Mesoblast (MSB)

Business description

Mesoblast is developing adult stem cell therapies based on its proprietary MPC and culture-expanded MSC platforms. It has six late-stage clinical trials across four areas.

Stock data

Market cap.A$656.5m
Last closeA$1.40
High / Low (52 weeks)A$3.3 / A$1.2
Stock market listingAU
Forecast net cash (US$m)1.9
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual1.81.5(5.1)
Relative *1.7(3.5)(12.9)

* % Relative to local index

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Company news

Y/E Jun Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 44.2 (86.3) (87.4) (0.20) N/A N/A
2017A 3.4 (82.4) (84.9) (18.10) N/A N/A
2018E 6.7 (83.2) (85.0) (18.92) N/A N/A
2019E 9.0 (85.4) (88.7) (18.85) N/A N/A

Last updated on 12/12/2017

Investment summary

The potentially pivotal 60 pediatric patient acute graft vs host disease (GvHD) MSC-100-IV study may fully enroll in Q4 CY17 and report 28 day data in Q1 CY18 with 100 day data in Q2. A 360-patient Phase III of MPC-06-ID in chronic low back pain (CLBP) should enroll by Q1 CY18. The NIH funded Phase IIb (159 end-stage CHF patients with an LVAD) is fully enrolled with the 6-month LVAD weaning endpoint completing in Q1 CY18 and full data in Q3 CY18. The Phase III trial of MPC-150-IM in heart failure has enrolled over 400 of the 600 patient target. Cash on 30 Sept was US$62.9m. The Q1 FY18 outflow was US$20.3m. Mesoblast has a US$90m equity finance facility.

Last updated on 13/12/2017

Industry outlook

Mesoblast is the leading mesenchymal stem cell company, with nine clinical candidates in Phase II and III. It has a manufacturing alliance with Lonza. JCR Pharmaceuticals markets Mesoblast’s GvHD therapy in Japan; Q1 FY18 royalties were US$1.2m. Mallinckrodt did not exercise its exclusive option to license the CLBP or GvHD projects.

Last updated on 13/12/2017

Key management

Paul Hodgkinson, CFO
Silviu Itescu, Chief Executive Officer & Managing Director

Company address

Level 39
55 Collins Street
Melbourne 3000
Australia
+61 3 9639 6036
View website