Healthcare

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Clinigen

All service and no product?

We think Clinigen’s largest division is being valued at c.4x EBITDA – bizarre given the c.55% divisional EBITDA margins and growth optionality with Proleukin and Erwinase. Admittedly, recent...

Uniphar

RRD acquisition; expanding US access

The acquisition of RRD International (RRD) is an initially modest but strategically important deal. Uniphar aims to be the global leader in Expanded Access Programs (EAPs) and RRD...

UDG Healthcare plc

FY 2020: all key metrics better

UDG Healthcare (UDG) has traded materially better than expected through H2 2020. As a result, FY 2020 EPS came in 8% ahead of expectations, with 34% growth in Sharp the standout...

Malin Corporation

Positive Immunocore data point to 2021 commercialisation

Immunocore has announced positive phase III data for its uveal melanoma study, hitting the primary endpoint – which is the key marker reviewed by regulators. Based on this data, we...

Amryt Pharma

Positive Q3 results; revenue guidance raised

Amryt’s positive set of Q3 results announced yesterday (November 5th) provided further evidence of the good underlying growth in the business. Key highlights were the strong EBITDA...

Uniphar

Lessons from Switzerland

Swiss-based Galenica has core activities in wholesale and retail distribution, similar to Uniphar’s Supply Chain & Retail (SC&R) division. We see several parallels between the two businesses...

Amryt Pharma

Investor event takeaways

Amryt’s investor event yesterday (November 3rd) covered three main areas: (1) the Filsuvez phase III data; (2) regulatory timelines; (3) commercial plans. The Filsuvez data reinforce...

Amryt Pharma

Distribution agreement for Lojuxta across CEE region

Amryt has announced a distribution agreement with Swixx Biopharma (Swixx), which will distribute Lojuxta across 17 jurisdictions in Central and Eastern Europe (CEE). Today’s...

Malin Corporation

Spotlight now on several assets that can spur growth

While Poseida remains a key component of Malin’s portfolio, momentum is also building across a broader array of assets that are at important development junctures. Upcoming milestones...

Clinigen

FY 2020 results: stock now looks materially mispriced

Today’s FY 2020 results reaffirmed the strong underlying growth indicated at the year-end trading update in July. Much improved working capital dynamics in H2 boosted cash conversion....