PhotoCure (Buy, TP: NOK170.00) - Smooth transition but negative Covid-19 impact
Photocure’s Q4 report overall was stronger than consensus but just below our forecast. US sales continued to grow strongly and sales in Europe were mostly in line with forecasts. The gross margin was above our forecast but sales and marketing costs were higher as well. Overall, though we believe the company is on a good path after its take-over of Ipsen’s Hexvix operations in Europe. We reiterate our BUY and have lifted our target price to NOK170 (NOK135).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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