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.€931m
Last close€4.19
High / Low (52 weeks)€4.2 / €1.9
Stock market listingSP
Forecast net debt (€m)53.3
Forecast gearing ratio (%)98
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual20.451.372.4
Relative *18.730.743.9

* % Relative to local index

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Company news

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

Tue, 13 Jan 2015 14:31:20 GMT

Health Canada Approves Trabectedin for Relapsed Ovarian Cancer

Wed, 26 May 2010 15:18:20 GMT

Daughter of Zara founders becomes Spain's richest woman

Mon, 04 Nov 2013 15:09:32 GMT

Rosetta Genomics Appoints Dr. Maria Fe Paz as Interim Chief Medical Officer

Wed, 04 Nov 2015 13:30:28 GMT

PharmaMar to Present Data on Anticancer Candidates PM1183 and plitidepsin at ...

Tue, 14 Apr 2015 11:46:16 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 3.0 139.7 91.3
2016A 164.0 (11.5) (24.7) (10.8) N/A N/A
2017E 176.4 17.8 5.8 2.6 161.2 49.5
2018E 195.3 26.3 14.0 6.3 66.5 77.1

Last updated on 03/05/2017

Investment summary

At its recent R&D day in New York, PharmaMar flagged endometrial cancer as a likely fourth indication for lurbinectedin (data to be presented at ASCO). It confirmed that it is on track to achieve the key milestones of an approval decision for Aplidin for multiple myeloma in Europe, and Phase III results for lurbinectedin in ovarian cancer this year, with the most likely timing in Q4. The company emphasised its goal of commercialising lurbinectedin itself in the US market, prompting us to adopt self-commercialisation as our base case valuation scenario, which lifts our valuation by 16% to €1.50bn (vs €1.29bn), or €6.75/share (vs €5.79/share).

Last updated on 03/05/2017

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 02/05/2017

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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