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Pharming Group

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Categorie: Farmacie | 9218 reacties | Koopadviezen: 88% van 122 adviezen

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Johan35, op 05 april 2014 om 09:16 uur

Telegraaf.
za 05 apr 2014, 07:00
Belegger omarmt Pharming
door Johan Wiering
Na dramatische koersdalingen in voorgaande jaren is Pharming dit jaar tot dusverre de absolute ster van de Amsterdamse beurs. Beleggers storten zich op het biotechnologiebedrijf in de verwachting dat de lucratieve Amerikaanse markt binnenkort mag worden betreden. Topman Sijmen de Vries vindt dit niet vreemd „Het is niet waarschijnlijk dat ons medicijn wordt afgekeurd en dan is de beurswaardering vergeleken met die van Amerikaanse branchegenoten nog altijd bescheiden.”

Newbie, op 17 maart 2014 om 14:56 uur

Op 17-03-'14 om 12:44 uur schreef muziekantje:Moeilijk hè dat engels!

niet echt leg de balans van de laatste 4 jaar op een rij dat is echt geen chinees

muziekantje, op 17 maart 2014 om 12:44 uur

Moeilijk hè dat engels!


Op 16-03-'14 om 18:38 uur schreef Newbie:Over een jaar weer 9 cent ik stop er geen cent meer in

Newbie, op 16 maart 2014 om 18:38 uur

Over een jaar weer 9 cent ik stop er geen cent meer in

muziekantje, op 16 maart 2014 om 09:56 uur

LOWER COST BASIS, STABILISED BALANCE SHEET, AWAITING FDA RESPONSE.

Pharming group released preliminary FY 2013 results on 6 March and held
a conference call at 9.30 a.m. Operating development during the past fiscal
year was in line with our expectations. Due mainly to lower R&D costs for
clinical trials and a general improvement in the firm’s cost basis, operating
and net income improved markedly y/y. In addition, following Q4’s capital
increase, Pharming’s equity position had returned to the black by end
December 2013. On 24 February, Pharming and its US partner Salix
Pharmaceuticals announced that the US Food and Drug Administration
(FDA) has extended the review period of the Biologics License Application
(BLA) for lead compound Ruconest by three months and will now respond
to the Ruconest BLA by 16 July. We have adjusted our financial forecasts
for Pharming’s increased guidance on Ruconest sales development
outside the US and the extended BLA review period. We have also
increased our pipeline valuation assumptions for the US projects based on
information given during the FY 2013 earnings call. Our updated valuation
model (shifted one year ahead) yields a new price target of EUR1.00
(previously: EUR0.70). We reiterate our Buy recommendation.
Top-line decreases due to lower milestones Sales and other income
decreased to EUR7.0m (FBe: EUR8.1m; FY12: EUR10.9m) due mainly to lower
milestone payments. In 2013, Pharming received EUR3.8m from its US partner
Santarus (in the meantime acquired by US company Salix Pharmaceuticals)
associated with the FDA acceptance for review of the BLA for Ruconest. In 2012,
the company received a milestone of EUR7.9m from Santarus for successful
completion of Study 1310 (treatment of acute attacks of angioedema in patients
with Hereditary Angioedema (HAE) - see our 26 November 2012 update). Our
top-line forecast also included milestone payments from Chinese partner SIPI,
which are now scheduled for the current fiscal year. Adjusted for the SIPI
payment, our estimate of EUR6.9m (see our 9 September 2013 update) was in
line with Pharming’s FY 2013 top-line result.

Significantly lower OPEX Due to reduced R&D costs for clinical studies (R&D costs
totalled to EUR9.9m; FY12: EUR19.4m) and the positive effect of FY 2012’s cost
containment programme (general and administrative costs of EUR2.2m; FY12: EUR3.1m),
operating expenditures (OPEX) declined markedly to EUR12.8m (FY12: EUR24.1m).
Inventory impairments of EUR0.6m (FY12: EUR3.1m) were also significantly lower than in
the previous fiscal year. Operating income thus improved to EUR-6.9m (FBe: EUR-6.0m;
FY12: EUR-17.5m). Financial expenses (in FY 2013 mainly attributable to the EUR16.4m
convertible bond issuance in January) of EUR8.1m (FY12: EUR7.9m) were slightly higher
than in FY 2012. Net income amounted to EUR-14.8m (FBe: EUR-14.8m; FY12:
EUR-24.1m).
High liquidity and positive equity position Based on an operating cash flow of
EUR-8.3m (FY12: EUR-10.3m) and cash flow from financing activities of EUR21.1m (due to
the above-mentioned 16.4m convertible bond issuance in January, but also the capital
increase of EUR12.0m in October; FY12: EUR11.6m), net cash flow amounted to
EUR13.0m (FY12: EUR1.4m). As expected, Pharming used part of its funds for working
capital investments ahead of the anticipated US approval for Ruconest in the current fiscal
year. Inventories increased by EUR2.7m y/y to EUR4.8m (end of FY12: EUR2.1m). Cash
and cash equivalents (including restricted cash) at the end of FY 2013 thus increased to
EUR19.2m (end of FY12: EUR6.3m). The company’s current pro-forma cash position is
EUR4.2m higher due to additional cash inflows associated with the exercise of warrants at
the beginning of 2014. Due to last year’s capital increase, Pharming’s equity position was
positive again (EUR5.0m versus EUR-7.7m at the end of FY12). Adjusted for deferred
license fee income, the company’s equity position was EUR19.4m at the end of 2013.
Reimbursement for Ruconest in several European markets Pharming did not provide
detailed financial guidance for 2014E with its FY 2013 results. However, since Pharming’s
European partner Sobi obtained reimbursement for Ruconest in several European markets
at the end of FY 2013, the company expects sales outside the US to increase by more than
EUR2m to over EUR3m.
Marketing approval in Israel In the middle of January, Pharming announced that its
Israeli partner MegaPharm had received marketing approval for Ruconest (indication: acute
attacks of angioedema in adults with HAE). Ruconest was also approved by the
reimbursement committee for addition to the Israeli Health basket with no extra costs. Under
the terms of the agreement, MegaPharm will purchase supplies of Ruconest at a price
based on a percentage of net sales. MegaPharm plans to launch Ruconest during Q1 2014.
Adjustments to our forecasts We have adjusted our financial forecasts for Pharming’s
increased sales guidance for Ruconest outside the US, the extended BLA review period
(FDA response by 16 July), and shifted our assumptions concerning the SIPI payments one
year ahead (now in 2014E). We have also increased our pipeline valuation assumptions for
the US projects based on information given at the FY 2013 earnings call. During the call,
CEO deVries elaborated on Pharming’s agreement with US partner Salix. The company will
receive a supply rate of 30% of net sales from its US partner for the first USD100m in sales
(the rate subsequently increases to a maximum of 40% afterwards). Taking into account
cost of goods sold (COGS) that have the potential to range in the single digit percentage
area (due to economies of scale following EMA approval for Pharming’s contract
manufacturing organization partner - see our 24 April update), we have increased our
PACME (Profit After Costs and Marketing Expenses) margin assumptions for the two US
projects. Given the higher peak sales potential of the US HAE-PR (prophylaxis) project, we
have increased our PACME margin assumption by 5pp (see pipeline valuation table
overleaf), whereas we increased our PACME margin assumption for the US HAE-AA (acute
attacks) project by 3pp. Changes to our financial forecasts are shown in table 2 overleaf.

Buy recommendation reiterated at higher price target Based on the above-mentioned
changes to our valuation, a pro-forma cash position including additional cash inflows
(EUR4.2m) associated with the exercise of warrants at the beginning of 2014, and a higher
fully diluted share count, our updated pipeline valuation model (shifted one year ahead)
yields a new price target of EUR1.00 (previously: EUR0.70). We reiterate our Buy
recommendation.

Skippy, op 06 maart 2014 om 19:50 uur

Ok, mooi meegenomen, ik had eigenlijk verwacht dat het of hard omlaag of hard omhoog zou gaan! Nu wachten op goedkeuring Ruconest.

Skippy, op 05 maart 2014 om 22:09 uur

Pharming wat ga je morgen doen? Wat gaat er met mijn gok aandeel gebeuren, ik kan uitkomst pas morgen avond laat zien!, maar ik ben reuze benieuwd!

Skippy, op 02 maart 2014 om 01:15 uur

By the way, IEX daar moet je eerst door zoveel pagina's baggeren, zonde van je tijd!

Skippy, op 02 maart 2014 om 00:46 uur

Het uur "U" nadert, het wordt alles of niets, het lijkt wel de American land program van wijlen Rienk Kamer wel!
Reactie laatst gewijzigd door Skippy op 02-03-'14 om 00:57 uur.

Skippy, op 27 februari 2014 om 21:30 uur

Zal beter mijn best doen meer te posten, heb een paar weken geleden een paar stuks Pharming gekocht, puur voor de lol, wordt het iets dan is het meegenomen, wordt het niets dan jammer, dit aandeel wordt nu gekenmerkt door zoveel hebzucht dat rationeel denken geen zin heeft, het kan volgens mij zeeeeer hard beide kanten opgaan, maar voor de adrenaline is het fun!

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