PHARMENA S.A. - Update after results of Phase II clinical study
Our updated SOTP model, which accounts for the latest news flow, derives a 12-months fair value for the stock of PLN 28.80 vs. PLN 32 before. Although its results in 2016 will be lower than we had previously forecast, the dermocosmetics & dietary supplement segment will benefit from the introduction of 50 new products until 2017E and distribution agreements e.g. in the Middle East and South Korea. While results of the Phase II study relating to the ability of the 1-MNA drug to reduce triglycerides and bad cholesterol somehow disappointed, we believe that the significant impact on hs-CRP and TNF-alpha biomarkers provides PHR with additional opportunities to sell the drug, which we expect in 2017E (earlier: 2016).​
Pharmena SA is a Poland-based producer of cosmetics and pharmaceuticals. The Company's products range encompasses Dermena, a line of products against hair loss; Dermena Plus, a shampoo reducing the symptoms of dandruff and preventing excessive hair loss; Accos, an anti-acne gel; Allerco, a line of hypo-allergic emollients for body care, Thermi, a gel after thermal burn and sunburn; and Revium, a line of anti-wrinkle treatment products. Pharmena SA maintains multidirectional research works and application studies in conjunction with a number of research centers in Europe, the United States and Canada. As of December 31, 2011, the Company had one wholly owned subsidiary, Cortria Corporation, based in the United States. As of December 31, 2011, Polska Grupa Farmaceutyczna SA held a 43.65% stake in the capital. The main shareholder of the Company is Pelion SA.
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