Alexza Pharmaceuticals (ALXA)

Business description

Alexza Pharmaceuticals is a US-based company developing products for acute CNS disorders using its proprietary Staccato aerosol rapid drug delivery system. Lead product Adasuve is approved in the US and EU.

Share price chart

Share chart

Stock data

Market cap.US$84.9m
Last closeUS$4.900
High / Low (52 weeks)US$5.7 / US$4.1
Stock market listingNASDAQ
Forecast net debt (US$m)23.4
Forecast gearing ratio (%)42
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual7.218.69.4
Relative *6.212.1(6.5)

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2012A 4.1 (24.5) (34.9) (279.65) N/A N/A
2013A 47.8 5.1 (10.0) (60.16) N/A N/A
2014E 12.3 (28.5) (37.5) (213.15) N/A N/A
2015E 29.5 (8.3) (19.9) (108.13) N/A N/A

Last updated on 23/06/2014

Investment summary

Alexza's investment case largely rests on the prospects for Adasuve, a potentially disruptive new product for acute agitation in adult schizophrenia or bipolar I disorder patients. Adasuve (Staccato loxapine) was launched in European markets (eg Germany and Spain) by Ferrer and in the US by Teva in March 2014. Adasuve offers speed, dosing reliability and ease of administration advantages and we estimate global sales of over $330m by 2018. Its potential underpins our valuation, with upside from expansion of the Adasuve label and successful development of further candidates using Alexza's proprietary Staccato inhaled delivery platform (such as AZ-002, which will enter a Phase II study in mid-2014 for acute repetitive seizures).

Last updated on 30/06/2014

Industry outlook

Alexza’s valuation is highly geared to Adasuve’s prospects, and uptake will be driven by stakeholders' recognition of the benefits from the drug's ease of administration and rapid time to therapeutic effect vs existing non-invasive drugs used for agitation.

Last updated on 30/06/2014

Key management

Thomas King, CEO
Mark Oki, CFO
Ana Kapor, Senior Director, Investor Relations and Corpo
James Cassella, Chief Scientific Officer:
Michael Simms, SVP, Operations and Manufacturing:

Company address

2091 Stierlin Court
Mountain View
CA 94043
United States
(650) 944-7000
View website