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Newron Pharmaceuticals (NWRN)

Business description

Newron is a CNS-focused biotech. Xadago (partnered with Zambon, US WorldMeds, Meiji Seika, Sequirus) for PD has been launched in Europe and the US. Other pipeline assets include Sarizotan (Phase III for RS) and Evenamide (Phase II for schizophrenia).

Stock data

Market cap.CHF123.1m
Last closeCHF6.90
High / Low (52 weeks)CHF13.6 / CHF6.9
Stock market listingSW
Forecast net cash (€m)47.9
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(16.3)(32)(34.9)
Relative *(13.3)(31.2)(31)

* % Relative to local index

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Company news

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 6.7 (15.3) (15.2) (103.69) N/A N/A
2017A 13.4 (4.3) (5.3) (32.32) N/A N/A
2018E 5.6 (24.7) (24.5) (137.90) N/A N/A
2019E 10.7 (28.3) (28.2) (158.27) N/A N/A

Last updated on 27/11/2018

Investment summary

Newron's lead product, Xadago (safinamide) for Parkinson's disease (PD) has been launched in 14 European countries through commercial partner Zambon and in the US by sublicensee US WorldMeds. Royalty income from sales of Xadago rose by 54% (to €2m) y-o-y in H118 and in October partner Meiji submitted a MAA in Japan for salfinamide. The pivotal trial STARS (placebo-controlled Phase II/III trial) to investigate Sarizotan for breathing disorders associated with Rett syndrome has initiated and enrollment is expected to complete in H119. Following positive data from a Phase II study of evenamide, two Phase II/III studies are expected to initiate in 2019, to investigate evenamide for schizophrenia (as an add-on to atypical antipsychotics). As of 30 June 2018, Newron had net cash and short-term investments of €50.6m.

Last updated on 29/11/2018

Industry outlook

Parkinson's disease is a growing market. Xadago could have a unique position, with once-a-day dosing and a clean safety profile.

Last updated on 29/11/2018

Key management

Stefan Weber, CEO
Marco Caremi, Executive VP of Business Development

Company address

Newron Pharmaceuticals SpA
via Ludovico Ariosto 21
Bresso (Mi)
20091
Italy
+39 02 610 3461
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