AETERNA LABS (AELA) - Buy

Posting aus dem Yahooboard; Interessant:


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When evaluating biotech companies you have to take a look at:

1. Number of drugs in the pipeline
2. Pipeline diversification
3. Stage of development of each drug
4. Market potential for each drug
5. Cash position
6. Licensing/development partnerships
7. Patent protection

Here is the recent example of valuation call for the company having JUST ONE drug in Phase III for macular degeneration of the eye: the recent IPO Eyetech (EYET) has the market cap of 1.3B mostly because of the partnership with Pfizer and analysts predicting success of the billion dollar drug.

Now, look at Aeterna:

Market cap = U$250M

Cash = ~U$55M

Revenues: for the nine months ended 9/30/03, revenues rose 61% to C$117.5M (with revenues generated by biotech R&D, licensing and sales = C$34.7M) Note: many biotech companies have no revenues whatsoever.

Number of drugs in the pipeline: 12

Pipeline diversification: Oncology, Endocrinology, Anti-infectives

Stages of development (some drugs are in multiple trials for different indications):

Market: 2 (U$300-500M market potential)
Approved: 1 (U$200-300M)
Phase III: 1 (U$2-3B)
Phase II: 2 (U$3-5B)
Phase I: 2 ($$$)
Preclinical: 4 (more $$$)

Partnerships and collaborations:

Roche,
Baxter,
Serono,
Solvay,
Shionogi (Japan),
Teikoku Hormone (Japan),
Access Oncology (bought by Keryx),
Ardana Biosciences,
collaboration with Nobel Prize laureate Dr. Andrew Shally,
collaboration with the National Cancer Institute, USA

Patents: 100+

More info: groups.yahoo.com/group/aeternalab/files/  

geht nach kleiner Konsolidierung wieder aufwärts. Bleibt super spannend! Zweistellige Kurse sollten mittelfristig drin sein.

Market Cap (intraday): 268.81M
Enterprise Value (13-Feb-04)³: 215.96M
Trailing P/E (ttm): N/A
Forward P/E (fye 31-Dec-04)⊃: 0.00
PEG Ratio (5 yr expected)⊃: N/A
Price/Sales (ttm): 2.22
Price/Book (mrq): 2.45
Enterprise Value/Revenue (ttm)³: 1.96
Enterprise Value/EBITDA (ttm)³: N/A

Income Statement
Revenue (ttm): 110.27M
Revenue Per Share (ttm): 2.638
Revenue Growth (lfy)³: 133.30%
Gross Profit (ttm)²: 15.07M
EBITDA (ttm): -5.00M
Net Income Avl to Common (ttm): -20.20M
Diluted EPS (ttm): -0.479
Earnings Growth (lfy)³: N/A  


Balance Sheet
Total Cash (mrq): 57.11M
Total Cash Per Share (mrq): 1.26
Total Debt (mrq)²: 31.00M
Total Debt/Equity (mrq): 0.311
Current Ratio (mrq): 2.23
Book Value Per Share (mrq): 2.18

Cash, cash equivalents and short-term investments were $64.4 million on December 31, 2003.

Atrium Consolidated Fourth Quarter Results

During the fourth quarter of 2003, sales of AEterna's 62%-owned subsidiary, Atrium Biotechnologies, reached $37.5 million, compared with $27.7 million for the comparable period in 2002, representing a 35% increase. Operating income was $3.8 million during the quarter, compared with operating income of $3.1 million for the same quarter in 2002, a 21% increase. Net income increased 16% to $1.8 million, compared with net income of $1.6 million for the same period a year earlier. This growth in net income is mainly due to the acquisition of Chimiray/Interchemical in August 2003, and to the higher gross margins generated by product sales mix.

"For the year just ended, we are particularly proud of the successful integration of Zentaris, which provides us with two established and growing pharmaceutical products, Cetrotide® and Impavido®, as well as a deep and balanced pipeline of 14 development-stage products in oncology, endocrinology and infectious diseases. With the Zentaris integration, we are now involved in some 20 clinical studies, with significant support from several partners," said Gilles Gagnon, President and Chief Executive Officer at AEterna. "Among our 2003 achievements, Impavido® was launched for the treatment of visceral leishmaniasis (black fever) and also generated positive Phase III trial results for the treatment of cutaneous leishmaniasis, a severe parasitic skin disease. Furthermore, we extended our agreement with Serono for the marketing of Cetrotide® for in vitro fertilization, providing us with long-term revenues, and recently signed partnership agreements with Roche for Impavido® and Solvay for an orally-active LHRH peptidomimetic. The year was also marked by the strong growth in sales and net income of Atrium Biotechnologies, which acquired two more companies in the latter part of 2003. Considering the scope of our strategic product portfolio, the strength of our international network of partners, our recent corporate restructuring and the realignment of our development program, as well as the financial contribution from Zentaris and Atrium, the Company is well positioned for further growth in 2004," Gilles Gagnon added.

"During 2004, we expect continued increases in our consolidated revenues while investing more than $30 million in R&D to fuel our growth. Furthermore, with the strong contribution from Zentaris and Atrium, we are looking to become cash flow positive in 2004, while working toward profitability. We have more than $64 million in cash, cash equivalents and short-term investments to fund our global strategy," noted Dennis Turpin, Vice President and Chief Financial Officer at AEterna.

AEterna Consolidated Annual Results

Consolidated revenues for the 12 months ended December 31, 2003 increased 64% to $166.4 million, compared with $101.2 million for the same period in 2002. The Company reported an operating loss of $14.3 million in 2003, down sharply from an operating loss of $20.6 million in 2002, despite the fact that R&D investments increased to $44.1 million from $24.1 million. The 2003 net loss was $28.1 million, or $0.65 per share, compared with a net loss of $25.8 million, or $0.67 per share, in 2002.

Atrium Consolidated Annual Results

For the 12 months ended December 31, 2003, Atrium sales reached $120.3 million, compared with $100.9 million for the same period in 2002, representing a 19% increase. Operating income increased 17% to $14.4 million in 2003, from $12.3 million in 2002. Despite a foreign exchange loss of $1.4 million, Atrium recorded net earnings of $7.1 million in 2003, an increase of 6.25%, compared with net earnings of $6.6 million in 2002.

   2003 Highlights

   -  Extended agreement with Serono until 2010 for Cetrotide(R)
      (Cetrorelix), a novel marketed compound used for in vitro
      fertilization. The amended agreement provides for AEterna to receive a
      signature fee, as well as fixed annual payments until 2010.

   -  Along with German Remedies, began marketing Impavido(R) (Miltefosine)
      in India, an oral treatment for visceral leishmaniasis (black fever),
      and announced positive Phase III results in the treatment of cutaneous
      leishmaniasis (parasitic skin disease).

   -  Phase III trial results with Neovastat(R) in renal cell carcinoma did
      not reach the study's primary endpoint. While we have stopped
      development of Neovastat(R) in this indication, we are continuing with
      a U.S. NCI-sponsored Neovastat(R) Phase III trial in non-small cell
      lung cancer.

   -  Closed a $35.6 million bought deal financing.

   -  Atrium acquired Chimiray/Interchemical and Siricie S.A. in Europe for
      over $20 million.

   Conference Call Information


Management will be hosting an investment community conference call today, Friday, February 27, beginning at 10:00 a.m. (Eastern Time), to discuss fourth quarter and annual results.

To participate in the live call by telephone, please dial 514-807-8791, 416-640-4127 or 800-814-4890. Individuals interested in listening to the conference call via the Internet may do so by visiting www.aeterna.com . A replay will be available on the Company's Web site for 30 days.

About AEterna Laboratories

AEterna Laboratories Inc. along with its wholly-owned subsidiary Zentaris GmbH, is a biopharmaceutical company with an extensive product portfolio, including two marketed products and several other product candidates under development in oncology, endocrinology and infectious diseases. Cetrotide® (Cetrorelix) is sold in the U.S., Europe and several other countries to the in vitro fertilization market, and is in Phase II clinical trials for endometriosis, uterus myoma and enlarged prostate (BPH). Impavido® (Miltefosine) is sold for black fever and has successfully completed a Phase III trial in parasitic skin disease. Neovastat® is in a Phase III trial for non-small cell lung cancer. Perifosine, the first orally-active AKT inhibitor, is in Phase II trials for multiple cancers. Several other clinical programs are underway with various potential development candidates, supported by a worldwide network of scientific and marketing partnerships. Furthermore, AEterna benefits from a discovery platform of 100,000 molecules, which is generating promising new compounds.

In addition, AEterna owns 62% of Atrium Biotechnologies Inc., which develops and markets active ingredients and specialty chemicals in the health and personal care industry for the cosmetics, pharmaceutical, chemical and nutritional sectors. In 2003, Atrium sales reached $120 million.

AEterna shares are listed on the Toronto Stock Exchange (AEL) and the NASDAQ National Market (AELA). News releases and additional information about AEterna are available on its Web site at www.aeterna.com .

   Forward-Looking Statements

   This press release contains forward-looking statements made pursuant to
   the safe harbor provisions of the U.S. Securities Litigation Reform Act
   of 1995. Forward-looking statements involve known and unknown risks and
   uncertainties, which could cause the Company's actual results to differ
   materially from those in the forward-looking statements. Such risks and
   uncertainties include, among others, the availability of funds and
   resources to pursue R&D projects, the successful and timely completion of
   clinical studies, the ability of the Company to take advantage of
   business opportunities in the pharmaceutical industry, uncertainties
   related to the regulatory process and general changes in economic
   conditions. Investors should consult the Company's quarterly and annual
   filings with the Canadian and U.S. securities commissions for additional
   information on risks and uncertainties relating to the forward-looking
   statements. Investors are cautioned not to rely on these forward-looking
   statements. The Company does not undertake to update these forward-
   looking statements.

   Attachment: Financial summary

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Source: AETERNA LABORATORIES INC.