Sucampo Pharmaceuticals (SCMP) PT Raised to $19 at Maxim Group
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Maxim Group analyst Jason Kolbert reiterated a Buy rating and raised his price target on Sucampo Pharmaceuticals (NASDAQ: SCMP) to $19.00 (from $17.00).
- Sucampo reported 3Q16 results with total revenues of $57.9M, up 11% sequentially, which we consider to be good sequential growth. Total revenues included product sales of $31.6M ($29.1M from AMITIZA) and royalty revenue of $20.8M from Takeda. The quarterly revenues include an additional $13.3M from the R-Tech Ueno acquisition. While AMITIZA total prescriptions were down slightly in the quarter to 374,194 (-1.4% YoY), revenues were up as Sucampo continues to integrate R-Tech Ueno. A great acquisition for the company, in our opinion.
- Net income was $8.1M or $0.19 per share on a GAAP basis. Adjusted net income, excluding restructuring impairment, amortization and other expenses, was $12.4M or $0.28 per share. EBITDA for the quarter was $35.6M vs. $11.9M in the same period last year. Adjusted EBITDA was reported at $28.8M vs. $14.6M in 3Q15. The company ended the quarter with $154M in cash and cash equivalents and $209M in notes payable.
- Full-year 2016 and preliminary 2017 guidance. Sucampo raised guidance for 2016: total revenues of $220M-$225M from $195M-$205M; adjusted net income of $50M-$55M from $45M-$50M; adjusted EPS of $1.20-$1.25 from $0.97-$1.07; and adjusted EBITDA of $110M-$115M from $100M-$105M. The new guidance includes one-time $10M milestone revenue in 4Q16 related to achieving the sales milestone from Mylan for AMITIZA sales in Japan. Sucampo also provided 2017 guidance on total revenue of $220M-$230M; adjusted net income of $75M-$85M; and adjusted EBITDA of $145M-$155M.
- Model revisions, raising price target. Our model has been revised for certain non-GAAP adjustments. As such, our adjusted 4Q16 and full-year non-GAAP EPS estimates are $0.48 and $1.21, respectively, and inline with company guidance. In addition, we have rolled our valuation metrics forward to 2017. As a result, our price target increases to $19, from $17.
Shares of Sucampo Pharmaceuticals closed at $15.95 yesterday.
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