PhotoCure (Buy, TP: NOK87.00) - Q2 in line with our estimates
Photocure’s Q2 results were in line with our estimates but stronger than consensus; we have made minor estimate adjustments. The financial contribution to the development of a new global flexible BLC system (together with Richard Wolf) was lower than we expected which should be viewed positively by the market. It will likely still take up to 30 months before the system’s launch, but over time we believe this should be beneficial for Photocure. We reiterate our BUY and NOK87 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.