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$70.9m
Last closeUS$4.100
High / Low (52 weeks)US$5.7 / US$4.1
Stock market listingNASDAQ
Forecast net debt (US$m)17.9
Forecast gearing ratio (%)33
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(19.8)(23.1)(12.8)
Relative *(20.7)(23.8)(26.2)

* % 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 12.6 (20.9) (29.3) (165.85) N/A N/A
2015E 29.5 (1.2) (12.8) (69.36) N/A N/A

Last updated on 31/03/2014

Investment summary

Adasuve (Staccato loxapine) was launched in the US by Teva in early March, at a price of $145/dose (above our previous forecast of $80/dose). Alexza also raised $45m in debt financing, which we estimate could potentially extend its funding runway to the stage where Adasuve-related revenues would sustainably generate positive free cash flow, thereby lessening financing risks. We now estimate 2018 global sales of $337m (up from $213m, previously), and increase our valuation to $9.06/share (vs $6.05, previously), strengthening the investment case.

Last updated on 31/03/2014

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 31/03/2014

Key management

Thomas King, CEO
Mark Oki, CFO
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