PharmaMar (PHM)
Business description
PharmaMar is a Spanish biopharmaceutical group with a core focus on the development of marine-based drugs for cancer. Yondelis is approved in the EU and US, and partnered with Janssen (J&J) in the US and Taiho in Japan.
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INVESTMENT SUMMARY
PharmaMar has delivered impressive progress in 2016, including filing for Aplidin approval for myeloma in Europe, and the launch of small cell lung cancer (PM1183) and lymphoma (Aplidin) pivotal trials. News likely before year-end includes breast cancer Phase II results and full recruitment in the PM1183 ovarian Phase III. H116 accounts released in July showed Yondelis royalties ahead of our forecasts after approvals in US and Japan in Q415; however we were too optimistic about the boost FDA approval would give to European sales, so we have trimmed sales forecasts for Europe. This cuts our valuation to €1.02bn (€4.58/share) from €1.09bn (€4.91/share).
Last updated on 27/09/2016
INDUSTRY OUTLOOK
PharmaMar's oncology portfolio has been validated through multiple global partnerships, eg J&J in the US and Taiho in Japan (over Yondelis) and Chugai in certain EU countries (for Aplidin).
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