Update: Revising Adasuve forecasts on recent trends
The commercial reach of Adasuve (Staccato loxapine) continues to increase, as the product is now available in nine countries through Ferrer, as well as in the US (since March 2014) through US partner Teva Pharmaceuticals. Given Q214 results, we are raising our COGS assumptions to reflect higher fixed costs and pushing back our peak sales timeline, leading to a revised $4.71 per share valuation (vs $7.06 per share previously). Our valuation does not consider the technology value of the firm’s proprietary Staccato rapid inhaled drug delivery platform, and still indicates meaningful upside to the current share price.
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