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Xadago for Parkinson’s disease (PD) is now available in 14 European countries through partner, Zambon. Additionally, the drug is available in the US market (launched in H217 by sublicensee US WorldMeds). Newron reported revenues of €13.4m in FY17 (+100%) driven by royalty and milestone payments for Xadago and an operating loss of €4.3m (-71%). We expect pipeline progression in FY18: sarizotan (Rett’s syndrome, RS) and Evenamide (schizophrenia) highlight a diverse and innovative CNS-based R&D portfolio. We value the company at CHF758m.

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