Added to YB: 2024-07-31
Pitch date: 2024-07-31
CPH.TO [bullish]
Cipher Pharmaceuticals Inc.
+33.02%
current return
Author Info
Company Info
Cipher Pharmaceuticals Inc. operates as a specialty pharmaceutical company in Canada. It offers Epuris (isotretinoin), an oral retinoid for the treatment of severe nodular and/or inflammatory acne, acne conglobate, and recalcitrant acne; Actikerall, a topical solution for the treatment of slightly palpable and/or moderately thick hyperkeratotic actinic keratosis (Grade I/II) of the face, forehead, and balding scalp; Vaniqa, a topical cream for the slowing of the growth of unwanted facial hair in women; Durela, an opioid analgesic for the management of moderate to moderately severe pain in adults; Brinavess for the rapid conversion of onset atrial fibrillation to sinus rhythm in adults; Aggrastat, a reversible GP IIb/IIIa inhibitor for use in patients with acute coronary syndrome; and Natroba for the topical treatment of head lice and scabies infestations in adult and pediatric patients.
Market Cap
CAD 304.9M
Pitch Price
CAD 12.72
Price Target
N/A
Dividend
N/A
EV/EBITDA
11.02
P/E
10.06
EV/Sales
5.87
Sector
Pharmaceuticals
Category
growth
The best days of Cipher ($CPH.TO) are still ahead
CPH.TO (added to position): Asset-light Canadian pharma. Craig Mull grew adj FCF/share from $0.12 (2018) to $0.45 (2023) via SG&A cuts & buybacks. $89.5M Natroba acquisition (7.5x EBITDA) doubles EBITDA to $25M run-rate. Growth levers: capture US share from permethrin (21% vs 71%), scabies patent to 2033, Canada expansion, bringing Absorica/Lipofen in-house (~$16M op income upside as Sun/ANI deals end 2026), new licensing incl MOB-15 (2026 Canada launch). Est $60-64M EBITDA by 2027, 160-200% upside. Risks: post-patent lice competition, MOB-15 flop, lower legacy margins.
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