Farma

AndyHagen
08.08.2019 kl 15:57 863

Fra Norne sin rapport igår:
A bit lower 2Q sales, but EBITDA and EPS in line
Photocure’s 2Q revenues were a bit lower than our estimate, while EBITDA
and EPS did not deviate from our estimates much. We are going to make
some changes to our estimates, while recommendation will largely depend
on the share price reaction to the report, as we do not see major changes to
our target price.
2Q sales slightly below, but EBITDA largely in line with our estimates
Photocure (PHO) released its 2Q19 report this morning. Hexvix/Cysview sales of
NOK 52m were 4% below our forecast of NOK 54m. However, EBITDA of
around NOK -3m were largely in line with our estimates. The bottom line and
EPS were also not far from expectations. Looking at geographical areas, the key
is growth in the US, which came in at 41% (in USD), which is very strong but still
a bit below our 45% estimate. Sales in the Nordics also lagged our estimates,
while partner sales were slightly better than we estimated. On the cost side it is
worth mentioning the extra one-off costs related to the out-licensing deal for
Cevira that was announced on July 1st
.

The company still has goals to reach USD 20-25m in sales next year for Cysview
in the US with significant growth and profit opportunities after that. Photocure
is now in acceleration mode for Hexvix and particularly Cysview sales growth,
while at the same time is expanding the product’s presence geographically and
into surveillance market. However, the company is clear that expansion of
portfolio of bladder cancer/bladder assets and building the pipeline with
partners and acquisitions is the future strategy.

Photocure’s 2Q revenues were a bit lower than our estimate= Ca. 1,5-2 mill
Redigert 08.08.2019 kl 16:00

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