Nicox - Edison Group

Overview
Price performance
Financials
Research
Thematics

France-based Nicox develops therapeutics for the treatment of ocular conditions. Lead candidate NCX-470 is in Phase III studies for the treatment of glaucoma and it is advancing NCX-4251 for dry eye disease. Nicox receives licence revenue for its FDA-approved drugs Vyzulta and Zerviate.

Latest Insights

View More

Healthcare |
Flash note

18.12.23

Nicox — Animal data show favourable profile vs Lumigan

Healthcare |
Update

14.11.23

Nicox — Q323 update confirms trajectory for NCX-470

Healthcare |
Flash note

21.07.23

Nicox — Denali trial remains on track for 2025 readout

Healthcare |
Flash note

13.07.23

Nicox — Nicox provides NCX-470 sales potential estimates

nicox01

Sector

Healthcare

Equity Analyst

Analyst - Healthcare

Analyst

Jyoti Prakash

Analyst, Healthcare

Key Management

Andreas Segerros

CEO
Gavin Spencer

Executive VP and Chief Business Officer
Michele Garufi

Chairman

Balance Sheet

Forecast net debt (€m)

9.2

Forecast gearing ratio (%)

26

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(16.4)	24.4	(42.2)
Relative	(11.7)	29.2	(41.8)
52 week high/low	€0.4/€0.2

Financials

Nicox has reported that an in vivo study carried out in beagles found that NCX-470 (0.1%) treatment led to a greater degree of intraocular pressure (IOP) reduction compared to AbbVie’s Lumigan (bimatoprost 0.01%), the best-selling branded prostaglandin F2α analogue (PGA) drug, in both single and repeated (five-day) dosing. The newly reported data from the open-label cross-over study assessing NCX-470, Lumigan and vehicle were published in the peer-reviewed Journal of Ocular Pharmacology and Therapeutics. While we acknowledge the limitations in read-across from animal data and note the Mont Blanc study did not show statistical superiority against PGA drug latanoprost (although it did meet the non-inferiority primary efficacy endpoint), we believe the new findings add to the body of collective data suggesting a competitive commercial profile for NCX-470 versus standalone PGA drugs such as bimatoprost.

Y/E Dec	Revenue (€m)	EBITDA (€m)	PBT (€m)	EPS (fd) (c)	P/E (x)	P/CF (x)
2021A	8.6	(16.5)	(15.5)	(31.74)	N/A	N/A
2022A	5.2	(21.1)	(18.3)	(33.68)	N/A	N/A
2023E	6.1	(16.4)	(15.6)	(31.19)	N/A	N/A
2024E	7.6	(18.0)	(20.3)	(40.50)	N/A	N/A

Research

Update

Healthcare

23.11.22

Nicox — €10m financing boosts cash runway into Q224

Update

Healthcare

10.11.22

Nicox — Revising NCX-470 forecasts after Mont Blanc

Healthcare

Flash note

Nicox — Q4 highlights confirm continued Vyzulta growth

nicox01

research

Healthcare

31.10.22

Nicox — NCX-470 non-inferior to latanoprost in Mont Blanc

Update

Healthcare

26.10.22

Nicox — Looking ahead to Mont Blanc study readout

Update

Healthcare

22.09.22

Nicox — Revising NCX-470 timelines given Denali delay

Flash note

Healthcare

21.07.22

Nicox — Moving towards key Mont Blanc data in Q4

Flash note

Healthcare

07.06.22

Nicox — Mont Blanc top-line data timelines pushed forward

Outlook

Healthcare

19.05.22

Nicox — Eye health portfolio targets large markets

Flash note

Healthcare

17.05.22

Nicox — New governance structure

edison tv

Healthcare

05.04.22

Nicox – executive interview

Update

Healthcare

16.12.21

Nicox — Funded through key milestones

Flash note

Healthcare

02.12.21

Nicox — Mississippi data shows benefit in dry eye

Update

Healthcare

26.10.21

Nicox — Commercial products continue to grow

Update

Healthcare

24.09.21

Nicox — NCX-4251 setback sharpens focus on NCX-470

Update

Healthcare

21.07.21

Nicox — Continuing to move towards data inflection points

Update

Healthcare

23.04.21

Nicox — Key programmes continue to advance

Update

Healthcare

09.03.21

Nicox — No surprises as NCX-470 Phase III trials advance

edison tv

Healthcare

03.02.21

Nicox – Edison Open House interview

Initiation

Healthcare

21.01.21

Nicox — Focus on sight

thematic

Healthcare

13.06.23

ASCO 2023 key takeaways

thematic

Healthcare

26.01.23

Machine learning in drug development

thematic

Healthcare

06.01.23

Outlook for 2023: Biotechs remain central to novel drug development

Cancer cells

thematic

Healthcare

04.01.23

Oncology ABCs (part four): Blood cancers (AML) – notable innovations

cell DNA double helix

thematic

Healthcare

20.12.22

Cell and gene therapies

thematic

Healthcare

28.11.22

Drug delivery platforms

thematic

Healthcare

07.11.22

Oncology ABCs (part three) – thinking outside the box in women’s cancer

thematic

Healthcare

01.11.22

Neuroscience comeback

thematic

Consumer

05.10.22

IPO apocalypse

thematic

Healthcare

03.10.22

Oncology ABCs (part two) – vaccines: niche no longer

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

Healthcare

01.07.22

Oncology ABCs (part one) – a small-cap biopharma prospectus series

thematic

Healthcare

26.04.22

Cannabinoid manufacturing – Innovative approaches to the production of cannabinoids

thematic

Healthcare

10.11.21

Artificial intelligence in drug discovery

thematic

Healthcare

27.07.21

Biosynthesis – Taking the cannabinoid market to new heights

thematic

Healthcare

22.03.21

Seven things every investor should know about SIGA technologies & biological weapons

thematic

Healthcare

01.02.21

Confidence renewed as new COVID-19 vaccines demonstrate protection against emergent strains and efficacy with a single-dose regimen

thematic

Healthcare

30.10.19

Edison Exhibits- antibiotic development

thematic

Healthcare

17.07.19

The next wave in AMD

thematic

Healthcare

18.06.19

The A-B-T of biosimilars- Explaining contemporary life science issues

thematic

Healthcare

10.06.19

Cannabinoid Therapies- The coming retail wave

thematic

Healthcare

22.05.19

Cannabinoid Therapies- Therapeutics turning a corner

thematic

Healthcare

08.04.19

Trial outcomes and value – Explaining contemporary clinical trial issues

thematic

Healthcare

04.03.19

Drug pricing – Market access and reimbursement

thematic

Healthcare

29.01.19

The diagnostics sector

thematic

Healthcare

21.06.17

ASCO 2017

thematic

Consumer

11.11.14

Deutsche Börse Eigenkapitalforum 2014 Research Guide

thematic

Healthcare

05.03.14

Edison healthcare quarterly: A boost for allergy immunotherapy

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

Healthcare

07.12.12

Edison healthcare quarterly: Boom times for US biotech

thematic

Healthcare

30.08.12

Edison healthcare quarterly: Crisis? What crisis?

thematic

Healthcare

28.05.12

Edison healthcare quarterly: How to please some of the people some of the time