Edison Investment Research - PhotoCure ASA (PHO) QuickView: Helping to detect and fight cancer

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Edison Investment Research

QuickView: Helping to detect and fight cancer

Photocure is a commercial-stage Norwegian speciality pharmaceutical company that currently markets Hexvix/Cysview, an imaging agent for diagnosing and managing bladder cancer. The franchise is currently profitable and growing at a 38% annual rate. The company is Phase III-ready for Cevira, a treatment for HPV-related diseases of the cervix. Finally, it is Phase III-ready for Visonac, potentially the first photodynamic treatment for moderate to severe inflammatory acne and addressing a large unmet need.

06/08/2015 2 EN

Underlying

PhotoCure ASA

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.

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NO0010000045 Oslo Bors Norway

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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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Q4 earnings were strong, with Hexvix/Cysview sales slightly above our estimate and operating expenses below, driving the strong earnings beat (EBITDA 106% above our estimate, 84% above consensus). The company still faces some headwinds from the loss of flex in the US, but this should be most visible in Q1, with the headwinds easing over the coming quarters. We reiterate our BUY but have cut our target price to NOK87 (95).

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QuickView: Helping to detect and fight cancer

PhotoCure (Buy, TP: NOK87.00) - Headwinds set to ease

PhotoCure (Buy, TP: NOK95.00) - On course to reach 2023 guidance

PhotoCure (Buy, TP: NOK95.00) - Overall solid report

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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