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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$774.6m
Last closeA$1.61
High / Low (52 weeks)A$2.0 / A$1.2
Stock market listingAU
Forecast net cash (US$m)1.9
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual0.313.4(11.2)
Relative *(1)9.8(19.2)

* % 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 23/07/2018

Investment summary

The potentially pivotal 55 pediatric patient acute graft vs host disease (GvHD) study met its primary efficacy outcome, reporting a 69% overall response rate vs 45% for historical controls (p=0.0003). The 100 day data showed high survival rates in responsive patients; 180 day safety data is in Q3. This is expected to lead to a fast track application to the FDA. A Phase III in chronic low back pain (CLBP) will have data by Q2 2020. The NIH funded Phase IIb in end-stage CHF patients with an LVAD should have full data by Q4 CY18. The Phase III trial in heart failure has enrolled over 465 of the 600 patient target. Cash on 31 Mar was US$59.5m. In March, Mesoblast entered a US$75m non-dilutive credit facility and has drawn-down $35m. A June deal gained $30m plus US$10m equity based on expected GvHD sales.

Last updated on 27/07/2018

Industry outlook

Mesoblast is the leading mesenchymal stem cell company. It has a manufacturing alliance with Lonza. JCR Pharmaceuticals markets Mesoblast’s GvHD therapy in Japan; H1 FY18 royalties were US$1.6m.

Last updated on 27/07/2018

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
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