Report
Chris Kallos, CFA
EUR 101.80 For Business Accounts Only

Long Awaited Axiron Generic Finally Arrives; Maintaining FVE for No-Moat Acrux

We retain our AUD 0.40 per share fair value estimate for no-moat Acrux following the launch of Perrigo’s generic version of Axiron in the United States. This was highly anticipated after the United States District Court for the Southern District of Indiana ruled the formulation and axilla (site of application) patents granted for Axiron invalid back in August 2016, and therefore would not be infringed by the commercialisation of generic versions of the product by competitors challenging these pa...
Underlying
Acrux Ltd.

Acrux is a pharmaceutical company engaged in the development and commercialization of specialty and generic transdermal and topical pharmaceuticals for global markets. Co.'s topical or transdermal pharmaceutical product portfolio can be segregated into two streams - generic pharmaceutical products and specialty pharmaceutical products.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Chris Kallos, CFA

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