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$19.28 neuren pharmaceuticals limited

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What A Gas

5,987 Posts.

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26/12/23

20:25

Post #: 71620860
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Originally posted by hottod: ↑

How does Horizon stack up against NEU. I believe it can be argued that they are very similar in many regards.

And I think it can also be argued that there are substantial differences between the two companies.

Yes, both companies have rare disease pipelines, but…

Horizon had 12 drugs already approved and marketed. Neuren has one, for which it has already licensed global rights.

Horizon had another 20 development programs in progress. Neuren has 4 programs, but all in one drug.

Horizon’s sales revenue was approaching US$1bn per quarter. Even if Daybue sales by Acadia hit US$1bn per annum within a few years, royalty revenue to Neuren will still only be be ~US$35m per quarter.

According to Amgen, its merger with Horizon could yield US$500m in cost cuts per annum.
As Neuren is an extremely lean operation without large research or sales teams, there are no real cost cutting benefits.

Horizon current assets were ~UD$3.9bn. In comparison, Neuren has ~US$160m.

In addition, Horizon is headquartered in Ireland, which is very popular with Big Pharma because of its favourable tax environment.

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A little realism never goes astray. Well "researched" HT.

NEU Price at posting: $24.04 Sentiment: Hold Disclosure: Held
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Last $19.28		Change -0.990(4.88%)		Mkt cap ! $2.473B

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