Nicox - Edison Group

Overview
Price performance
Financials
Research
Thematics

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.

Latest Insights

View More

Healthcare |
Flash note

18.12.23

Nicox — Animal data show favourable profile vs Lumigan

Healthcare |
Update

14.11.23

Nicox — Q323 update confirms trajectory for NCX-470

Healthcare |
Flash note

21.07.23

Nicox — Denali trial remains on track for 2025 readout

Healthcare |
Flash note

13.07.23

Nicox — Nicox provides NCX-470 sales potential estimates

nicox01

Sector

Healthcare

Equity Analyst

Analyst - Healthcare

Nidhi Singh

Analyst

Associate analyst

Jyoti Prakash

Analyst, Healthcare

Key Management

Andreas Segerros

CEO
Gavin Spencer

Executive VP and Chief Business Officer
Michele Garufi

Chairman

Balance Sheet

Forecast net debt (€m)

9.2

Forecast gearing ratio (%)

26

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(4.4)	(10.9)	(33.4)
Relative	(3.7)	(17.5)	(37.2)
52 week high/low	€0.6/€0.3

Financials

Nicox has reported that an in vivo study carried out in beagles found that NCX-470 (0.1%) treatment led to a greater degree of intraocular pressure (IOP) reduction compared to AbbVie’s Lumigan (bimatoprost 0.01%), the best-selling branded prostaglandin F2α analogue (PGA) drug, in both single and repeated (five-day) dosing. The newly reported data from the open-label cross-over study assessing NCX-470, Lumigan and vehicle were published in the peer-reviewed Journal of Ocular Pharmacology and Therapeutics. While we acknowledge the limitations in read-across from animal data and note the Mont Blanc study did not show statistical superiority against PGA drug latanoprost (although it did meet the non-inferiority primary efficacy endpoint), we believe the new findings add to the body of collective data suggesting a competitive commercial profile for NCX-470 versus standalone PGA drugs such as bimatoprost.

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	6.1	(16.4)	(15.6)	(31.19)	N/A	N/A
2024E	7.6	(18.0)	(20.3)	(40.50)	N/A	N/A

Research

Update

Healthcare

23.11.22

Nicox — €10m financing boosts cash runway into Q224

Update

Healthcare

10.11.22

Nicox — Revising NCX-470 forecasts after Mont Blanc

Healthcare

Flash note

Nicox — Q4 highlights confirm continued Vyzulta growth

nicox01

research

Healthcare

31.10.22

Nicox — NCX-470 non-inferior to latanoprost in Mont Blanc

Update

Healthcare

26.10.22

Nicox — Looking ahead to Mont Blanc study readout

Update

Healthcare

22.09.22

Nicox — Revising NCX-470 timelines given Denali delay

Flash note

Healthcare

21.07.22

Nicox — Moving towards key Mont Blanc data in Q4

Flash note

Healthcare

07.06.22

Nicox — Mont Blanc top-line data timelines pushed forward

Outlook

Healthcare

19.05.22

Nicox — Eye health portfolio targets large markets

Flash note

Healthcare

17.05.22

Nicox — New governance structure

edison tv

Healthcare

05.04.22

Nicox – executive interview

Update

Healthcare

16.12.21

Nicox — Funded through key milestones

Flash note

Healthcare

02.12.21

Nicox — Mississippi data shows benefit in dry eye

Update

Healthcare

26.10.21

Nicox — Commercial products continue to grow

Update

Healthcare

24.09.21

Nicox — NCX-4251 setback sharpens focus on NCX-470

Update

Healthcare

21.07.21

Nicox — Continuing to move towards data inflection points

Update

Healthcare

23.04.21

Nicox — Key programmes continue to advance

Update

Healthcare

09.03.21

Nicox — No surprises as NCX-470 Phase III trials advance

edison tv

Healthcare

03.02.21

Nicox – Edison Open House interview

Initiation

Healthcare

21.01.21

Nicox — Focus on sight

thematic

Healthcare

26.01.23

Machine learning in drug development

thematic

Healthcare

06.01.23

Outlook for 2023: Biotechs remain central to novel drug development

Cancer cells

thematic

Healthcare

04.01.23

Oncology ABCs (part four): Blood cancers (AML) – notable innovations

cell DNA double helix

thematic

Healthcare

20.12.22

Cell and gene therapies

thematic

Healthcare

28.11.22

Drug delivery platforms

thematic

Healthcare

07.11.22

Oncology ABCs (part three) – thinking outside the box in women’s cancer

thematic

Healthcare

01.11.22

Neuroscience comeback

thematic

Consumer

05.10.22

IPO apocalypse

thematic

Healthcare

03.10.22

Oncology ABCs (part two) – vaccines: niche no longer

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

Healthcare

01.07.22

Oncology ABCs (part one) – a small-cap biopharma prospectus series

thematic

Healthcare

26.04.22

Cannabinoid manufacturing – Innovative approaches to the production of cannabinoids

thematic

Healthcare

10.11.21

Artificial intelligence in drug discovery

thematic

Healthcare

27.07.21

Biosynthesis – Taking the cannabinoid market to new heights

thematic

Healthcare

01.02.21

Confidence renewed as new COVID-19 vaccines demonstrate protection against emergent strains and efficacy with a single-dose regimen

thematic

Healthcare

30.10.19

Edison Exhibits- antibiotic development

thematic

Healthcare

17.07.19

The next wave in AMD

thematic

Healthcare

18.06.19

The A-B-T of biosimilars- Explaining contemporary life science issues

thematic

Healthcare

10.06.19

Cannabinoid Therapies- The coming retail wave

thematic

Healthcare

22.05.19

Cannabinoid Therapies- Therapeutics turning a corner

thematic

Healthcare

08.04.19

Trial outcomes and value – Explaining contemporary clinical trial issues

thematic

Healthcare

04.03.19

Drug pricing – Market access and reimbursement

thematic

Healthcare

29.01.19

The diagnostics sector

thematic

Healthcare

21.06.17

ASCO 2017

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

Healthcare

05.03.14

Edison healthcare quarterly: A boost for allergy immunotherapy

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

Healthcare

07.12.12

Edison healthcare quarterly: Boom times for US biotech

thematic

Healthcare

30.08.12

Edison healthcare quarterly: Crisis? What crisis?

thematic

Healthcare

28.05.12

Edison healthcare quarterly: How to please some of the people some of the time