Edison Investment Research Limited
Edison issues outlook on Photocure (PHO)
Thursday, April 11, 2019 5:35 AM
LONDON, UK / ACCESSWIRE / April 11, 2019 / Photocure (OSLO: PHO) is a commercial-stage Norwegian specialty pharmaceutical company that currently markets Hexvix/Cysview for diagnosing and managing bladder cancer. The company recently announced Q418 results, including 27% revenue growth globally and 81% growth in the US, making it the largest and fastest growing region for the company. This growth has been driven by the approval and launch of Hexvix/Cysview in the surveillance setting and improved reimbursement.
We have increased our valuation to NOK1,246m or NOK57 per basic share, from NOK970m or NOK45 per basic share. We have increased our Hexvix/Cysview estimates as we believe there is less risk for competition for the product in the near to intermediate future. We have also eliminated Cevira and Visonac from the model as both products continue to be on hold as Photocure conducts a review of strategic options. Additionally, there was an increase in cash and NPVs were rolled forward. With NOK107m in cash, Photocure should have enough capital to meet its needs, as we expect profitability in 2019.
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SOURCE: Edison Investment Research Limited