Sparks commentary - Santhera Pharmaceuticals

Healthcare

Sparks - Santhera Pharmaceuticals

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Santhera Pharmaceuticals Holding (SIX: SANN) – FY24 results reflect AGAMREE’s strong market rollout
Published by Jyoti Prakash, CFA

Santhera Pharmaceuticals Holding has reported its full year 2024 results; a period marked by the launch and subsequent rollout of lead product AGAMREE for the treatment of Duchenne muscular dystrophy. Revenues of CHF39.1m were driven by product sales from launches in Germany and Austria, as well as in the US by licensing partner Catalyst. FY25 revenues are guided to be in the range of CHF65–70m, led by roll out in additional geographies (including the UK in Q225), with a steep ramp up to CHF150m by 2028 (excluding milestones). Cash balance of CHF41m at end-FY24 should provide a runway into mid-2026, by which time the company expects to break even. With the operating expense base (SG&A and R&D) guided to remain broadly stable (in the range of CHF 50–55m) for 2025 and beyond (on a constant portfolio basis), management anticipates a steady rise in margins over the next few years.

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