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.NOK517.4m
Last closeNOK24.00
High / Low (52 weeks)NOK49.0 / NOK22.1
Stock market listingNO
Forecast net cash (NOKm)110.3
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual6.2(6.3)(41.9)
Relative *0.0(17)(52.7)

* % 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 40.7 26.9
2017E 149.4 (38.9) (44.9) (208.0) N/A N/A
2018E 242.5 9.0 5.0 23.0 104.3 259.5

Last updated on 01/09/2017

Investment summary

Photocure announced results for Q217 with 10% growth for the Hexvix/Cysview franchise compared to Q216. The US was a major driver, up 55% to NOK10.9m, though partner sales fell by 9% to NOK15m due to lost reimbursement in France. The company also announced that the US Centers for Medicare and Medicaid Services (CMS) released a proposed rule that would create a new set of codes to cover Blue Light Cystoscopy (BLC) with Hexvix/Cysview. These new codes should help improve the penetration of the product into the US market.

Last updated on 01/09/2017

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 03/08/2017

Key management

Kjetil Hestdal, CEO
Erik Dahl, CFO

Company address

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