"Hansa Biopharma AB (STO:HNSA; SEK 137.95)
Discounted platform value
Price Target Revision ' Comment
June 1, 2021
RBC Europe Limited
Charles Weston (Analyst) +44 20 7429 8425
Jack Reynolds-Clark (Senior Associate)
Rating: Outperform
Risk Qualifier: Speculative Risk
Price Target: SEK 323.00 (prev: 287.00)
Our view: We update our forecasts and price target to reflect new pricing information for Idefirix in Europe, and strongly reiterate our Outperform rating. In our view, the current share price is factoring only the value of imlifidase in kidney transplants (Idefirix), while imlifidase's value in all other indications is essentially free.
Key points:
Idefirix roll-out in Europe has begun. As a reminder, Hansa recorded the first commercial sales of Idefirix in Q1 in 'early launch countries'. The company did not disclose the number of patients dosed, but we estimate 2 patients were treated (based on SEK6m product revenue and SEK3m per patient).
European Idefirix pricing stronger than expected... At its most recent results, the company confirmed that pricing is so far holding up to Danish pricing levels of c.€300,000 per patient. We increase our assumed average price, but still apply a conservative 30% lower average price for Europe including discounts and rebates, leading us to forecast 2024 direct revenue of SEK623m, up from vs SEK471m. We summarise changes to our forecasts on the next page.
We increase our price target to SEK 323.00 and reiterate our Outperform rating. Near term catalysts include first patient dosing in the US kidney transplant trial (expected H2 2021), and completio"n ...
RBC Europe Limited
Charles Weston (Analyst) +44 20 7429 8425; charles.weston@rbccm.com
Jack Reynolds-Clark (Senior Associate) +44 20 74 298877; jack.reynoldsclark@rbccm.com
Discounted platform value
Price Target Revision ' Comment
June 1, 2021
RBC Europe Limited
Charles Weston (Analyst) +44 20 7429 8425
Jack Reynolds-Clark (Senior Associate)
Rating: Outperform
Risk Qualifier: Speculative Risk
Price Target: SEK 323.00 (prev: 287.00)
Our view: We update our forecasts and price target to reflect new pricing information for Idefirix in Europe, and strongly reiterate our Outperform rating. In our view, the current share price is factoring only the value of imlifidase in kidney transplants (Idefirix), while imlifidase's value in all other indications is essentially free.
Key points:
Idefirix roll-out in Europe has begun. As a reminder, Hansa recorded the first commercial sales of Idefirix in Q1 in 'early launch countries'. The company did not disclose the number of patients dosed, but we estimate 2 patients were treated (based on SEK6m product revenue and SEK3m per patient).
European Idefirix pricing stronger than expected... At its most recent results, the company confirmed that pricing is so far holding up to Danish pricing levels of c.€300,000 per patient. We increase our assumed average price, but still apply a conservative 30% lower average price for Europe including discounts and rebates, leading us to forecast 2024 direct revenue of SEK623m, up from vs SEK471m. We summarise changes to our forecasts on the next page.
We increase our price target to SEK 323.00 and reiterate our Outperform rating. Near term catalysts include first patient dosing in the US kidney transplant trial (expected H2 2021), and completio"n ...
RBC Europe Limited
Charles Weston (Analyst) +44 20 7429 8425; charles.weston@rbccm.com
Jack Reynolds-Clark (Senior Associate) +44 20 74 298877; jack.reynoldsclark@rbccm.com
