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Shield Therapeutics (AIM: STX)

Currency in GBP

Last close As at 06/12/2023

GBP0.06

▲ −0.05 (−0.81%)

Market capitalisation

GBP48m

Shield Therapeutics is a commercial-stage pharmaceutical company. Its proprietary product, Feraccru/Accrufer, is approved by the EMA and FDA for iron deficiency. Outside the US, Feraccru is marketed internationally through Shield and its commercial partners. Shield signed a US co-commercialisation deal with Nasdaq-listed Viatris in December 2022.

The market for iron deficiency is substantial and Feraccru/Accrufer 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.

Latest Insights

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Healthcare | Update

Shield Therapeutics — Ramped up and heading into a stronger H223

Healthcare | Update

Shield Therapeutics — FY23 a key year for business traction

Healthcare | Flash note

Shield Therapeutics — Strategic year-end pivot sets tone for robust FY23

Healthcare | Update

Shield Therapeutics — Viatris strategic partnership to expedite scale-up
Laboratory
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Sector

Healthcare

Equity Analyst

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

Nidhi Singh

Nidhi Singh

Analyst

Arron Aatkar

Associate analyst

Key Management

  • Greg Madison

    CEO

  • Paul Spoors

    Group company controller and acting CFO

Balance Sheet

Forecast net cash (US$m)

6.8

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.2) (43.3) (10.3)
Relative (4.4) (43.6) (8.9)
52 week high/low 12.5p/5.8p

Financials

Shield Therapeutics is a UK-headquartered commercial-stage speciality pharmaceutical company focused on the commercialisation of Feraccru/Accrufer (oral ferric maltol), approved by the EMA and FDA to treat iron deficiency in adults, with or without anaemia. Shield launched the product in the US in July 2021 as part of its self-commercialisation strategy. However, it signed a US co-commercialisation deal for Accrufer with Viatris in December 2022. The commercialisation of Feraccru in Europe, Australia and New Zealand is managed by distribution partner Norgine, and it has been licensed to ASK Pharm in China, Korea Pharma in South Korea and KYE Pharma in Canada. Q223 was a strong quarter with 51% q-o-q growth in US prescriptions to 15,800 and led to stronger management guidance of ~80% sequential growth in Q323 and anticipated ~100–130k US prescriptions in FY23. Supported by the recent $20m debt financing and $6.2m equity raise, we believe Shield is sufficiently funded to profitability in FY25.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A N/A N/A N/A N/A N/A N/A
2022A 5.5 (28.7) (31.2) (12.3) N/A N/A
2023E 22.9 (27.9) (29.7) (3.8) N/A N/A
2024E 74.8 (12.0) (15.2) (1.8) N/A N/A

Research

Update

Healthcare

Shield Therapeutics — FY23 a key year for business traction
Laboratory

Flash note

Healthcare

Shield Therapeutics — Strategic year-end pivot sets tone for robust FY23

Healthcare

Update

Shield Therapeutics — Ramped up and heading into a stronger H223
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Thematics

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