PhotoCure (Buy, TP: NOK100.00) - Q2 underlying sales growth in line
Q2 underlying sales growth and adj. EBITDA (adjusted for a milestone payment and business development costs) were just above our estimates and consensus. We see this as positive given declining sales of flexible BLCs in the US (after Karls Storz announced it would no longer sell flexible BLCs and would stop servicing systems already installed). We reiterate our BUY but have lowered our target price to NOK100 (110) to reflect our estimate changes.Photocure is a Norwegian based specialty pharmaceutical company. Co. develops and commercializes solutions in several disease areas such as bladder cancer, colorectal cancer, HPV and precancerous lesions of the cervix, acne and other dermatologic conditions. Co. has one marketed product that Co. commercializes directly in the U.S. and the Nordic region is Hexvix®/Cysview®, for detection of bladder cancer.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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