Biohaven, Ltd.: Downgrade to Underperform on near-term epilepsy (kv7) catalyst risk

研报英文原文证据摘录

Biohaven, Ltd.: Downgrade to Underperform on near-term epilepsy (kv7) catalyst risk

iQprofile SM Biohaven, Ltd.

iQmethod SM – Bus Performance* Company Sector

(US$ Millions) 2024A 2025A 2026E 2027E 2028E Biotechnology

Return on Capital Employed -162.6% -123.3% -86.6% -41.6% -29.3%

Return on Equity -193.6% -146.1% -103.1% -49.2% -34.1%

Operating Margin NA NA NA -1,295.5% -480.2% Company Description Free Cash Flow (709) (617) (340) (108) (80)

Biohaven, Ltd (BHVN) is a clinical-stage biotechnology

company that is developing novel therapies from its

iQmethod SM – Quality of Earnings* innovative tech platforms across many therapeutic areas.

(US$ Millions) 2024A 2025A 2026E 2027E 2028E Its most advanced clinical programs include Kv7 ion channel

Cash Realization Ratio NM NM NM NM NM modulation for epilepsy and myostatin inhibition for

Asset Replacement Ratio 1.5x 0x 0x 0.1x 0.6x metabolic disorders. Biohaven's early-stage pipeline

Tax Rate NM NM NM NM NM includes protein degradation for immunological diseases

Net Debt-to-Equity Ratio -59.3% -69.3% -58.4% -86.9% -104.1%

and drugs targets for neuroinflammatory and oncology Interest Cover NA NA NA NA NA

disorders.

Income Statement Data (Dec)

(US$ Millions) 2024A 2025A 2026E 2027E 2028E Investment Rationale

Sales 0 0 0 20 48 We rate Biohaven Underperform and are cautious on the

% Change NA NA NA NA 138.1% stock setup with limited visibility on high-risk catalysts and

Gross Profit 0 0 0 19 44 cash runway. On late-stage pipeline, we look to opakalim's

% Change NA NA NA NA 138.1% focal onset seizure data in 2H26, which could be pivotal. We

EBITDA (883) (743) (483) (251) (226)

look at early stage updates - t-alfa POC, additional degrader % Change -105.8% 15.8% 35.1% 47.9% 10.2%

Net Interest & Other Income 39 8 8 10 5 data.