Update: A slower quarter
Following a robust Q215, in which global in-market sales of Hexvix/Cysview grew 26% year-on-year, growth slowed in Q315 to 22%. Growth in the US also slowed, although Hexvix/Cysview revenues grew 42% compared to last year and is now available in 62 centres compared to 51 at the end of 2014. Importantly, the company has commenced patient enrolment in their label expansion trial, which could triple the size of the addressable market. We have lowered our near-term sales estimates as we take a more conservative view of Photocure’s organic growth rate.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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