Erik Pensers analytiker Ludvig Svensson intervjuar Klaus Sindahl, IR på Hansa Biopharma, om bolaget rapport för det andra kvartalet samt den annonserade finansieringslösningen.

https://docs.penser.se/a/2943/HNSA20220720.pdf

"Efter rapporten och den annonserade kapitalanskaffningen upprepar vi vårt fundamentala motiverade värde om 240-250 kronor per aktie. Vi bedömer att närmsta 12 månader kommer erbjuda flertalet triggers som kan minska värdegapet till vårt motiverade värde."

ERIK PENSER BANK TIL SEK 240-250

RBC TIL SEK 171

"Emerging from the wilderness
With its cash position secured into H2/24 and sales of Idefirix now becoming more consistent, we are increasingly confident that Hansa has emerged from the heart of the wilderness. Clearly, there is work to be done on the salesfront, but with reimbursements continuing to develop positively, we believe there is rising clarity on near-term sales evolution. With potential triggersremaining in H2, we expect Hansa to outperform the market. Buy.

Building sales momentum and controlling the burn rate
Although not as high as Q1, Q2 sales of Idefirix reached SEK 19.5m, the next-bestquarter to date. Hansa continues to be disciplined in its cash burn rate at SEK -135.6m, with SG&A 18% below our estimates. Encouragingly, R&D costs were 16% higher than we forecast, implying healthy development activity. Set to gain momentum in H2/22 with upside from clinical data

In terms of the outlook for the rest of 2022, France, Switzerland, and the UK are likely to contribute meaningfully to top-line growth in H2, and centres that had transplanted their first patients are likely to start using Idefirix again, given that results appear to be consistent with published experience. Patients will not bring recurring revenue, but centres will, and this should only accelerate as the year comes to a close. The clinical programme remains on track, with the phase 2 AMR
trial due to read out in H2/22. We note a degree of optionality in that thisrandomised trial feasibly has the potential to be pivotal should the data be sufficiently compelling.

Lift target price to SEK 260 (230)
We raise our Idefirix estimates on the back of the sales beat, and update ourmodel to reflect the financing from NovaQuest. Accordingly, we raise our SOTP-rNPV-based target price to SEK 260 (230) and reiterate our Buy rating".

Company Participants

Søren Tulstrup - CEO

Donato Spota - CFO

Conference Call Participants

Dominic Rose - Intron Health Research

Douglas Tsao - H.C. Wainwright

Zoe Karamanoli - RBC Capital Markets

Adam Karlsson - ABG Sundal Collier

Jacob Mekhael - Kempen & Co.

Johan Unnerus - Redeye

Christopher Uhde - SEB

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Hansa Biopharma half year report 2022

•    Continued solid sales in Q2 •    Positive NICE recommendation obtained  •    Completed

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• Continued solid sales in Q2

• Positive NICE recommendation obtained

• Completed enrollment in imlifidase Phase 2 program in AMR

• Peter Nicklin elected as new Chairman of the Board of Directors

NovaQuest works directly with companies to help make their R&D pipelines a reality for patients and caregivers around the globe. We look to partner with seasoned teams of pharma operators focused on long term value creation, which have promising late-stage assets and unmet capital needs"

"https://www.novaquest.com/strategy/biopharma/

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