Member Info for lsecouk

Promising trends for sure. Interesting how the volumes are being strongly driven by significantly more prescribing in a very small number of areas (Bristol/Barnsley/Northumberland), suggesting that there is much much more growth available should Norgine succeed in getting wider reimbursement in the UK and the sales reps nos increase to support the growth. Still, overall the UK is a small market.

Great to finally (hopefully) see what looks like maintained momentum in the company's valuation that is recognising the inherent value in what is widely accepted by those who prescribe and those who consume it as a really good product. After 2-3 terrible years not least due to the trauma of Greg's failed leadership and associated destruction of value, the whole STX team deserve a pat on the back. I hope the staff who have been there for a long time and have underwater options languishing at god knows what price with little chance of them being in the money due to the huge dilution that has happened in that period, have been able to get repriced options that are in the money to make their efforts worthwhile, as it will be a big part of their overall remuneration and a big reason for having joined the business in the first place.

I only see 2 buyers for STX any time soon:

AOP - but why would they take it private when the rising share price is worth so much more to them than the revenues that may eventually come through volume sales?

Viatris - as they have the inside scoop on commercial activity of Feraccru in the USA, the only really important market. If the growth is really interesting to them then perhaps it is better to move earlier rather than later re a buyout and pay less overall.

Any other buyer who wanted the product would be acutely focused on the USA opportunity and they'd have to share the spoils with Viatris until the agreement expired. I just don't see that happening as it would be so difficult to recover value, never mind make a profit on the trade.

Bearing in mind the percentage they give to Viatris, I think a discussion around potential market cap of the business (& what that translates to as a share price) versus their peer group (??) in relation to the USA opportunity is far more interesting to consider. @23p we're looking at a $300m market cap (or $600m if they owned the whole revenue flow) and that seems like a reasonable market cap for a 1-product company.

From historic documents, when STX 1st tried to list around 10yrs ago on LSE rather than AIM their prospectus had a market cap of around 300m, but with only 100m or shares in issue!! What goes around comes around seemingly.

In any case it will be great to see these be successful again as the London markets desperately need a poster child.

DYOR.

What a stark example of incompetent management/board oversight and shareholder value destruction over the last 4 years in which time market cap has gone from c. US$200m to the current level and shares in issue will have gone from c. 110m to c. 1000m (!!!) and during that whole time they've had an approved product in a huge market...

Another thought about the benefits of the positive paediatric study - as they have now developed a novel liquid formulation it is likely that will provide additional IP/know how, PLUS it opens up additional markets in patients who have dsyphagia and for whom ID/IDA is a common problem that currently needs to be treated with IV iron... Another string to the product's bow. Once they've got the paediatric approval that may also provide them with some additional exclusivity period in USA/EU markets.