PharmaMar (PHM)

Business description

PharmaMar is a Spanish biopharmaceutical group with a core focus on the development of marine-based drugs for cancer. Yondelis is approved in the EU and US, and partnered with Janssen (J&J) in the US and Taiho in Japan.

Stock data

Market cap.€646.6m
Last close€2.91
High / Low (52 weeks)€3.2 / €1.9
Stock market listingSP
Forecast net debt (€m)53.3
Forecast gearing ratio (%)98
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(2)5.820.7
Relative *(9.9)(4)4.4

* % Relative to local index

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Company news

BRIEF-Boards of Zeltia and PharmaMar approve reverse merger and see no impact ...

Wed, 20 May 2015 06:22:30 GMT

Zeltia Said to Explore Spinoff of Cancer Unit PharmaMar

Thu, 06 Mar 2014 17:37:30 GMT

PharmaMar Will Start a Phase III Study of PM1183 in Combination With ...

Tue, 13 Jan 2015 14:31:20 GMT

Daughter of Zara founders becomes Spain's richest woman

Mon, 04 Nov 2013 15:09:32 GMT

Health Canada Approves Trabectedin for Relapsed Ovarian Cancer

Wed, 26 May 2010 15:18:20 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2015A 162.0 17.6 5.9 3.0 97.0 63.4
2016A 164.0 (11.5) (24.7) (10.8) N/A N/A
2017E 176.4 17.8 5.8 2.6 111.9 34.4
2018E 195.3 26.3 14.0 6.3 46.2 53.6

Last updated on 16/03/2017

Investment summary

PharmaMar is approaching two key milestones in H217: an approval decision for Aplidin for multiple myeloma in Europe; and Phase III results for lurbinectedin in ovarian cancer. The Chugai licence deal for lurbinectedin in Japan has strengthened the company’s financial position (pro forma net debt €32m) and seen it put increased emphasis on its preferred strategy to either self-commercialise or co-promote lurbinectedin in the US. Separately, a US manufacturing patent granted last year has extended IP protection for lurbinectedin until at least December 2032. These developments have prompted us to adopt co-promotion in the US in our base case valuation scenario and to extend our rNPV model to 2035 vs 2030 previously. Our base case valuation has increased by 29% to €1.29bn (vs €1.01bn), or €5.79/share (vs €4.55/share).

Last updated on 16/03/2017

Industry outlook

PharmaMar's oncology portfolio has been validated through multiple global partnerships, eg J&J in the US and Taiho in Japan (for Yondelis) and Chugai in certain EU countries (for Aplidin).

Last updated on 02/03/2017

Key management

Jose Maria Fernandez Sousa-Faro, Chairman & CEO
Luis Mora, MD
Maria Luisa de Francia Caballero, CFO
Maria Marin de la Plaza, IR

Company address

Plaza del Descubridor Diego de Ordás
3, Planta 5
Madrid
28003
Spain
+34 91 444 45 00
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