EU approval for skilarence increases our TP to €17.22 from €17.50
The European Medicines Agency has adopted a positive opinion for marketing Skilarence (dimethyl fumarate), a product developed by Almirall and intended for the treatment of moderate to severe plaque psoriasis. Almirall expects to start marketing Skilarence in 3Q2017 in the EU, Norway and Iceland. We expect that the products will be licensed in the rest of the world as marketing authorisations are received.
We expect sales of Skilarence to be €12.5mn in 2018e (1.5% of the total) and €50mn in four years (5% of sales). The development of this product was in the registration phase and Almirall was confident that marketing would start in 3Q2017, as it is now confirmed.
As a result, our target price increases to €17.72 (from €17.50).
Our Buy recommendation is unchanged.
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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