BiondVax Pharmaceuticals (BVXV)

Business description

BiondVax is developing a potentially universal influenza vaccine and the lead candidate M-001 could be positioned as a primer for seasonal or pandemic vaccines or as a standalone influenza vaccine. So far M-001 has been tested in two Phase I/II and three Phase II trials and consistently demonstrated immunogenicity to multiple virus strains.

Stock data

Market cap.NIS160m
Last closeNIS0.86
High / Low (52 weeks)NIS1.0 / NIS0.3
Stock market listingTel Aviv Stock Exchange
Forecast net cash (NISm)11.9
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual13.844.4161.5
Relative *13.041.0155.8

* % Relative to local index

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Y/E Dec Revenue (NISm) EBITDA (NISm) PBT (NISm) EPS (NIS) P/E (x) P/CF (x)
2015A 0.0 (10.7) (10.2) (0.10) N/A N/A
2016A 0.0 (11.3) (9.2) (0.07) N/A N/A
2017E 0.0 (14.7) (15.2) (0.10) N/A N/A
2018E 0.0 (19.0) (20.1) (0.12) N/A N/A

Last updated on 17/07/2017

Investment summary

The €20m loan agreement with the European Investment Bank (EIB) is a game changing event for BiondVax, we believe. The agreement was signed on 19 June 2017 and over the next three years the company will be able to drawdown all the money presuming the development milestones related to the lead universal flu vaccine candidate M-001 are met. BiondVax now aims to initiate Phase III activities and also invest in a new manufacturing facility securing the supply of M-001 for the remaining development and commercial launch. We have revised our model to reflect the changes and value BiondVax at $111m (NIS398m), up from $77m (NIS278m).

Last updated on 17/07/2017

Industry outlook

Current influenza vaccines are solely strain specific, needs to be updated every year with the effectiveness still lingering around 40%. There is a clear need for a more reliable vaccine that is both more immunoprotective and with coverage against a wider range of flu strains for the entire population and in particular for the elderly.

Last updated on 01/06/2017

Key management

Uri Ben Or, CFO

Company address

14 Einstein Street
Ness Ziona
7403618
Israel
+972 8 930 2529
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