Hyloris Pharmaceuticals (1K) | Buy | Commercial ramp becomes the key test

研报英文原文证据摘录

Hyloris Pharmaceuticals (1K) | Buy | Commercial ramp becomes the key test

o provide first tangible signs of Consensus EPS -0.3 0.5

sales acceleration from recent launches and partner-led rollouts. Net dividend 0.00 0.00 0.00

Deconstructing the forecasts FY to 31/12 (EUR) 12/26E 12/27E 12/28E

We lower FY2026E and FY2027E revenues to EUR 15m and EUR 26m, from EUR P/E adj and ful. dil. nm 57.7 6.0

20m and EUR 52m, reflecting more conservative assumptions across the EV/EBITDA nm 39.7 3.4

EV/EBIT nm 39.7 3.4

commercial portfolio as near-term ramp-up proves slower than initially FCF yield -4.3% 2.4% 16.3%

anticipated. Dividend yield 0.0% 0.0% 0.0%

We make minor adjustments to our opex assumptions to better align with the ND(F+IFRS16)/EBITDA 1.5 -3.1 -1.0 Gearing -28.1% -37.0% -59.3%

current cost trend. ROIC -142.6% 93.1% 679.9%

Valuation and investment conclusion EV/IC 42.1 61.7 22.1

Hyloris is a capital-light specialty pharma platform focused on reformulated and Sector Most Pref. Sector Least Pref.

repurposed medicines, mainly using the 505(b)(2) pathway or equivalents to reduce Galderma Sanofi

development risk, cost and time to market. Roche

The model offers operating leverage once revenues scale, as partnered launches

should require limited additional infrastructure while generating royalties, milestones

and selected co-development economics.

The investment case now hinges on converting the 30+ asset portfolio into a visible

recurring revenue base, with 2026 expected to provide the first tangible signs of sales

acceleration.

Near-term upside should be supported by a catalyst-rich 2026, including the Christophe Dombu, PhD

Equity Research Analyst

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