Report
Chris Kallos, CFA
EUR 101.80 For Business Accounts Only

Waiting to File With FDA; Maintaining FVE for Acrux

We maintain our AUD 0.13 fair value estimate for no-moat Acrux following the unsuccessful appeal to overturn a court ruling in the United States deeming formulation and axilla application patents previously granted to Axiron invalid. As a result, and generic pipeline developments aside, our valuation continues to be driven by expected revenue generated by the company’s three remaining licensed products. These include two topical estradiol products--Evamist in the United States and Lenzetto in Eu...
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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