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.

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Stock data

Market cap.A$1296.8m
Last closeA$4.00
High / Low (52 weeks)A$6.0 / A$3.8
Stock market listingAU
Forecast net cash (A$m)110.9
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual(9.5)(3.6)(31.6)
Relative *(10.9)(5.4)(35.2)

* % Relative to local index

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Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (fd) (c) P/E (x) P/CF (x)
2013A 24.2 (58.7) (48.8) (16.43) N/A N/A
2014A 27.5 (77.4) (68.8) (20.40) N/A N/A
2015E 16.2 (85.5) (78.6) (23.18) N/A N/A
2016E 16.2 (86.5) (83.2) (24.52) N/A N/A

Last updated on 09/12/2014

Investment summary

Mesoblast's product pipeline continues to mature as key milestones are met. The filing of MSC-100-IV by partner JCR Pharma in graft vs host disease (GvhD) in Japan in October marks Mesoblast's first product submission. Filing is planned in paediatric GvhD in 2016 in the US. Phase III trials started early this year for MPC-150-IM in congestive heart failure, while Phase III trials for MPV-06-ID in low back pain are expected to start by the end of 2014 following a productive meeting mid-year with the FDA. Mesoblast has also recently provided details to the market of its newly tiered product structure, whereby resources are being funnelled into its key late-stage products.

Last updated on 22/12/2014

Industry outlook

Mesoblast is the leading mesenchymal stem development company, with two technology platforms (MPCs, MSCs) and nine clinical candidates in Phase III and Phase II. Its three alliances – with Teva, JCR and Lonza – underpin the key late-stage programmes.

Last updated on 22/12/2014

Key management

Company address

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