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Positive CMS draft rule change

Update | Pharmaceutical & healthcare | 01 Sep 2017

Photocure announced results for Q217 with 10% growth for the Hexvix/Cysview franchise compared to Q216. The US was a major driver, up 55% to NOK10.9m, though partner sales fell by 9% to NOK15m due to lost reimbursement in France. The company also announced that the US Centers for Medicare and Medicaid Services (CMS) released a proposed rule that would create a new set of codes to cover Blue Light Cystoscopy (BLC) with Hexvix/Cysview. These new codes should help improve the penetration of the product into the US market.


Q3 results

Update | Pharmaceutical & healthcare | 21 Nov 2016

Photocure announced Q3 sales of Hexvix/Cysview of NOK31.6m, which although a 17% increase year-on-year (13% in constant currency) represents a 7% sequential reduction in sales. This is largely attributable to seasonality although unit sales in Nordic countries were 14% lower as a result of salesforce staffing issues. US sales continue to be a growth driver with 10% sequential growth and 46% growth year-on-year.


Nordic sales bounce back

Update | Pharmaceutical & healthcare | 25 May 2016

Photocure announced the second quarter of record sales, NOK33.5m or 18% growth year-on-year and 26% growth in Hexvix/Cysview sales. The growth was on the back of an increase of 20% in unit sales and 23% in revenue from the Nordic region, which marks a return to growth in the region following a slow (5% unit loss) Q415. Sales were further supported by a continued increase in US market share with a 37% increase in unit sales and a 66% increase in revenue.


Q4 results and a new indication

Update | Pharmaceutical & healthcare | 13 Mar 2018

Photocure announced results for Q417 with 25% growth for the Hexvix/Cysview franchise compared to Q416. For the year, Hexvix/Cysview revenues grew by 14% with the US being a major driver, up 39% for the year. Additionally, the company recently received approval by the FDA for Hexvix/Cysview in the surveillance setting which greatly expands the addressable market. There are 1.4m surveillance-related procedures per year, compared to 300,000 transurethral resection of bladder tumor (TURBT) procedures, where the company has historically been focused.


The stars are aligning for fast growth in the US

Outlook | Pharmaceutical & healthcare | 13 Nov 2017

Photocure is a commercial-stage Norwegian specialty pharmaceutical company that currently markets Hexvix/Cysview for diagnosing and managing bladder cancer. Recently, the company announced that the US Centers for Medicare & Medicaid Services (CMS) issued a final rule that would improve reimbursement for a large number of procedures. Also, following positive Phase III results in the surveillance setting, the company filed a supplemental New Drug Application (sNDA) which, if approved, would dramatically increase the addressable market for Hexvix/Cysview.


A strong quarter in the US

Update | Pharmaceutical & healthcare | 06 Jun 2017

Photocure announced results for Q117 with 9% growth for the Hexvix/Cysview franchise compared to Q116. The US was a major driver, up 32% to NOK10m, though the Nordics fell by 4% to NOK9.7m due to currency and weakness in Denmark. Importantly, the company also recently announced that its Phase III trial in the bladder cancer surveillance market was successful, which should enable it to receive marketing authorisation in that market.


Phase III surveillance trial successful

Update | Pharmaceutical & healthcare | 18 May 2017

Photocure presented the findings of from its Phase III clinical trial of Hexvix/Cysview for bladder cancer surveillance at the American Urological Association annual meeting. These results showed that the product increased the detection of patients with recurrence by 21.5% (p<0.0001). In particular, detection of carcinoma in situ was improved by 34.6% (p<0.0001). We believe these data are supportive of marketing authorisation for the bladder cancer surveillance market.


Looking at other strategic opportunities

Update | Pharmaceutical & healthcare | 13 Apr 2017

Photocure recently announced that after seeking partners for Cevira and Visonac for the last few years, it is expanding the search to include outright sale of those products, possible spinoffs or other strategic alternatives. While partnership discussions are continuing, the chances that these will be successful appear diminished. As such, we have removed all partnership related milestones from our model and reduced the probability of success for Cevira from 50% to 20% and for Visonac from 60% to 20% as it is unclear how successful the broadened strategic search will be.


A year of solid growth

Update | Pharmaceutical & healthcare | 27 Feb 2017

Photocure announced results for 2016 showing strong growth for the Hexvix/Cysview franchise. Total sales for the product were up 13% to NOK131m, driven by growth in both US sales (up 32% to NOK30.5m) and partner sales (up 14% to NOK61.5m). Total revenue for the period was NOK144m and there was NOK152m in operational spending. The company expects expenses in the US to increase significantly in preparation for the Hexvix/Cysview launch in the surveillance market. We now forecast profitability in 2019 instead of 2018.


Helping urologists see better

Outlook | Pharmaceutical & healthcare | 21 Sep 2016

Photocure is a commercial-stage Norwegian specialty pharmaceutical company that currently markets Hexvix/Cysview, an optical imaging agent for diagnosing and managing bladder cancer. The franchise is currently profitable and sales are growing at a 22% rate so far this year. The company is Phase III-ready for Cevira, a treatment for HPV-related diseases of the cervix, and for Visonac, for moderate to severe inflammatory acne. We value Photocure at NOK1,455m or NOK68/share.


A strong exit for 2015

Update | Pharmaceutical & healthcare | 07 Mar 2016

Hexvix/Cysview sales grew 34% year-on-year for Q415, showing marked improvement over Q315 growth rates of 17%. The year closed with NOK115.8m in sales of Hexvix/Cysview, a 26% improvement over 2014, driven primarily by increased unit volume in the US but bolstered by a favourable currency exchange. Revenue growth for the quarter was in the double digits across all reported markets and the company ended the year with cash of NOK134m, which we see as more than sufficient to bring the company to profitability in 2018.


A slower quarter

Update | Pharmaceutical & healthcare | 12 Nov 2015

Following a robust Q215, in which global in-market sales of Hexvix/Cysview grew 26% year-on-year, growth slowed in Q315 to 22%. Growth in the US also slowed, although Hexvix/Cysview revenues grew 42% compared to last year and is now available in 62 centres compared to 51 at the end of 2014. Importantly, the company has commenced patient enrolment in their label expansion trial, which could triple the size of the addressable market. We have lowered our near-term sales estimates as we take a more conservative view of Photocure's organic growth rate.