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APONTIS PHARMA AG
ISIN: DE000A3CMGM5
WKN: A3CMGM
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APONTIS PHARMA AG · ISIN: DE000A3CMGM5 · EQS - Analysts (88 News)
Country: Germany · Primary market: Germany · EQS NID: 20085
24 June 2024 11:01AM

Buy


Original-Research: APONTIS PHARMA AG - from First Berlin Equity Research GmbH

Classification of First Berlin Equity Research GmbH to APONTIS PHARMA AG

Company Name: APONTIS PHARMA AG
ISIN: DE000A3CMGM5

Reason for the research: Initiation of Coverage Recommendation: Buy
from: 24.06.2024
Target price: EUR 17.00
Target price on sight of: 12 months
Last rating change: -
Analyst: Christian Orquera

First Berlin Equity Research on 24/06/2024 initiated coverage on APONTIS PHARMA AG (ISIN: DE000A3CMGM5/ Bloomberg: APPH GR). Analyst Christian Orquera placed a BUY rating on the stock, with a EUR 17.00 price target.

Abstract:
Apontis Pharma AG (Apontis) is a leading specialty pharmaceutical company focusing on the development and marketing of a broad portfolio of 'single pills' and other drugs for cardiovascular and respiratory diseases in Germany. Single pills combine two to three off-patent active pharmaceutical ingredients (APIs), in one combination preparation. Single pill therapies are scientifically proven to significantly improve adherence to medication of patients, while reducing adverse cardiovascular events, mortality and treatment costs. 2023 was a difficult year with revenue setbacks leading to substantial EBITDA losses. The new CEO, Mr Wohlschlegel, is a marketing veteran with >26 years' experience at the large German company Merck where he was most recently responsible for the German subsidiary and the European pharma business with a turnover in the billions. He took office in September 2023 to restructure, turnaround and increase efficiency at Apontis. He downsized staff to 110 (previously 185) in record time with anticipated annual savings of €6m to €7m p.a., launched a modern multichannel marketing strategy to approach physicians more efficiently and closed an exclusive marketing deal for two asthma drugs with Novartis. Following strong Q1 2024 financial results, we see Apontis in excellent shape to accelerate penetration of the highly attractive single pill market. We view Apontis as a very compelling turnaround story. Based on our DCF model, we initiate coverage of Apontis with a Buy rating and a price target of €17.00, which represents an upside potential of >100% from the current level.

First Berlin Equity Research hat am 24.06.2024 die Coverage von APONTIS PHARMA AG (ISIN: DE000A3CMGM5/ Bloomberg: APPH GR) aufgenommen. Analyst Christian Orquera stuft die Aktie mit einem BUY-Rating ein, bei einem Kursziel von EUR 17,00.

Zusammenfassung:
Die Apontis Pharma AG (Apontis) ist ein führendes Specialty Pharma-Unternehmen, das sich auf die Entwicklung und Vermarktung eines breiten Portfolios von 'Single Pills' und anderen Medikamenten für Herz-Kreislauf- und Atemwegserkrankungen in Deutschland konzentriert. Single Pills kombinieren zwei bis drei patentfreie Wirkstoffe (APIs) in einem Kombinationspräparat. Es ist wissenschaftlich erwiesen, dass Single-Pill-Therapien die Therapietreue der Patienten deutlich verbessern und gleichzeitig die kardiovaskulären Zwischenfälle, die Sterblichkeit und die Behandlungskosten senken. 2023 war ein hartes Jahr mit Umsatzrückgängen, die zu erheblichen EBITDA-Verlusten führten. Der neue CEO, Herr Wohlschlegel, ist ein Marketing-Veteran mit mehr als 26 Jahren Erfahrung bei dem großen deutschen Unternehmen Merck, wo er zuletzt für die deutsche Tochtergesellschaft und das europäische Pharmageschäft mit einem Umsatz in Milliardenhöhe verantwortlich war. Er trat sein Amt im September 2023 an, um Apontis umzustrukturieren, zu sanieren und die Effizienz zu steigern. Er verringerte die Mitarbeiterzahl in Rekordzeit auf 110 (vorher 185) mit erwarteten jährlichen Einsparungen von 6 bis 7 Mio. Euro pro Jahr, startete eine moderne Multikanal-Marketingstrategie, um Ärzte effizienter anzusprechen, und schloss mit Novartis einen exklusiven Marketingvertrag für zwei Asthma-Medikamente ab. Nach den starken Finanzergebnissen des ersten Quartals 2024 sehen wir Apontis in einer ausgezeichneten Verfassung, um die Durchdringung des hochattraktiven Marktes für Single Pills zu beschleunigen. Wir betrachten Apontis als eine sehr überzeugende Turnaround-Story. Auf der Grundlage unseres DCF-Modells nehmen wir die Coverage von Apontis mit einem Buy-Rating und einem Kursziel von €17,00 auf, was einem Aufwärtspotenzial von >100% gegenüber dem aktuellen Kursniveau entspricht.

Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse.

You can download the research here:
http://www.more-ir.de/d/30085.pdf

Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com

-------------------transmitted by EQS Group AG.-------------------

The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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