Analyst Research Report Snapshot

Title:

BAVARIAN NORDIC - AN INTRIGUING PROSPECT

Price:

$10.00

Provider:

Edison Investment Research

Date:

05 Dec 2013

Pages:

16

Type:

AcrobatPDF

Companies referenced:

BAVA.CO 4503.T ALGETA.OL BAYGn.DE BMY.N DNDN.OQ JNJ.N MDVN.OQ SASY.PA TRNG.PA

Available for Immediate Download
Summary:

Bavarian Nordic’s long-term investment case rests on key value driver Prostvac, its Phase III prostate cancer vaccine. Final data from the pivotal Phase III PROSPECT trial are not due until 2016 but with enrolment on track to complete in H114, there is potential for interim analyses in 2015. PROSPECT data, coupled with read out of two Phase II Xtandi combination studies and an impressive 8.5-month overall survival benefit shown in the Phase II monotherapy trial, should help secure a partner. Smallpox vaccine Imvamune is currently the revenue driver. Further orders are expected and new clinical data from 2016 should strengthen its market position, helping Bavarian Nordic towards sustainable and growing profitability. We value the company at DKK2,965m, with potential for further upside.

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