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OSE Immunotherapeutics (PAR: OSE)

Last close As at 21/11/2024

EUR8.65

▲ −0.42 (−4.63%)

Market capitalisation

EUR189m

OSE Immunotherapeutics (OSE) is based in Nantes and Paris in France and is listed on the Euronext Paris exchange. It is developing immunotherapies for the treatment of solid tumours and autoimmune diseases and has established several partnerships with large pharma companies.

OSE has products in development for both immunooncology and immuno-inflammation indications. As a result, the R&D pipeline is diversified and the outlook does not depend on developments in any specific subsector.

Latest Insights

View More

Healthcare | Update

OSE Immunotherapeutics — Full Lusvertikimab results reflect potential in UC

Healthcare | Update

OSE Immunotherapeutics — Riding the H124 tailwinds

Healthcare | Flash note

OSE Immunotherapeutics — Tedopi registrational study commences

Healthcare | Flash note

OSE Immunotherapeutics — Lusvertikimab shines in Phase II UC trial
OSE-Immunotherapeutics_resized
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Sector

Healthcare

Equity Analyst

Arron Aatkar

Analyst

Jyoti Prakash

Jyoti Prakash

Analyst, Healthcare

Key Management

  • Dominique Costantini

    Chairman

  • Nicolas Poirier

    CEO

Balance Sheet

Forecast net cash (€m)

35.2

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (12.0) 18.5 86.8
Relative (7.0) 23.0 88.2
52 week high/low €10.7/€3.2

Financials

OSE Immunotherapeutics’ final analysis of the CoTikiS trial in ulcerative colitis (UC) confirmed that Lusvertikimab met the primary endpoint with statistical significance, highlighting its potential to offer a clinically meaningful solution for the condition. In our view, this marks a positive step forward for the candidate, which, to our knowledge, has a unique mechanism of action to address chronic inflammatory and autoimmune diseases. We believe that OSE plans to advance this programme to the next stages of development (Phase IIb or Phase III) once a partner is onboard. Based on the encouraging full results, we have increased our probability of success for Lusvertikimab in UC to 35% (from 17%), resulting in a valuation upgrade for OSE to €541.2m or €24.8/share (from €465.7m or €21.3/share previously).

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2022A 18.3 (15.0) (18.0) (95.86) N/A N/A
2023A 2.2 (19.6) (23.2) (117.58) N/A N/A
2024E 98.5 66.7 64.5 280.20 3.1 3.1
2025E 86.3 53.3 50.9 233.23 3.7 3.7

Research

Update

Healthcare

OSE Immunotherapeutics — Riding the H124 tailwinds

Flash note

Healthcare

OSE Immunotherapeutics — Tedopi registrational study commences

Healthcare

Update

OSE Immunotherapeutics — Full Lusvertikimab results reflect potential in UC
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Thematics

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