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    APPH   DE000A3CMGM5


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Apontis Pharma (APPH): Initiation - A phoenix rises

05/14/2021 | 02:01am EDT
Edison Investment Research Limited 
Apontis Pharma (APPH): Initiation - A phoenix rises 
14-May-2021 / 07:00 GMT/BST 
London, UK, 14 May 2021 
Apontis Pharma (APPH): Initiation - A phoenix rises 
Apontis Pharma is a speciality pharma business aiming to leverage its commercial heritage in Germany and deliver on its 
rapid growth ambitions. The company has carved out a sizeable niche for its 'single pill' products, which are 
combinations of commonly co-prescribed generic drugs that have been reformulated into in one branded pill (2020 sales 
of EUR19.0m). Alongside the 'single pill strategy', Apontis also has co-marketing agreements for several branded drugs 
(2020 sales of EUR16.6m). It is the increasing mix of the higher-margin single pills that we believe should benefit 
current operating leverage and provide the foundations for an enticing margin story. Apontis shares were placed at 
EUR19.0/share, raising gross proceeds to the company of EUR38m, translating to an enterprise value (EV) of c EUR145m. 
Consensus is not yet available for Apontis, but based on management's FY21 revenue guidance of EUR48.5m, the shares are 
priced at c 3.0x EV/sales, within the range for established peers, but at a c 8% discount to the average for the group. 
Broader recognition of its double-digit sales growth potential, coupled with the potential for a strong margin story 
underpin the momentum. 
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The issuer is solely responsible for the content of this announcement. 

1196401 14-May-2021

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(END) Dow Jones Newswires

May 14, 2021 02:00 ET (06:00 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
0X (ZRX/USD) 6.02% 0.74875 Real-time Quote.101.21%
APONTIS PHARMA AG 0.76% 19.85 Delayed Quote.0.00%
DJ INDUSTRIAL 0.44% 35084.53 Delayed Quote.14.55%
All news about APONTIS PHARMA AG
07/28APONTIS PHARMA : reports accelerated growth in first half of 2021 - Single Pill ..
07/28PRESS RELEASE : APONTIS PHARMA reports accelerated growth in first half of 2021 ..
07/28Apontis Pharma AG Provides Earnings Guidance for the Financial Year 2021
07/28Apontis Pharma AG Announces Unaudited Preliminary Earnings Results for the Fi..
07/12PRESS RELEASE : APONTIS PHARMA marks further success in the roll-out of Single P..
07/12APONTIS PHARMA : marks further success in the roll-out of Single Pill therapy
06/18PRESS RELEASE : APONTIS PHARMA AG: Initial studies confirm that the share has a ..
06/18APONTIS PHARMA AG : Initial studies confirm that the share has a price potential..
06/10PRESS RELEASE : APONTIS PHARMA AG: Post-Stabilisation disclosure - Partial exerc..
06/10APONTIS PHARMA AG : Post-Stabilisation disclosure - Partial exercise of the Gree..
More news
Sales 2021 48,7 M 57,8 M 57,8 M
Net income 2021 2,90 M 3,45 M 3,45 M
Net cash 2021 28,8 M 34,2 M 34,2 M
P/E ratio 2021 57,5x
Yield 2021 -
Capitalization 167 M 199 M 199 M
EV / Sales 2021 2,85x
EV / Sales 2022 2,40x
Nbr of Employees 195
Free-Float -
Duration : Period :
Apontis Pharma AG Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 19,85 €
Average target price 36,00 €
Spread / Average Target 81,4%
EPS Revisions
Managers and Directors
Thomas Milz Chief Product Officer
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