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.NOK631.7m
Last closeNOK29.30
High / Low (52 weeks)NOK37.2 / NOK22.1
Stock market listingAIM Italia, NO
Forecast net cash (NOKm)101.5
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual5.011.4(8.4)
Relative *(1.3)10.0(25.3)

* % 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)
2016A 143.6 (8.0) 12.8 164.0 17.9 32.8
2017A 150.9 (33.1) (41.6) (161.0) N/A N/A
2018E 200.9 (23.3) (28.6) (96.0) N/A N/A
2019E 288.8 49.9 44.8 149.0 19.7 26.0

Last updated on 13/03/2018

Investment summary

Photocure announced results for Q417 with 25% growth for the Hexvix/Cysview franchise compared to Q416. For the year, Hexvix/Cysview revenues grew by 14% with the US being a major driver, up 39% for the year. Additionally, the company recently received approval by the FDA for Hexvix/Cysview in the surveillance setting which greatly expands the addressable market. There are 1.4m surveillance-related procedures per year, compared to 300,000 transurethral resection of bladder tumor (TURBT) procedures, where the company has historically been focused.

Last updated on 13/03/2018

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 02/03/2018

Key management

Kjetil Hestdal, CEO
Erik Dahl, CFO

Company address

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