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OSE Immunotherapeutics (PAR: OSE)

Last close As at 04/11/2024

EUR10.24

▲ 0.18 (1.79%)

Market capitalisation

EUR220m

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

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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

Healthcare | Flash note

OSE Immunotherapeutics — Another partnership with expansion into CAR-T
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 23.9 30.1 127.1
Relative 28.5 33.4 112.6
52 week high/low €10.4/€3.2

Financials

OSE Immunotherapeutics has reported its results for H124, a standout period for the company’s development pipeline, with the momentum carrying into H224. The first half of the year rewarded the company with partnerships deals with AbbVie and Boehringer Ingelheim (BI), bringing in c €84m and securing the cash runway into 2027. Furthermore, H224 so far has seen the company make significant progress in advancing its internal pipeline, with successful Phase II results for Lusvertikimab in ulcerative colitis (UC) and, more importantly, the launch of the Phase III registrational trial for lead asset Tedopi in September 2024. We have updated our estimates for the H124 performance and upgraded our probability of success for Tedopi (from 48% to 67%), increasing our valuation of OSE to €465.7m or €21.3/share (from €413.5m or €19.0/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 3.6 3.6
2025E 86.3 53.3 50.9 233.23 4.3 4.3

Research

Flash note

Healthcare

OSE Immunotherapeutics — Tedopi registrational study commences

Flash note

Healthcare

OSE Immunotherapeutics — Lusvertikimab shines in Phase II UC trial

Healthcare

Update

OSE Immunotherapeutics — Riding the H124 tailwinds
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Thematics

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