Photocure (PHO)

Business description

Photocure specialises in photodynamic therapy. Its bladder cancer imaging product is sold as Hexvix in Europe and Cysview in the US. Photocure handles the marketing in Nordic countries and the US, while Ipsen is its marketing partner in the EU.

Stock data

Market cap.NOK582.1m
Last closeNOK27.00
High / Low (52 weeks)NOK54.0 / NOK25.1
Stock market listingNO
Forecast net cash (NOKm)123.6
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual1.9(13.2)(36.5)
Relative *(2.8)(17.9)(43.8)

* % Relative to local index

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Company news

Y/E Dec Revenue (NOKm) EBITDA (NOKm) PBT (NOKm) EPS (øre) P/E (x) P/CF (x)
2015A 134.7 (18.1) (17.4) (82.0) N/A N/A
2016A 143.6 (8.0) 12.8 59.0 45.8 30.2
2017E 145.5 (42.1) (48.9) (226.0) N/A N/A
2018E 242.5 9.8 5.8 26.0 103.8 N/A

Last updated on 06/06/2017

Investment summary

Photocure announced results for Q117 with 9% growth for the Hexvix/Cysview franchise compared to Q116. The US was a major driver, up 32% to NOK10m, though the Nordics fell by 4% to NOK9.7m due to currency and weakness in Denmark. Importantly, the company also recently announced that its Phase III trial in the bladder cancer surveillance market was successful, which should enable it to receive marketing authorisation in that market.

Last updated on 06/06/2017

Industry outlook

Photocure is a photodynamic therapy company focused on bladder cancer imaging, HPV-related diseases and acne. As its products typically are a combination of a drug and a device, hurdles for generics are typically higher than with other therapeutics.

Last updated on 01/06/2017

Key management

Kjetil Hestdal, CEO
Erik Dahl, CFO

Company address

Hoffsveien 4
NO-0275
Oslo
Norway
+47 22 06 22 10
View website