.8 (30.1) (70.8)
52 week high/low €2.1/€0.6


Nicox develops drugs for eye diseases, with lead candidate NCX-470 targeting the topical ocular treatment of glaucoma. NCX-470 combines an NO-donating molecule with an analogue of established prostaglandin F2a drug, bimatoprost. NCX-470 0.1% showed non-inferiority compared to latanoprost 0.005% in the lowering of intraocular pressure in the Mont-Blanc Phase III study and the company is pursuing a second Phase III study (Denali). Nicox also has a Phase II stage drug candidate in NCX-4251 for dry eye disease, which it is seeking to out-license for further development. The company also receives ongoing license revenue for Vyzulta and Zerviate.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 8.6 (16.5) (15.5) (31.74) N/A N/A
2022A 5.2 (21.1) (18.3) (33.68) N/A N/A
2023E 7.5 (17.2) (19.0) (37.75) N/A N/A
2024E 9.8 (20.3) (23.6) (46.52) N/A N/A