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Pharming in november dan toch scoren

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  1. jip banaan! 3 november 2016 21:10

    • jip banaan!

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    quote:

    Declan schreef op 3 november 2016 19:14:

    [...]

    Ach U kunt iets veranderen aan geschreven puntjes,maar het blijven pertinente onwaarheden .
    Succes !
    Blijf benieuwd naar de reactie IEX want U volhard in Uw te checken onwaarheden.

    Ruud..

    Bijna niet te geloven; de Analytische beschrijft een paar reële scenario's en jij benoemt dat als pertinente onwaarheden, en dan ben je ook nog benieuwd hoe de moderatie hier op reageert?
    Hoe dom kun je zijn!

    groetjip
  2. [verwijderd] 3 november 2016 21:19

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    quote:

    Nog ff wachten schreef op 3 november 2016 17:23:

    [...]Ruud, wat bedoel je nu precies met de phrase: "ze hebben is een andere adviseren is complexer."

    Kom Ruud, ik ben zo nieuwsgierig. Bij de weg, de pingpong bal ging linksaf bij de groene lantaarnpaal.
  6. [verwijderd] 4 november 2016 09:36

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    Cor, tik van de Molen gehad?
    Iedere dag hetzelfde 1,62 euro advies....

    Waar zijn de linkjes naar de rapporten?
    Geen rapporten? Dan is het advies nergens op gebaseerd.
  9. [verwijderd] 4 november 2016 10:17

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    Voor den luie mensch:

    HEADING FOR PROFITABILITY IN 2017

    Q3/16 results were close to our expectations and showed Pharming at
    breakeven at the operating level on a proforma basis (assuming ownership
    of US marketing rights to lead product Ruconest). We expect Pharming to
    close the acquisition of the US marketing rights to Ruconest from Valeant
    before the end of November. Completing this transaction will give the
    company full access to the market for treatment of acute hereditary
    angioedema attacks, which is currently worth over USD750m worldwide.
    Meanwhile, excellent preliminary results of a phase II study with Ruconest
    in the prophylaxis of hereditary angioedema suggest that Pharming will be
    able to tap a market worth an additional USD800m before the end of this
    decade. We expect the sharper focus entailed by Pharming’s marketing of
    its own lead drug as well as increased resources to enable the company to
    make the case for the advantages of the recombinant product, Ruconest,
    over rival blood-based products more effectively than Valeant did.
    Pharming has so far received 30% of the revenue from US Ruconest sales.
    We expect the inclusion of 100% of Ruconest’s US revenues on Pharming’s
    P&L to push the company to profitability in 2017. We continue to see fair
    value for the Pharming share at €1.40.
    Valeant transaction expected to close in November Pharming has published
    Q3 results as shown in figure 1 overleaf. The numbers were close to our
    expectations – in part because the company had already released results for the
    first two months of the quarter on 3 October. Q3 sales came in at €3.4m (Q3/15:
    €3.2m; FBe: €3.5m) while EBIT was €-3.2m (Q3/15: €-3.0m; FBe: €-3.1m)
    These numbers were released two days ahead of the AGM on 5 October at
    which shareholders voted in favour of the capital raise necessary to implement
    the acquisition of the north American marketing rights to Ruconest. Management
    expects this transaction to close in November.

    US Ruconest sales continue to be affected by turmoil at marketing partner Valeant. In the
    course of a refocusing of its business, Valeant halved the sales force dedicated to Ruconest.
    Pharming has undertaken to restore the US sales team to its former size in a stepwise
    fashion and also to hire several medical liaison personnel if it succeeds in acquiring the
    Ruconest marketing rights. Looking at the development of Ruconest in the US over recent
    quarters, sales have continued to recover from the low point of €1.2m reached in Q4/15.
    Q1/16 sales were €1.5m, Q2 sales were €2.0m and Q3 sales came in at €2.3m as stated
    above. Proforma figures (assuming ownership of the US marketing rights to Ruconest and
    that Pharming therefore receives 100% of the product’s US revenues compared with the
    30% it receives currently) showed worldwide Ruconest revenues of €20.5m at the nine
    months stage compared with €12.4m for H1/16. We estimate that US revenues accounted
    for ca. 95% of both these figures. Annualised worldwide Ruconest sales were €32m based
    on September numbers compared with €24.8m based on the H1/16 numbers.

    Q3/16 operating result at breakeven The reported gross profit climbed to €2.2m (Q3/15:
    €1.9m) equivalent to a margin of 64.1% (Q3/15: 57.5%). The gross margin widened because
    of a shift in the product mix towards higher margin US revenues. However, the reported
    operating loss widened to €3.2m (Q3/15: €3.0m) mainly due to a €300k increase in R&D
    expenditure. On a proforma basis, the operating result was a loss of €3.1m at both the
    H1/16 and 9M/16 stage. The proforma Q3/16 operating result was thus breakeven.
    Excellent preliminary results from phase II prophylaxis trial Preliminary results of the
    phase II clinical trial of Ruconest for prophylaxis of HAE published in July were excellent.
    The primary efficacy endpoint was the number of HAE attacks per 28 day treatment period
    and the secondary endpoint was clinical response, defined as a = 50% reduction in the
    number of attacks from treatment with placebo to treatment with Ruconest. Patients who
    received Ruconest twice weekly had a mean of 2.7 attacks per four week treatment period,
    compared with a mean of 7.2 attacks for the placebo group. Meanwhile, among the perprotocol
    population of patients who completed the study without any major deviations (n=23),
    96% of patients who received Ruconest twice weekly had at least a 50% reduction in their
    attack frequency. The study also confirmed a high level of tolerability for Ruconest. No
    patients withdrew from the study due to adverse events and no thrombotic or
    thromboembolic events were observed. In addition, there were no hypersensitivity or
    anaphylactic reactions and no neutralizing antibodies were detected.
    Value of US HAE prophylaxis market projected to reach USD800m in 2017
    Management tell us that comprehensive peer-reviewed results of the phase II prophylaxis
    trial will be presented at the Annual Scientific Meeting of the American College of Allergy,
    Asthma and Immunology from 10-14 November in San Francisco.
    28 October 2016
    B
    Pharming Group NV
    Page 3/9
    Pharming will then begin discussions with the FDA on further steps towards approval of
    Ruconest for prophylaxis of HAE. We expect a phase III study to begin before the end of this
    year. Results are likely to be available in 2017 and first revenues before the end of this
    decade are realistic. The US market for prophylaxis of HAE is expected to be worth
    USD800m in 2017 (up from USD500m in 2014). The only product currently approved for
    HAE prophylaxis in the US is Shire’s Cinryze. If Ruconest is approved for HAE prophylaxis
    in the US, it will be the only product approved for both acute attacks and prophylaxis. The
    availability of one product for both indications has the potential to simplify management of
    the disease.
    We maintain our Buy recommendation and price target of €1.40 Our 2016 numbers
    are based on the assumption that the Valeant transaction will not close until the end of the
    year. However, management now expects closing during November. If the December P&L
    includes 100% of North American Ruconest revenues rather than just the 30% which
    Pharming is currently booking, our numbers are likely to be exceeded. The structure of the
    transaction (the split between straight debt, convertibles and straight equity) has still to be
    finalised, but management has indicated that minimisation of shareholder dilution is a priority.
    Pending publication of this information, we are leaving our forecasts and valuation
    unchanged. We maintain our Buy recommendation and price target of €1.40.
  12. [verwijderd] 4 november 2016 11:21

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    quote:

    lower schreef op 4 november 2016 09:36:

    Cor, tik van de Molen gehad?
    Iedere dag hetzelfde 1,62 euro advies....

    Waar zijn de linkjes naar de rapporten?
    Geen rapporten? Dan is het advies nergens op gebaseerd.
    Cor vind het leuk om dagelijks oude koek te plaatsen.Hij denk dat hij de critici er mee heeft.
    En die kijken het dagelijks hoofdschuddend aan.

    Zal wel een puber wezen.
  19. [verwijderd] 4 november 2016 11:53

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    Beste Cor,
    Ik zal je even helpen:
    28 oktober FB rapport www.more-ir.de/d/14417.pdf

    Je kan gewoon niet laten zien dat 1,62 een gemiddelde is....
    Laten we even wachten op KBC met name. Zij zijn meest behoudend.

    Interessante vraag die wat mij betreft nog open staat is over "fully-diluted" en hoe First Berlin dit gebruikt.
    (zojuist even gebeld met Simon Scholes. Hij mag "legally not allowed to talk to private investor"

    quote:

    lower schreef op 10 oktober 2016 10:51:

    Het first Berlin rapport.
    Shares outstanding 412.56m

    NPV €875.9M Milestones
    PV -€26.9M
    Net Cash (pro-forma) €60.1M
    Fair Value €909.1M
    Share Count (fully diluted) 645,370K klopt dit wel??!!
    Fair value per share €1.41

    Maatschappelijk kapitaal is 650 miljoen aandelen.
    184 miljoen stuks kunnen worden uitgegeven.
    412 miljoen op de beurs
    650 - 412 - 183 = 55 miljoen stuks in opties, warrants en beloningsprogramma.

    Dan zou fully diluted toch 412 + 55 = 567 moeten zijn?

    Wat bedoeld First Berlin dan met 'fully dilluted'?

  20. [verwijderd] 4 november 2016 12:04

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    quote:

    lower schreef op 4 november 2016 11:53:

    Beste Cor,
    Ik zal je even helpen:
    28 oktober FB rapport www.more-ir.de/d/14417.pdf

    Je kan gewoon niet laten zien dat 1,62 een gemiddelde is....
    Laten we even wachten op KBC met name. Zij zijn meest behoudend.

    Interessante vraag die wat mij betreft nog open staat is over "fully-diluted" en hoe First Berlin dit gebruikt.
    (zojuist even gebeld met Simon Scholes. Hij mag "legally not allowed to talk to private investor"

    [...]
    maar wel rapporten uitbrengen , waar je op z'n minst vraagtekens bij kan plaatsen.
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