Report

The delayed launch of Zeneo implies a lower target price (Crossject)

The delayed launch of Zeneo implies a lower target price

TARGET CHANGE

CHANGE IN EPS2018 : € -0.91 vs -0.94 ns
2019 : € -0.73 vs -0.79 ns
Our EPS forecasts only move marginally in the short term and are not very significant since the company will start selling Zeneo as of 2021. They mostly depend on the level of external charges and staff costs engaged to prepare for the commercial launch of Zeneo.

CHANGE IN NAV€ 17.2 vs 19.0 -9.66%
Our SOTP valuation goes down in line with a smaller than expected turnover over 2020-23, which is the basis for our calculation of the average level of sales by NTE, due to the one-year postponement of registration filings announced on 27 September.

CHANGE IN DCF€ 19.8 vs 24.9 -20.7%
Our DCF valuation goes quite substantially down, mainly due to the fact the group's first sales are postponed by a year (i.e. 2021 instead of 2020) for most NTEs (and 2022 for the last one). This implies a higher discount due to time obviously, while our other assumptions have not materially changed.
Underlying
Crossject SA

Crossject SA is a France-based company that designs and develops medical injection systems. The Company specializes in needle-free, pre-filled, single-use injection systems for intradermal, subcutaneous and intramuscular applications for pharmaceutical companies. Is also has a pipeline and three drugs in the preclinical or clinical phase of research. The Company's products, which are based on well-known injectable drugs (chemicals and biologics), are designed to enhance patients' safety, compliance and comfort. Crossject's first ZENEO SUPERGENERIC product is expected to reach the market in the year 2015. The Company has industrial partnerships with Hirtenberger and Recipharm.

Provider
AlphaValue Corporate Services
AlphaValue Corporate Services

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Analysts
Fabrice Farigoule

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