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Bankinter insists that PharmaMar is a 'buy' and praises Zepzelca's good prospects

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PharmaMar is this Tuesday the worst value of the Ibex (-3%) after rising yesterday by about 5% after publishing their results on Friday and announcing a deal with Adium. Without specific news that are causing these fluctuations in its price, Bankinter experts today insist on their recommendation to 'buy' the company, with a target price of 125 euros (+ 13% increase from current price levels).

In the bank's opinion, the good evolution of the 2020 results and the perspectives highlighted in the coference call after its publication "confirm the attractiveness that we reflect in our investment scenario."

The most positive thing about last year, in the opinion of these experts, is the take-off of Zepzelca – a drug recently approved to treat lung cancer – which generates sales for the first time in 2020, accounts for 68% of the total and contributes to returning to the positive benefits.

To this is added, in addition, the diagnostic activity, which almost doubles its sales (growing strongly and accounts for 5% of the total) driven by Covid arrest kits. In addition, Bankinter underlines the possibilities that Aplidin opens up as a treatment for patients with coronavirus, "a development that is being valued very positively and that, if the registration process is successfully completed, would position PharmaMar as one of the companies at the forefront of this issue" , they remarked. Likewise, the financial structure of biotechnology is "healthy", according to the entity, and the net treasury guarantees the necessary funds to be able to undertake new developments.

ZEPZELCA LICENSE FOR ITS MARKETING IN LATIN AMERICA

PharmaMar announced on Monday a new agreement with Adium to market Zepzelca in Latin America. The company will receive an advance payment of 2 million euros and may receive additional revenue of up to 6.5 million with the achievement of regulatory milestones and sales.

"In addition to our positive assessment of the results, the news about the new Zepzelca license is positive, it represents another step in the commercial deployment of the drug worldwide. The effect on results is small, the amount of the initial payment represents less than 1% of our 2021 sales estimate, but it is a sum and follows that which is expected to be followed by more license agreements as a result of the commercialization of Zepzelca in new geographies ", he concludes Bankinter.

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