Report

Circassia Pharmaceuticals - Joining the dots

Circassia’s recent interims demonstrated 55% y-o-y revenue growth to £28.4m and a 75% R&D expense reduction (to £6.9m from £27.2m in H117) while growing the commercial infrastructure that now includes China. Investors should see a path to profitability, but we note recent licensing opportunities in the respiratory therapeutic area could accelerate this.
Underlying
Circassia Group

Circassia Pharmaceuticals is engaged in the specialty respiratory pharmaceutical business. Co. sells its NIOX® asthma management products directly to specialists in the U.S., U.K. and Germany, and other countries via its network of partners. Co. has a collaboration in the U.S. in which it promotes the chronic obstructive pulmonary disease (COPD) treatment Tudorza®, and has the U.S. commercial rights to late-stage COPD product Duaklir®. Co.'s development pipeline includes a range of respiratory medicines. Co.'s principal asthma treatment, Fliveo®, is approved in the U.K. Co.'s pipeline also includes a number of inhaled medicines for COPD, including single and combination dose products.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Andy Smith

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