PhotoCure (Buy, TP: NOK100.00) - US flex sales set to trough in Q4
We expect a stronger headwind to US sales in Q3 from dwindling flexible BLC systems, and the trough in Q4, after which comparables start to ease (the Q3 results are due at 08:00 CET on 8 November). There was good news in Q3 for Cevira as well as for Hexvix in China (both out-licensed to Asieris); we believe both products could be approved in China in 2025. We reiterate our BUY and NOK100 target price.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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