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  • 30 Apr 18
Morning Song

Consumer Sector Key takeaways from the Consumer reporting season | Harwood Wealth (HW LN) Acquisition of Berkshire-based IFA with £34m AuI | Porta Communications (PTCM LN) Results show progress from reorganisation | Sanderson Group (SND LN) H1 slightly ahead, no change to full year expectations | Sinclair Pharma (SPH LN) FY’17 results in line, US sales team established for Silhouette rollout

Companies: HW/ PTCM SND SPH

  • 30 Apr 18
Morning Song

Consumer Sector Key takeaways from the Consumer reporting season | Harwood Wealth (HW LN) Acquisition of Berkshire-based IFA with £34m AuI | Porta Communications (PTCM LN) Results show progress from reorganisation | Sanderson Group (SND LN) H1 slightly ahead, no change to full year expectations | Sinclair Pharma (SPH LN) FY’17 results in line, US sales team established for Silhouette rollout

Companies: HW/ PTCM SND SPH

  • 15 Jan 18
Morning Song

ATTRAQT Group (ATQT LN) CEO stepping down, trading in line with October update | Bodycote (BOY LN) Good year end trading update | Carclo (CAR LN) Trading significantly behind; FD, chairman to leave | Sinclair Pharma (SPH LN) Trading update: stronger H2 as expected, EBITDA in-line |

Companies: ATQT BOY CAR SPH

  • 15 Jan 18
Morning Song

ATTRAQT Group (ATQT LN) CEO stepping down, trading in line with October update | Bodycote (BOY LN) Good year end trading update | Carclo (CAR LN) Trading significantly behind; FD, chairman to leave | Sinclair Pharma (SPH LN) Trading update: stronger H2 as expected, EBITDA in-line |

Companies: ATQT BOY CAR SPH

  • 03 Nov 17
Most popular equity research this week | 30 Oct - 3 Nov

See what's trending this week...

Companies: BMSCMHGSKZTFBT.AAPHMURBMYSPHAGYRDSACLIGLOOKVTUPDGCAMBHURTRXSCLPTRINAVOBONHMMHVALAVCTMCL
  • 03 Nov 17
Most popular equity research this week | 30 Oct - 3 Nov

See what's trending this week...

Companies: BMSCMHGSKZTFBT.AAPHMURBMYSPHAGYRDSACLIGLOOKVTUPDGCAMBHURTRXSCLPTRINAVOBONHMMHVALAVCTMCL
  • 01 Nov 17
AIM – A Decade of Achievement

In the November edition of the Hardman Monthly Newsletter, Nigel Hawkins assesses the achievements of AIM – and how it has thrived, despite a challenging financial environment, in recent years.

Companies: SPH AVO SCLP VAL AGY CLIG TRX AVCT APH CMH MCL MUR

  • 01 Nov 17
AIM – A Decade of Achievement

In the November edition of the Hardman Monthly Newsletter, Nigel Hawkins assesses the achievements of AIM – and how it has thrived, despite a challenging financial environment, in recent years.

Companies: SPH AVO SCLP VAL AGY CLIG TRX AVCT APH CMH MCL MUR

  • 16 Oct 17
N+1 Singer - Sinclair Pharma - Forecast update; profitability inflection and strong growth ahead

We have updated forecasts post H1 results (announced on 19th Sept), which highlighted a financial performance in line with our estimates and sales by product broadly in line with expectations (Silhouette Instalift™ slightly ahead; Sculptra® slightly below). We have left product-level forecasts broadly unchanged, with a downgrade to Sculptra® forecasts offset by higher expectations for Ellansé® following expected approval in Brazil in H1 2018. We continue to expect EBITDA profitability for FY2017 and £8m EBITDA in FY2018, propelled in particular by the Silhouette franchise and stronger sales of Ellansé®. We reiterate our Buy with an unchanged target price of 37p.

Companies: Sinclair Pharma
  • 16 Oct 17
N+1 Singer - Sinclair Pharma - Forecast update; profitability inflection and strong growth ahead

We have updated forecasts post H1 results (announced on 19th Sept), which highlighted a financial performance in line with our estimates and sales by product broadly in line with expectations (Silhouette Instalift™ slightly ahead; Sculptra® slightly below). We have left product-level forecasts broadly unchanged, with a downgrade to Sculptra® forecasts offset by higher expectations for Ellansé® following expected approval in Brazil in H1 2018. We continue to expect EBITDA profitability for FY2017 and £8m EBITDA in FY2018, propelled in particular by the Silhouette franchise and stronger sales of Ellansé®. We reiterate our Buy with an unchanged target price of 37p.

Companies: Sinclair Pharma
  • 16 Oct 17
N+1 Singer - Morning Song 16-10-2017

Augean (AUG LN) Board changes and reduction in expectations | First Derivatives (FDP LN) Agreement with European Space Agency | Futura Medical (FUM LN) Market research supports the commercial potential of Eroxon® | Low & Bonar (LWB LN) Civil Engineering struggling | Sinclair Pharma (SPH LN) Forecast update; profitability inflection and strong growth ahead

Companies: AUG SPH LWB FUM FDP

  • 16 Oct 17
N+1 Singer - Morning Song 16-10-2017

Augean (AUG LN) Board changes and reduction in expectations | First Derivatives (FDP LN) Agreement with European Space Agency | Futura Medical (FUM LN) Market research supports the commercial potential of Eroxon® | Low & Bonar (LWB LN) Civil Engineering struggling | Sinclair Pharma (SPH LN) Forecast update; profitability inflection and strong growth ahead

Companies: AUG SPH LWB FUM FDP

  • 02 Oct 17
The Monthly October 2017

In the October edition of the Hardman Monthly newsletter, Chief Executive, Keith Hiscock analyses the much misunderstood – but highly important – issue of stock liquidity. In particular, he focuses on the lower echelons of the Main Market and of AIM.

Companies: OPM ABZA AVO AGY APH ARBB AVCT BUR CMH CLIG COS DNL EVG GTLY MCL MUR NSF WBI ODX YGEN PHP PURP RE/ RGD SCLP SPH SCE TRX VAL OXB

  • 02 Oct 17
The Monthly October 2017

In the October edition of the Hardman Monthly newsletter, Chief Executive, Keith Hiscock analyses the much misunderstood – but highly important – issue of stock liquidity. In particular, he focuses on the lower echelons of the Main Market and of AIM.

Companies: OPM ABZA AVO AGY APH ARBB AVCT BUR CMH CLIG COS DNL EVG GTLY MCL MUR NSF WBI ODX YGEN PHP PURP RE/ RGD SCLP SPH SCE TRX VAL OXB

  • 19 Sep 17
N+1 Singer - Sinclair Pharma - H1’s in line; growth expected to accelerate in H2

Interim results are in line with expectations, with a first significant contribution from US sales of Silhouette Instalift™. Top line growth of +6% YoY in constant currency is expected to accelerate in H2, and the Group continues to target EBITDA profitability for the full year. We reiterate Buy.

Companies: Sinclair Pharma
  • 19 Sep 17
N+1 Singer - Sinclair Pharma - H1’s in line; growth expected to accelerate in H2

Interim results are in line with expectations, with a first significant contribution from US sales of Silhouette Instalift™. Top line growth of +6% YoY in constant currency is expected to accelerate in H2, and the Group continues to target EBITDA profitability for the full year. We reiterate Buy.

Companies: Sinclair Pharma
  • 12 Jul 17
Promising start in the US

In 2016 Sinclair was transformed into a streamlined, pure-play aesthetics company with a concentrated, highly competitive, portfolio of differentiated injectable products. Effective, longer-lasting, natural looking, minimally invasive treatments are benefiting from the trend away from intensive plastic surgery and represent a major growth opportunity. Products are sold directly in Europe and Brazil, and via distributors elsewhere globally. In a detailed trading statement, sales progress of products has been compared to the strong in-market demand, which augurs well for the full year. Silhouette InstaLift is continuing to gain sales traction in the US.

Companies: Sinclair Pharma
  • 12 Jul 17
Promising start in the US

In 2016 Sinclair was transformed into a streamlined, pure-play aesthetics company with a concentrated, highly competitive, portfolio of differentiated injectable products. Effective, longer-lasting, natural looking, minimally invasive treatments are benefiting from the trend away from intensive plastic surgery and represent a major growth opportunity. Products are sold directly in Europe and Brazil, and via distributors elsewhere globally. In a detailed trading statement, sales progress of products has been compared to the strong in-market demand, which augurs well for the full year. Silhouette InstaLift is continuing to gain sales traction in the US.

Companies: Sinclair Pharma
  • 03 Jul 17
The Monthly July 2017

As we approach 3rd January 2018 and the coming into force of the MiFID II legislation which changes the landscape for research, we are beginning to see some of the practical implications and complications. Brokers are in the early stages of working out how to structure charging for research, asset managers have already begun cutting their brokers’ lists and a model code of conduct for Research Payment Accounts for institutions has been published.

Companies: ABZA AGY APH ARBB AVCT BUR CMH CLIG COS DNL EVG MCL MUR NSF ODX PPH YGEN PHP PURP RE/ SCLP SPH VAL OXB

  • 03 Jul 17
The Monthly July 2017

As we approach 3rd January 2018 and the coming into force of the MiFID II legislation which changes the landscape for research, we are beginning to see some of the practical implications and complications. Brokers are in the early stages of working out how to structure charging for research, asset managers have already begun cutting their brokers’ lists and a model code of conduct for Research Payment Accounts for institutions has been published.

Companies: ABZA AGY APH ARBB AVCT BUR CMH CLIG COS DNL EVG MCL MUR NSF ODX PPH YGEN PHP PURP RE/ SCLP SPH VAL OXB

  • 02 Jun 17
The Monthly

Despite the calling of a General Election for June 8th, the FTSE-100 continues to perform strongly, partly on the back of Wall Street and encouraging corporate figures. Since the surprise Election was called on April 18th, the FTSE-100 has advanced by over 5%. There has been no sign of political nerves as is normally the case with opinion polls conveying mixed messages.

Companies: AVO AGY APH ARBB BUR CMH CLIG COS DNL EVG MCL MUR NSF ODX PPH YGEN PHP SPH TRX TON OXB

  • 02 Jun 17
The Monthly

Despite the calling of a General Election for June 8th, the FTSE-100 continues to perform strongly, partly on the back of Wall Street and encouraging corporate figures. Since the surprise Election was called on April 18th, the FTSE-100 has advanced by over 5%. There has been no sign of political nerves as is normally the case with opinion polls conveying mixed messages.

Companies: AVO AGY APH ARBB BUR CMH CLIG COS DNL EVG MCL MUR NSF ODX PPH YGEN PHP SPH TRX TON OXB

  • 19 Apr 17
N+1 Singer - Sinclair Pharma - EBITDA upgrade for 2017, but lower TP due to warranty claim and costs

We have updated product-level forecasts and included the £10m SVB debt facility and £5m warranty claim settlement with Alliance Pharma in our forecasts. The 6.3% upgrade to our FY2017 sales estimate (from £46.0m to £48.9m) brings expected EBITDA profitability forward by one year (to FY2017 from FY2018). We remain positive on the ongoing rollout of Silhouette Instalift® in particular and retain our Buy recommendation. However, higher expected sales & marketing costs and the warranty claim weigh on our valuation: we downgrade our target price from 42p to 37p.

Companies: Sinclair Pharma
  • 19 Apr 17
N+1 Singer - Sinclair Pharma - EBITDA upgrade for 2017, but lower TP due to warranty claim and costs

We have updated product-level forecasts and included the £10m SVB debt facility and £5m warranty claim settlement with Alliance Pharma in our forecasts. The 6.3% upgrade to our FY2017 sales estimate (from £46.0m to £48.9m) brings expected EBITDA profitability forward by one year (to FY2017 from FY2018). We remain positive on the ongoing rollout of Silhouette Instalift® in particular and retain our Buy recommendation. However, higher expected sales & marketing costs and the warranty claim weigh on our valuation: we downgrade our target price from 42p to 37p.

Companies: Sinclair Pharma
  • 03 Apr 17
The Monthly

After much heralding, MIFID II is finally beginning to have an impact on the business of investment research, though its true ramifications might take years to be seen. The role of analyst research is widely misunderstood. It is not all about the conclusion: the rating and price target. The real content of research is about what is discounted in the current share price and what assumptions would produce different outcomes.

Companies: ABZA AVO AGY APH ARBB AVCT BUR COG CLIG COS DNL EVG MCL MUR NSF ODX PPH YGEN PHP RE/ RGD REDX SCLP SPH TRX OXB

  • 03 Apr 17
The Monthly

After much heralding, MIFID II is finally beginning to have an impact on the business of investment research, though its true ramifications might take years to be seen. The role of analyst research is widely misunderstood. It is not all about the conclusion: the rating and price target. The real content of research is about what is discounted in the current share price and what assumptions would produce different outcomes.

Companies: ABZA AVO AGY APH ARBB AVCT BUR COG CLIG COS DNL EVG MCL MUR NSF ODX PPH YGEN PHP RE/ RGD REDX SCLP SPH TRX OXB

  • 31 Mar 17
N+1 Singer - T2 Trend spotting - Strategy update

In our second edition of “Trend spotting” we note how in the last three weeks the defensive rotation trend has gathered pace and further evidence has emerged of the “relative fading” in the UK economy. However we now see early signs of the “risk on” trend starting to reassert itself in equity markets and we look at small cap laggards plus European exposure as ways to play this.

Companies: GNS NTG SPH TRI XAR BOY VCT GHH CHH DPH INS HILS RPS LWB EKF UDG SYNT MYSL IMO BCA JUP KMK

  • 31 Mar 17
N+1 Singer - T2 Trend spotting - Strategy update

In our second edition of “Trend spotting” we note how in the last three weeks the defensive rotation trend has gathered pace and further evidence has emerged of the “relative fading” in the UK economy. However we now see early signs of the “risk on” trend starting to reassert itself in equity markets and we look at small cap laggards plus European exposure as ways to play this.

Companies: GNS NTG SPH TRI XAR BOY VCT GHH CHH DPH INS HILS RPS LWB EKF UDG SYNT MYSL IMO BCA JUP KMK

  • 28 Mar 17
Much more streamlined

During 2016, Sinclair has been transformed into a streamlined pure-play aesthetics company with a concentrated, highly competitive, portfolio of differentiated injectable products. Effective, longer-lasting, natural looking, minimally invasive treatments are benefiting from the trend away from intensive and invasive plastic surgery and represent a major growth opportunity. Products are sold directly in Europe and Brazil and via distributors in the rest of the world. Strong underlying growth is being boosted by selective product launches, including Silhouette InstaLift in the US where forecasts are based on very conservative projections.

Companies: Sinclair Pharma
  • 28 Mar 17
Much more streamlined

During 2016, Sinclair has been transformed into a streamlined pure-play aesthetics company with a concentrated, highly competitive, portfolio of differentiated injectable products. Effective, longer-lasting, natural looking, minimally invasive treatments are benefiting from the trend away from intensive and invasive plastic surgery and represent a major growth opportunity. Products are sold directly in Europe and Brazil and via distributors in the rest of the world. Strong underlying growth is being boosted by selective product launches, including Silhouette InstaLift in the US where forecasts are based on very conservative projections.

Companies: Sinclair Pharma

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Sinclair Pharma. We currently have 43 research reports from 5 professional analysts.

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20.5/36.1p
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Pension Liability
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Enterprise Value
£103.7m
Market Cap
£111.5m
Latest PE (hist)
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Latest News/RNS

(more news)
Date Source Announcement
05Nov18 07:30 RNS Suspension - Sinclair Pharma Plc
05Nov18 07:00 RNS Scheme of Arrangement becomes Effective
02Nov18 12:55 RNS PUBLIC DEALING DISCLOSURE
02Nov18 12:40 RNS PUBLIC DEALING DISCLOSURE
02Nov18 12:36 RNS Rule 2.9 Announcement
01Nov18 15:54 GNW GLAZER CAPITAL, LLC : Form 8.3 - Sinclair Pharma plc
01Nov18 15:45 RNS Additional Listing
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  • 20 Feb 20
Cenkos: Inspiration Healthcare Group Plc -- FY20 Delivering Ahead of Expectations

Inspiration Healthcare has announced a strong trading update for the fiscal year ending January 2020. The company anticipates delivering results ahead of expectations, with revenues of £17.8m versus our FY20E revenue estimate of £17.5m. Revenue growth for the year is expected to be 15% (Cenkos est 13%) including a contribution from the Viomedex acquisition. EBITDA, adjusted for exceptionals, is expected to be between £2.0m and £2.1m for the year, representing growth of over 20% versus FY19A. This announcement demonstrates the strength of both Inspiration Healthcare's underlying business and recent acquisition. This supports our Buy recommendation.

Companies: Inspiration Healthcare Group
  • 19 Feb 20
FY 2019 trading update and £1.4m placing

Cambridge Cognition has raised £1.4m to finalise development of NeuroVocalix and digital health products, accelerate commercialisation of its compelling product portfolio (evidenced by the tripling of orders in digital health) and provide the necessary working capital to support the business. This follows a disappointing 2019, which was negatively affected by the postponement of a c.£1m order with large pharma, as it underwent a merger, a £1.4m fall in cognitive safety studies and the additional costs incurred to deliver on a c.£1.3m digital health order, although the outlook remains very promising. Together, these impacted profits and cash by c.£1.3m. We are leaving FY 2020 sales unchanged at £6.2m, which is supported by the 2019 year-end order book and prospective qualified order pipeline, although losses are reduced by c.£0.2m due to lower R&D and elimination of non-recurring costs. We have adjusted 2020 forecasts to reflect the capital raise and introduce forecasts for 2021. Our target price of 75p reflects the dilution resulting from the equity raise, with scope for this to be raised on any larger partnership deals, which are under active discussion.

Companies: Cambridge Cognition
  • 19 Feb 20
The Phoenix continues to rise

After a twenty-year history, AorTech has started to live up to its rich asset base in medical devices. A management restructuring, reduced cost base and business alignment was complemented by a fund raising in June 2018. The progress made since the fund raising has been noted by investors and the share price has nearly tripled in 20 months. Investors may worry that they have missed the opportunity in AorTech, but we think the alignment and maximisation of assets has probably only just begun.

Companies: Aortech International
  • 19 Feb 20
£22m equity raise to reach key data readouts

4D Pharma has announced the completion of an accelerated book build (ABB) raising £22m (gross) by means of a Placing and Subscription of 44m new ordinary shares with existing and new investors at 50p/share. Proceeds will fund the ongoing development of clinical candidates and two key data readouts from the MRx0518 and Blautix programmes is expected over the coming months. **As Nomad, and joint broker and bookrunner to the placing for 4D Pharma, we are restricted and can therefore provide factual comment only. Shareholder approval for the placing will be sought at the General Meeting to be held on the 9th March 2020**

Companies: 4D Pharma
  • 18 Feb 20
A wealth of opportunity for surufatinib

2020 will be a pivotal year for Hutchison China MediTech (Chi-Med), and surufatinib will play a key part. The potential China launch of this, Chi-Med’s first wholly owned drug, is now expected within the next 12 months. The new drug application (NDA) for surufatinib in epNET (extra-pancreatic neuroendocrine tumours) was accepted by the Chinese regulator in November 2019, and there is the prospect of a second NDA filing for pancreatic NET (pNET) in the coming months. Further news flow is expected with the China Phase IIb/III biliary tract carcinoma (BTC) interim analysis in mid-2020, and initiation of the US/Europe Phase III registration study for NET in a similar timeframe. Reviewing our surufatinib assumptions and updating our model following the c$118m ADS offering lifts our valuation to $5.21bn ($37.73/ADS) or £4.01bn (580p/share).

Companies: Hutchison China Meditech
  • 21 Feb 20
Good finish to FY 19; on-track for outperformance in 2020?

Smith & Nephew reported good Q4/FY 19 numbers – trumping estimates. Q4/FY 19 sales were up 5.6%/4.4% on an underlying basis – driven by broad-based momentum. For FY19, the trading profit margin came in at 22.8%. The company also announced a final dividend of $0.231 per share (+4%). Management expects FY 20 revenue growth of 3.5-4.5% with a trading margin at or slightly above the FY 19 level (22.8%). Following the good performance, we will be raising our estimates and target price.

Companies: Smith & Nephew Plc
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 04 Dec 19
Cenkos: IXICO Plc -- Revenues growing and profitable

IXICO has reported a strong financial performance for FY19A built on continued commercial focus and a strengthened organisation. Revenues of £7.6m were up 40% and gross margin was up 600bps versus FY18A and the company delivered its first year of profitability since IPO. EBITDA of £0.5m was strongly ahead of our forecast (+£0.1m) and delivered an EBITDA margin of 6%. We have maintained our revenue growth expectations of 20% for FY20E and FY21E but have upgraded our profit expectations given the strong reported performance. We maintain our Buy recommendation.

Companies: IXICO
  • 17 Feb 20
Confidence in LIGHT gaining momentum

AVO’s goal is to deliver an affordable and novel proton beam therapy (PBT) system, based on state-of-the-art technology developed originally at the worldrenowned CERN. In the past 18 months, the project has been de-risked through important technical milestones. AVO is working on the verification and validation phase, prior to CE marking and LIGHT being used on the first patients. The company has made two important commercial announcements regarding the installation of LIGHT systems, which highlights the increasing confidence that is building in AVO’s ability to deliver LIGHT in the near future.

Companies: Advanced Oncotherapy
  • 18 Feb 20
Purchase of LIGHT system highlights growing commercial momentum

Advanced Oncotherapy ("AVO") has announced the purchase of a LIGHT system by The Mediterranean Hospital of Limassol in Cyprus. In addition to the purchase price of €50m (£41.6m), the parties have entered a profit share agreement entitling AVO to a portion of the net profits from the new facility. With the manufacturing of the key hardware components of the first LIGHT system completed, technical risk has largely been removed in our opinion. The sale of the first commercial LIGHT system in Europe indicates AVO's focus has progressed from technical to commercial execution. We reiterate both our OUTPERFORM recommendation and target price ("TP") of GBp 155.

Companies: Advanced Oncotherapy
  • 10 Jan 20
THE MONTHLY January 2020

The Office for National Statistics (ONS) is due to publish its most up-to-date survey on share ownership in mid-January, which identifies the beneficial owners and decision- makers of the stock market. Hardman & Co has worked together with the share analysis service, Argus Vickers, to jointly produce its own survey, which anticipates the conclusions of the ONS survey but goes into much greater detail. Our work does not use a sample of 200 quoted companies as the ONS historically has, but rather includes everyUK quoted company. The ONS samples share registers every two years; our study uses six-monthly data points. Our survey also extends to shareholders on NEX; the ONS does not.

Companies: AVO AGY ARBB BUR CMH CLIG DNL FLTA GDR MCL NSF PCA PIN PHP RECI RMDL SCE SIXH SHED VTA

  • 13 Jan 20
Cenkos: Diaceutics Plc -- Beat and raise

Revenue, earnings and cash are all ahead of forecast. 2019E was an excellent year for the business and the IPO proceeds are only just beginning to positively impact trading. We are upgrading our revenue forecast for 2020E. Nexus is on course for delivery later this year and we see this platform approach as key to fully productising the business and generating further shareholder value. Buy.

Companies: Diaceutics
  • 18 Feb 20
SP Angel Healthcare Conditions

Novacyt (NCYT.L): Launch of CE-IVD Marked novel coronavirus test | Feedback plc (FDBK.L): Interim Results for the six months to 30 November 2019

Companies: Novacyt Feedback

  • 19 Feb 20
Strong finish to FY19

FY19 ended on a high as robust growth in the core portfolio outweighed the ongoing generic erosion in off-patent drugs. The mid-term top-line outlook appears strong on the back of a renewed R&D pipeline; however, profitability could come under pressure due to higher investments into R&D and commercial infrastructure (particularly for Eptinezumab). The recent outbreak of Coronavirus is also a near-term risk.

Companies: H. Lundbeck
  • 21 Feb 20
Q4 (growth) hits a wall; 2019-nCoV overshadows the near term

AstraZeneca’s Q4 results were disappointing, both from a sales growth and profitability perspective. While Oncology and CVRM (to some extent) remain the key growth drivers, growing competition is concerning. Moreover, with the 2019-nCoV scare, near-term business visibility has hit a low. However, the group still has one of the largest oncology pipelines in our coverage and is awaiting/applying for/in major new indications/geographies in Oncology and even CVRM, which should give a push to sales growth.

Companies: AstraZeneca