voda schreef op 9 oktober 2018 18:14:
Koersdoel Marcel Wijma 3.11 euro:
In 2018H1 revenues of RUCONEST® continued to increase and almost doubled
compared to 2017H1. The company also generated a net profit of EUR 6.4 million
compared to a loss of EUR 30.2 million in 2017H1. A further increase of both revenues
and profit in 2018H2 is expected. The company currently has enough cash to finance its
programs with both RUCONEST® and also the new programs in Pompe and Fabry. We
expect the cash position to improve in 2018H2 towards EUR 80 million.
• We have increased our valuation for Pharming based on a further increase of profits and
revenues from RUCONEST®, from EUR 1.6 billion to EUR 2.0 billion. We have now also
put a value on some other programs like contrast induced nephropathy (CIN) and
Pompe’s Disease. This translates based on the fully diluted number of 657 million shares
into EUR 3.11 per share.
For 2018H1 ended 30 June 2018, net product sales increased 96% to EUR 59.1 million compared
to EUR 30.1 million in the same period last year. The positive sales momentum in the USA
continued in 2018Q2, following higher than expected sales in 2018Q1 as a result of the shortage
of Cinryze from Shire, with net sales of USD 33.9 million in Q2 (USD 34.3 million in Q1) despite
stock level adjustments and a weakening in the exchange rate between US dollars and euros. As
the clearest measure of the success of RUCONEST®, the number of patients using the product
regularly in the USA has been increasing steadily since the company reacquired the commercial
rights in 2016. Operating income improved 288% to a profit of EUR 16.3 million from a loss of
EUR 4.2 million in 2017H1. The company has invested in expanding the pipeline for RUCONEST®
and for its follow-up programs in Pompe disease and Fabry’s disease, the costs of which are
reflected in a flat operating profit for 2018Q2.
For the whole year we expect an ongoing strong growth in revenues from sales of RUCONEST®
due to ongoing investments in sales & marketing in the US. For 2018FY we estimate that Pharming
will generate sales of EUR 126.5 million and further increasing in 2019 to EUR 182 million and in
2020 to EUR 225 million. On the operating level, the company already reached profitability last
year, whereas in 2018H1, it also managed to become profitable bottom line. The company
managed to change a net loss of EUR 30.2 million in 2017H1 to a net profit of EUR 6.4 million in
2018H1. The improvement was related to strong growth in sales over the last 12 months and the
elimination of the financial expenses associated with the refinance in 2017.
The total cash and cash equivalent position (including restricted cash) increased by EUR 6.9 million
from EUR 60.0 million at 2018Q1 to EUR 66.9 million at the end of 2018H1. The increase in cash is
consistent with the underlying growth in product sales. From 2018Q3 onwards, Pharming will be
making quarterly repayments of its outstanding debt facility to Orbimed and so we expect cash to
14 Pharming Group
decrease slowly over the rest of the year.
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