Report

Myeloma filed, breast results by year end

PharmaMar has delivered impressive progress in 2016, including filing for Aplidin approval for myeloma in Europe, and the launch of small cell lung cancer (PM1183) and lymphoma (Aplidin) pivotal trials. News likely before year-end includes breast cancer Phase II results and full recruitment in the PM1183 ovarian Phase III. H116 accounts released in July showed Yondelis royalties ahead of our forecasts after approvals in US and Japan in Q415; however we were too optimistic about the boost FDA approval would give to European sales, so we have trimmed sales forecasts for Europe. This cuts our valuation to €1.02bn (€4.58/share) from €1.09bn (€4.91/share).
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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
Dr Dennis Hulme

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