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The company released preliminary H1 23 results, in line with our expectations. Financing is secured for FY22 at least, with no dilutive instruments in sight. Crossject will release more detailed numbers for H1 23 before the end of October.
Crossject Crossject SA
No real news in the FY22 results. EPS CHANGE CHANGE IN EPS 2023 : € (0.23) vs (0.33) ns 2024 : € 0.49 vs 0.41 +20.8% We have updated our model after the release of the FY22 results. The latter were not meaningful (as usual) since the investment case is based on future product launches (hopefully as of FY24). Concerning our short-term earnings forecasts, they have been fine-tuned to factor in a slightly-higher contribution to revenues from the BARDA agreement signed last June. This is not a game changer in the short-term, but will still provide the group with an extra financing source in the current year and next.
As usual, the FY results are not meaningful. The financing is secured for the short term, but this is not new news. No real news either on the progress made on various fronts (BARDA, EUA, filings). The market remains hungry for more. We see room to improve the group’s communication.
The group has raised €14m in new debt, securing the group’s financing ahead of product launches. We appreciate that it did not have to resort to dilutive instruments. Since this had been our assumption, no change to our numbers or valuation. The upside potential remains very significant.
Minor changes after H1 22 EPS CHANGE CHANGE IN EPS 2022 : € (0.32) vs (0.23) ns 2023 : € (0.35) vs (0.25) ns We have only changed our short-term estimates after the release of the H1 22 results. These changes are minor and are limited to FY23-24) even if they look more significant in EPS terms due to the fact that the result is a small loss, implying that any change to our numbers translates into an apparent bigger change in percentage terms. The impact on our valuation of the stock is thus marginal.
The H1 22 results came in line with expectations, “as usual” The group continues with its efforts on Midazolam, Hydrocortisone and Adrenaline The bioequivalence study for Midazolam should be ready this autumn After the positive result of the BARDA, we expect more on the commercial front
We have estimated the future contributions of all seven NTEs (New Therapeutic Entities) currently under development We detail here the main assumptions we made, including the probability of success of each NTE The update of our model after talking to management confirms the huge potential for the share price (over 250% in the mid-term)
The tender for Zeneo Midazolam with BARDA was a success It will translate into the first orders for the French company It will also accelerate the approval process with the FDA and other regulatory authorities This excellent news can only support our very positive stance on the stock
Crossject released an expected set of FY21 results The industrialisation process of Zeneo is on track The group’s financing for FY22 seems to be secured We will adjust our model to account for the latest developments
Crossject has announced the issuance of convertible bonds. It also grants free subscription rights to existing shareholders. The financing of FY22 is thus secured and gives the group time to reach the market. We will fine-tune our model and integrate this issuance.
The H1 21 results were in line with expectations The group continues its efforts on Midazolam, Hydrocortisone and Adrenaline The bioequivalence study for Midazolam should start before year-end The result of the Barda call for tender is still expected
The Barda has launched its call for tender on Midazolam autoinjectors Crossject is in a good position to compete This could boost further Zeneo’s credibility and Crossject’s share price
Zeneo Hydrocortisone to be licensed in the US and Canada The news confirms the pharmaceutical firms’ interest in Crossject’s product The remuneration of the contract looks fine, in our view We expect more agreements to come
Crossject released an expected set of FY20 results The industrialisation process of Zeneo is on track The group’s financing for FY21 is secured We will fine-tune our model to account for the latest developments
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