SymBio Pharmaceuticals

Corporate update

New formulations extend Treakisym patent life

Pharma & biotech
23 October 2017

SymBio has substantially increased the value of its Treakisym franchisethrough in-licencing novel bendamustine formulations from Eagle
Pharmaceuticals for $12.5m. The new formulations bring a lower cost of
goods and 10 years of additional patent protection to help in life cycle

Pricemanagement of the Treakisym franchise. Sales of Treakisym following theapproval of two new indications in 2016 have exceeded the company’s
expectations, leading it to upgrade FY17 sales guidance. Interim data fromthe global Phase III rigosertib trial could become available during Q417. We
value SymBio at ¥19.7bn (unchanged), with the enhanced Treakisym
portfolio offsetting the suspension of IONSYS development.

Net cash (¥m) at end June 2017

4,885

Shares in issue49.0mFree float

76%

Code

4582

Primary exchange

Japan

Secondary exchange

OTC USYear end
12/15
12/16
12/17e12/18eRevenue
(¥m)
1,933
2,368
3,599
4,248

PBT*
(¥m)
(2,630)(2,317)(4,000)(2,003)

EPS*(¥)(81.33)(59.00)(84.74)(41.84)

DPS
(¥)
0.0
0.0
0.0
0.0

P/E
(x)
N/A
N/A
N/A
N/A

¥230

Market cap¥11,270m¥113/$

Yield
(%)
N/A
N/A
N/A
N/A

Share price performance

Note: *PBT and EPS (diluted) are normalised, excluding exceptional items.

Replicating Teva’s strategy to maintain market share
SymBio has in-licensed two liquid formulations of bendamustine hydrochloride(Treakisym) to complement its marketed lyophilised/dry powder product: a ready-todilute (RTD) formulation and a rapid infusion (RI) formulation that will cut drug
infusion time from 60 minutes to 10 minutes. Patents on the RTD and RI
formulations extend to 2031, whereas orphan exclusivity on Treakisym powder
expires in October 2020. SymBio is aiming to replicate the strategy that has seen
Teva transfer 97% of bendamustine HCl sales in the US to the RI formulation.

%

1m

3m

12m

Abs

(1.7)

(8.4)

(3.4)

Rel (local)(5.3)(13.5)(23.5)

52-week high/low

Initiated Treakisym Phase III in r/r DLBCLIn August SymBio initiated a Phase III trial of Treakisym relapsed/refractory (r/r)
diffuse large B-cell lymphoma (DLBCL), an intermediate or high-risk form of nonHodgkin’s lymphoma (NHL), which represents a market of around 11,000 patientsin Japan. We model a potential launch in H220.

SymBio could market Treakisym alone after 2020
The current marketing agreement with Eisai for Treakisym runs until late 2020.
Although SymBio has not announced definitive plans for the marketingarrangements for Treakisym post 2021, SymBio may elect to market Treakisym
alone, with its own sales infrastructure. We estimate that self-commercialisation ofTreakisym would add ~¥8.6bn ($78m) to our base-case valuation.

Valuation: rNPV of ¥19.7bn ($174m) or ¥410/share
Our risk-adjusted valuation is ¥19,672m ($174m) or ¥410/share (vs ¥19,744m). We
have revised our forecasts to account for: greater market share and improved profit
margins for Treakisym liquid formulations from 2021 onwards, offset by anticipated¥1.5bn development costs; risk-adjusted revenues and ¥2.0bn development costs
for the new DLBCL indication; the 23% increase in 2017 Treakisym sales guidance;and suspension of development of the IONSYS pain product.

¥311.0¥200.0Business description
SymBio Pharmaceuticals is a Japanese specialty
pharma company with a focus on oncology andhaematology. The Treakisym powder formulation
was in-licensed from Astellas in 2005; liquid
Treakisym was in-licensed from Eagle
Pharmaceuticals in 2017. Rigosertib was inlicensed from Onconova.

Next events
Rigosertib iv Phase III interim data

H217

In-licensing activities

TBD

Treakisym sales update

Q417

Analysts
Dennis Hulme+61 (0)2 9258 1161

Maxim Jacobs+1 646 653 7027

healthcare@edisongroup.com
Edison profile page

SymBio Pharmaceuticals is a
research client of Edison
Investment Research Limited

Liquid formulations enhance Treakisym franchise
SymBio has in-licensed two liquid formulations from Eagle Pharmaceuticals (Eagle) to strengthen
its Treakisym (bendamustine HCl) franchise. Terms included $12.5m upfront, undisclosed potential
future milestones (we model $10m) and a royalty on sales. The new formulations are moreconvenient for healthcare workers and patients, and are protected by patents that extend to 2031,
whereas orphan exclusivity on the company’s currently marketed lyophilised (freeze-dried) dry
powder Treakisym product expires in October 2020.
The Treakisym lyophilised powder has to be reconstituted before administration, which is time
consuming and carries the risk of exposing healthcare workers to cytotoxic powders and vapours.
The first in-licensed product is an RTD liquid formulation that will make dose preparation easier andsafer for health professionals. The drug is administered to the patient as a 60-minute infusion in thesame way as the current Treakisym product.
The second in-licensed product is an RI formulation that will cut drug infusion time to 10 minutes
from 60 minutes for the current Treakisym product.

Strategy designed to maintain SymBio’s market share
SymBio is in discussions with the regulators about the data that would be required to achieve
registration for the two liquid formulations.
The RTD product is expected to be the first of the two products approved. Depending on theoutcome of ongoing discussions with regulators, SymBio expects a reduced development period
before filing for approval given that the same drug compound is being administered to patients inthe same manner – the only difference is the way that the iv infusion is prepared.
The RI product represents a greater change to the current treatment protocols, so approval of thisproduct is expected to take longer. It is reasonable to expect that a small clinical study of perhaps
40-60 patients would be required in order to confirm that the pharmacokinetics and safety of the 10minute infusion are comparable to the currently approved 60-minute infusion of Treakisym.
SymBio is aiming to launch the RTD product in January 2021. It is targeting approval of the RI
formulation later in H121, which could potentially allow a launch in Q321 or January 2022. Orphan
exclusivity for Treakisym expires in October 2020, which means that the first generic copies of the
Treakisym powder could be launched as early as the start of 2022.
SymBio is pursuing a similar strategy to that adopted by Teva in the US, where it markets
bendamustine HCl under the brand names Treanda and Bendeka. Teva developed its own RTD
Treanda formulation, and in-licensed the RI bendamustine HCl formulation from Eagle that it now
markets as Bendeka.
Teva launched an RTD liquid formulation of Treanda in November 2014; it launched the Bendeka RI
product in January 2016, and subsequently withdrew the RTD liquid Treanda from the market in
March 2016. Lyophilised Treanda powder for injection is still available, but its use has substantiallydeclined in favour of Bendeka. Teva said in August 2017 that Bendeka is the most-usedbendamustine product in the US market. Eagle disclosed in a corporate presentation in Septemberthat Bendeka has achieved a 97% market share in the US, which is testament to the appeal of theshort infusion time.
The first generic copies of Treanda powder are expected to be launched in the US in 2019. The
market share that Bendeka can maintain in the face of competition from powder generics will be auseful guide to how successful the strategy could be for SymBio.

SymBio Pharmaceuticals | 23 October 20172

In contrast to the situation for Teva, SymBio may have only 12 months to convert clinicians to using
the liquid Treakisym formulations before the launch of the first Treakisym powder generics. This
shorter time period creates additional uncertainty as to how large a market share the RTD and RI
products will be able to gain before they potentially face competition from powder generics in 2022.
In our forecasts we model SymBio’s strategy being quite successful at maintaining market share,with dry powder Treakisym generics slowly growing market share from 2022 onwards to reach a
25% market share by 2031. We model the growth in Treakisym generics’ market share acceleratingin 2032 after the patents on the liquid formulations expire.
In our scenario analysis on page 7, we note that if Treakisym generics were to gain a 50% market
share by 2031 (vs 25%), this would remove around ¥1.5bn (¥31/share) from our valuation.

Improved commercial terms and opportunity to self-commercialise
We believe that the cost of goods under the Eagle licence agreement will be lower than under thecurrent arrangements with Astellas for the Treakisym powder formulation, which would lift profit
margins for SymBio once the liquid formulations are launched.
Furthermore, SymBio has previously announced its intention to eventually develop its own
salesforce to commercialise drug products in Japan. Given that the current licence agreement with
Eisai for commercialising Treakisym runs until 2020, SymBio would have the opportunity to selfcommercialise Treakisym after 2020, including the new liquid formulations, should it choose to do
so.
SymBio has not announced any definitive plans for the commercialisation strategy for Treakisym
after 2020. In our view, the four main options are:

self-commercialisation;license to Eisai under renegotiated terms;

license to a third party; or

a combination of self-commercialisation and a licensing arrangement.

We would expect each of these four options to generate higher profit margins for SymBio than thecurrent commercialisation arrangements with Eisai. Combining this with the lower cost of goods
under the Eagle licence agreement, we model a significant lift in profit margins on Treakisym sales
after 2020.

DLBCL Phase III trial initiatedTreakisym is currently approved in Japan for chronic lymphocytic leukaemia (CLL) and for first-line
and r/r patients with low-grade non-Hodgkin’s lymphoma (NHL) and mantle cell lymphoma (MCL).
SymBio is seeking to add an additional indication for the treatment of r/r DLBCL, an intermediate or
high-risk form of NHL. After consultation with the Pharmaceuticals and Medical Devices Agency,
SymBio commenced a Phase III trial in August to confirm the safety and efficacy of Treakisym(bendamustine HCl) plus rituximab in DLBCL. Our model assumes continued development with apotential launch in H220.
SymBio completed a Phase II study for Treakisym plus rituximab in r/r DLBCL in 2012. An analysis
of 59 cases in the Phase II study showed an encouraging ORR of 62.7% and CR of 37.3%.
The higher market share expected for branded Treakisym liquid formulations post 2020 has
increased the potential value of the DLBCL indication to SymBio, and has made the expense of the
DLBCL Phase III trial worthwhile (we model Phase III costs of ¥2bn).

SymBio Pharmaceuticals | 23 October 20173

Overview of DLBCLDLBCL is a rapidly-growing, intermediate or high-risk form of NHL, in contrast to the slower-growing
indolent or low-risk lymphomas that are included in the current approval for Treakisym. There iscurrently no standard chemotherapy for the treatment of DLBCL. Patients are typically treated withmultiple drug therapies including:

CHOP – Cyclophosphamide, doxorubicin (hydroxydaunorubicin), vincristine, and prednisone;



R-CHOP – CHOP plus rituximab; andDose-adjusted EPOCH-R – etoposide, prednisone, vincristine [Oncovin], cyclophosphamide,
doxorubicin, plus rituximab.

Although DLBCL is an aggressive lymphoma, the rapidly growing cells are often susceptible tochemotherapy and a significant proportion of patients can be cured by first-line chemotherapy
treatments. Unfortunately, a majority of patients relapse, typically within two years of the initial
treatment. Patients who relapse or are refractory to first-line treatment have an extremely poor
prognosis. A range of salvage chemotherapy regimens are used in relapse therapy.

DLBCL indication could almost double Treakisym peak sales potential.
DLBCL is the most common form of NHL, so it represents a large addressable market for
Treakisym.
While DLBCL is estimated to represent 30-40% of all cases of NHL worldwide, an epidemiology
study by Chihara et al1 found that DLBCL comprised a much higher proportion of NHL cases inJapan than it does in the US (45% vs 28%). The study also found that the incidence of NHL wasmuch higher in the US than it was in Japan (2.8x higher in the US in 2008), but that the incidence inJapan was rising rapidly, growing by 6.8% per year.
Globocan estimates that there were ~21,000 new cases of NHL Japan in 2012. Applying the 6.8%
annual growth rate to the 2012 Globocan estimate, we project that there will be 35,500 new casesof NHL and 16,000 new cases of DLBCL in Japan in 2020. Assuming that 70% of DLBCL patients
progress to receive second line therapy, we forecast a target market of 11,200 second-line DLBCL
patients per year in Japan by 2020.
The patient market of 11,200 r/r DLBCL patients in Japan is almost as large as the combined
market of ~12,500 patients for the currently approved indications for Treakisym in CLL and first-line
and r/r low-grade NHL and MCL patients. We model peak sales of ¥11bn for the DLBCL vs ¥13.5bn
for the currently approved indications.

Rigosertib iv interim Phase III analysis expected Q417
SymBio in-licensed rigosertib (iv and oral formulations, Japan and Korean rights) from Onconova in2011 for MDS (myelodysplastic syndromes), a rare blood cancer. SymBio is contributing patientsfrom Japan to the 225-patient global Phase III INSPIRE trial of iv rigosertib for the treatment of
second-line HR-MDS (higher-risk MDS).
According to Onconova, an interim analysis is expected during Q417. The interim analysis will be
performed after 88 events (deaths) have occurred, and will examine overall survival in the intent totreat population (ITT). For a trial to be stopped for efficacy at an interim analysis would usuallyrequire a much higher statistical hurdle than at the full analysis (ie generally p<0.05). Top-line datafrom the full analysis after 176 events is expected in H118; however, Onconova commented inAugust that enrolment for the trial has slowed recently, which it said could be related to seasonality.

1

Chihara et al; British Journal of Haematology, 2014, 164, 536–545; doi: 10.1111/bjh.12659

SymBio Pharmaceuticals | 23 October 20174

If enrolment does not return to desired levels, then full enrolment could be delayed by several
months.
The INSPIRE trial has been designed following analysis of the failed Phase III ONTIME trial of iv
rigosertib in HR-MDS. In the ONTIME trial, iv rigosertib failed to meet the primary endpoint,
although it did show benefits in certain subgroups.
Patient recruitment in INSPIRE has been refined to HR-MDS patients who: have failed HMA2
(hypomethylating agent) treatment within nine months of HMA initiation; are younger than 82 yearsof age; and received their last HMA dose within the six months prior to entering the INSPIRE trial. In
the ONTIME trial, iv rigosertib was able to improve survival in this particular patient group (datasummarised in Exhibit 1). Hence, the trial design and recruitment criteria have been selected to try
to improve the likelihood of INSPIRE trial success.
Exhibit 1: Median overall survival (OS) in the ONTIME trial
ONTIME trial
ONTIME subset (as per
INSPIRE inclusion criteria)

Rigosertib
BSC
Rigosertib
BSC

Median OS
8.2 months
5.9 months
7.9 months
4.1 months

N
199
100
77
39

Hazard ratio
0.87(95% CI: 0.67-1.14)
0.48(95% CI: 0.31-0.74)

p value
0.33
0.0008Source: Onconova, The Lancet Oncology 2016 (17): 496–508

If the interim analysis is positive, then partner Onconova may need to seek additional financing tocomplete the INSPIRE trial; this follows partner Baxter, which was funding half the trial costs,
returning all rigosertib rights in March 2016.

IONSYS development suspended
In October 2015 SymBio acquired an exclusive licence in Japan to develop and market IONSYS(SyB P-1501) for the short-term management of acute post-operative pain from The Medicines
Company. SymBio initiated a Phase III trial in Japan in June 2016, with the first patient recruited in
November of that year; top-line data had been expected in Q317.
In May SymBio announced that it had temporarily suspended enrolment in the IONSYS Phase III
trial. In June 2017 The Medicines Company announced that it was voluntarily withdrawing IONSYS
from sale in the US market. Given that The Medicines Company was to supply the patches to
SymBio, it will be challenging for SymBio to continue development of IONSYS.
SymBio is continuing to discuss with The Medicines Company the effects of its decision to withdraw
IONSYS from the US market and we would expect SymBio may seek to recover damages. No
announcement has been made.
We have removed the IONSYS program from our valuation model. We had previously valued theprogram at ¥5.9bn.

Sensitivities
SymBio is subject to the usual drug development risks, including clinical development delays or
failures, regulatory risks, competitor successes, partnering setbacks, financing and commercial

2

HMA failures are defined as patients who have progressed, failed or relapsed following treatment with either
Vidaza (azacitidine) or Dacogen (decitabine), the US approved HMAs. Only Vidaza is approved in Japan.

SymBio Pharmaceuticals | 23 October 20175

risks. The main sensitivities include rigosertib and DLBCL clinical trial success or failure, and theability to execute future in-licensing deals.
For Treakisym, key risks relate to the outcome of the DLBCL Phase III trial, obtaining regulatory
approval for the liquid Treakisym formulations, and success in migrating patients to the liquid
formulation to stave off competition from generic copies of Treakisym powder after 2021. The
commercialisation arrangements for Treakisym after 2020 (licence vs self-commercialise) will
influence profit margins on the product.
With a recent focus on oncology drug prices in Japan, Treakisym pricing could come under scrutiny.
Our current forecasts assume stable pricing; any price cuts could therefore adversely affect oursales projections.
SymBio is in discussions with The Medicines Company about the impact of its decision tovoluntarily withdraw IONSYS from the US market. We do not currently model any compensation
payments in regards to IONSYS, so if SymBio was to receive any compensation, this would
represent potential to recover some of the value now written off by Edison.
The main sensitivity for rigosertib in 2017 will be the outcome of the pre-planned interim analysis of
the Phase III INSPIRE trial of iv rigosertib in second-line HR-MDS, which partner Onconova
expects during Q417. If the outcome is positive and the trial proceeds as planned, Onconova mayneed additional cash to continue funding the trial beyond the end of 2017; top-line data are
expected in H118, although enrolment has slowed recently, which could potentially delay top-line
data. If Onconova is unable to secure additional funds, this could also delay trial completion andtherefore timelines. If the outcome of the interim analysis is negative, then not only would this havean impact on iv rigosertib development, but there could also be read-across to oral rigosertib.
SymBio is reliant on in-licensing further assets to fill its pipeline. We believe the CEO’s network is
crucial to securing future deals, although we have limited visibility on the potential terms and timingof any such agreements.

Valuation
Our valuation of SymBio is virtually unchanged at ¥19,672m ($174m), or ¥410/share, based on arisk-adjusted NPV analysis, which includes ¥5,269m ($47m) net cash at end December 2016. We
use a 10% discount rate for approved products and 12.5% elsewhere. Our valuation includes
Treakisym approved indications and the new DLBCL indication, plus rigosertib. We have rolled ourvaluation model forward in time and have made a number of adjustments to our main assumptions,which are summarised in Exhibit 2 below.
Exhibit 2: SymBio rNPV valuation
Product

Indication

Treakisym
LG NHL/MCL (r/r and 1st line); CLLTreakisym (DLBCL)
r/r DLBCL
Rigosertib (IV)r/r HR-MDS
Rigosertib (oral)
LR-MDS (mono) or First-line HR-MDS (combo)
Net cash at 30 December 2016
Valuation

Launch
2010*
2021
2020
2022

Peak sales(¥m)
13,50011,000
3,400
7,500

NPV
(¥m)
11,728
4,086
2,126
3,745
5,269
26,955

Probability

rNPV (¥m)

100-95%
60%
50%
25%
100%

11,274
1,767
825
536
5,269
19,672

NPV/share(¥/share)
235.1
36.8
17.2
11.2
109.9
410.2

Source: Edison Investment Research. Note: *Treakisym was launched in 2010 in r/r low-grade NHL/MCL; it received approvals inJapan in CLL in August 2016 and in first-line, low-grade NHL/MCL in December 2016.

We model a 95% likelihood that the RI Treakisym formulation will be launched by the start of 2023,
thereby minimising the penetration of generic copies of the Treakisym powder formulation. We
model Treakisym market share slowly declining to 75% in 2031, followed by a more rapid decline

SymBio Pharmaceuticals | 23 October 20176

from 2032 after the liquid formulation patents expire. We previously modelled Treakisym sales todecline by 30% in 2021 and 15% per year in subsequent years.
Our Treakisym valuation continues to assume that SymBio earns an average net margin of 10-12%
on top-line reported Treakisym sales until 2020. However, we now assume that after 2020 the net
operating margin gradually increases to reach 25% in 2023 and subsequent years as liquid
formulations in-licensed from Eagle gain market share. We believe that this higher margin isachievable through a combination of a lower COGS and/or higher revenue share for SymBio.
We now model ¥1.5bn of development costs to achieve approval for the RTD and RI liquid
formulations of Treakisym.
We have added sales in r/r DLBCL (aggressive NHL) to our forecasts, as described earlier in thisreport. We now include potential peak sales of ¥11.0bn in this indication, with a 60% probability anda 12.5% discount rate. We also model development costs of ¥2.0bn for DLBCL.
We have maintained our peak sales assumptions and probabilities of success for rigosertib (iv andoral). However, we now model a higher COGS for rigosertib, which we believe better reflects thecosts that SymBio would be likely to incur under the agreement with Onconova.
Following the suspension of development of IONSYS, we have removed all future costs andrevenues from the product from our model. Any compensation payments from The Medicines
Company would represent upside to our forecasts and valuation.
Our base-case forecasts assume that SymBio earns a net operating margin of 25% on Treakisym
net sales from 2023 onwards. Should SymBio choose to establish its own salesforce to selfcommercialise Treakisym after 2020, we estimate that it could achieve an operating margin of 50%
on Treakisym sales by 2025. Under this scenario our valuation would increase by around ¥8.6bn(¥160/share) to around ¥27bn (¥570/share).
On the other hand, in a scenario where the Treakisym market share declines to 50% by 2031 (vs75% for the base case), our valuation would fall by around ¥1.5bn (¥31/share) to around ¥18.1bn(¥379/share).
We currently assume stable Treakisym pricing. However, should Treakisym be subject to a price cut
in the future, this could represent downside to our forecasts; a 10% price cut in 2018 would remove
around ¥1.6bn from our Treakisym rNPV, or ¥34/share.

Financials
Our financial forecasts have been updated to reflect Q217 reported financials and SymBio’s
updated financial guidance for 2017, including the 23% increase in 2017 Treakisym sales guidance.
Our Treakisym forecasts have also increased in 2018 given the higher base in 2017. The mainchanges to our forecasts are summarised in Exhibit 3.
We have increased SG&A expenses to reflect the 28% growth in H117. We have included the$12.5m (¥1.4bn) Eagle Pharmaceuticals upfront payment and forecast R&D spending on RTD and
RI formulations of Treakisym. We have removed all future revenue and costs associated with the
IONSYS program from our forecasts.
We estimate current cash should be sufficient to fund operations into H218, by which point thePhase III clinical trial for rigosertib iv should be complete. We model ¥950m of indicative debt in
FY18.

SymBio Pharmaceuticals | 23 October 2017

7

Exhibit 3: Main changes to our financial forecasts¥m
Revenue
Research and development
Selling, general and administration
Operating profit (reported)
Profit before tax (reported)
Profit after tax (reported)

2017
Old
2,902
(2,300)(1,750)(3,191)(3,261)(3,264)

2017
New
3,599
(3,145)(1,850)(3,930)(4,000)(4,003)% change
+24%
+37%
+6%
+23%
+23%
+23%

2018
Old
3,820
(1,600)(1,837)(2,306)(2,284)(2,288)

2018
New
4,248
(1,350)(1,924)(2,017)(2,003)(2,006)% change
+11%
-16%
+5%
-13%
-12%
-12%

Source: Edison Investment Research

Exhibit 4: SymBio’s original and revised 2017 outlook versus our estimates
Revenue
Operating loss
Ordinary loss
Net loss

Previous 2017 guidance¥2,903m¥3,238m¥3,303m¥3,306m

Revised 2017 guidance¥3,583m¥3,932m¥4,009m¥4,009m

2017 estimates¥3,599m¥3,930m¥4,000m¥4,003m

Difference
-¥16m
¥2m
¥9m
¥6m

Source: SymBio Pharmaceuticals and Edison Investment Research

SymBio Pharmaceuticals | 23 October 20178

Exhibit 5: Financial summary
Accounts: JPN GAAP; Year-end: 31 December; ¥mProfit & loss
Total revenues
Cost of sales
Gross profit
SG&A (expenses)
R&D costs
Other income/(expense) included in adjusted
Other income/(expense) excluded from adjusted
Reported EBIT
Finance income/ (expense)
Other income/(expense) included in adjusted
Other income/(expense) excluded from adjusted
Reported PBT
Income tax expense
Reported net income
Average number of shares – basic (m)Basic EPS (JPY)

2013

2014

2015

2016

2017e

2018e

1,532
(1,214)318(946)(1,053)00(1,681)10
069(1,601)(4)(1,605)23.2(69.29)1,955(1,428)527(1,056)(774)
00(1,303)25(2)
168(1,112)(4)(1,116)30.8(36.26)

1,933(1,350)583(1,100)(2,035)00(2,552)16
2(95)(2,628)(4)(2,632)
32.4(81.26)2,368(1,464)904(1,364)(1,667)00(2,127)5
7(195)(2,309)(4)(2,313)
39.3(58.82)3,599(2,534)
1,065(1,850)(3,145)00(3,930)(70)
00(4,000)(4)(4,003)47.2(84.74)

4,248(2,991)
1,257(1,924)(1,350)00(2,017)14
0
0(2,003)(4)(2,006)48.0(41.84)

Adjusted EBITDA
Adjusted EBIT
Adjusted PBTAdjusted EPS (JPY)
Adjusted diluted EPS (JPY)(1,672)(1,681)(1,601)(69.29)(69.29)(1,291)(1,303)(1,110)(36.20)(36.20)(2,527)(2,552)(2,630)(81.33)(81.33)(2,101)(2,127)(2,317)(59.00)(59.00)(3,903)(3,930)(4,000)(84.74)(84.74)(1,987)(2,017)(2,003)(41.84)(41.84)

Balance sheet
Property, plant and equipment
Goodwill
Intangible assets
Other non-current assets
Total non-current assets
Cash and equivalents
Inventories
Trade and other receivables
Other current assets
Total current assets
Non-current loans and borrowings
Trade and other payables
Other non-current liabilities
Total non-current liabilities
Trade and other payables
Current loans and borrowings
Other current liabilities
Total current liabilities
Equity attributable to company
Non-controlling interest

9
0
8
37
53
5,294
125
0
2,215
7,634
0
0
3
3
0
0
251
251
7,433
0

49
0
66
49
164
5,092
245
273
1,681
7,290
0
0
2
2
306
0
182
488
6,964
0

53
0
52
53
158
4,261
133
301
132
4,827
0
0
2
2
320
0
231
551
4,432
0

75
0
42
77
193
5,719
273
487
205
6,685
450
0
1
451
322
0
620
942
5,485
0

95
0
35
77
206
1,398
347
641
205
2,592
150
0
1
151
408
0
620
1,029
1,618
0

117
0
29
77
223
400
328
582
205
1,515
951
0
1
952
267
150
620
1,037
(251)
0

Cashflow statement
Profit before tax
Depreciation and Amortisation
Share based payments
Other adjustments
Movements in working capitalInterest paid / received
Income taxes paid
Cash from operations (CFO)
Capex
Acquisitions & disposals net
Other investing activities
Cash used in investing activities (CFIA)
Net proceeds from issue of shares
Movements in debt
Other financing activities
Cash from financing activities (CFF)
Currency translation differences and other
Increase/(decrease) in cash and equivalents
Cash and equivalents at end of period
Net (debt) cash
Movement in net (debt) cash over period(1,601)
8
67
(27)
(127)
7
(4)
(1,677)00(1,332)(1,332)
4,057
0
(1)
4,057
7
1,054
5,294
5,294
1,054

(1,112)
13
95
(207)
(78)
27
(4)
(1,266)
(109)
0
423
314
544
0
(1)
544
206
(202)
5,092
5,092
(202)

(2,628)
24
103
26
190
18
(4)
(2,272)
(24)
0
1,513
1,489
(2)
0
(1)
(3)
(45)
(831)
4,261
4,261
(831)

(2,309)
26
137
197
(13)
6
(4)
(1,960)
(28)
0
(16)
(44)
3,226
450
(18)
3,658
(196)
1,458
5,719
5,269
1,008

(4,000)
27
137
70
(141)
(70)
(4)
(3,981)
(40)
0
0
(40)
0
(300)
0
(300)
0
(4,321)
1,398
1,248(4,021)(2,003)
30
137
(14)
(63)
14
(4)
(1,903)
(47)
0
0
(47)
0
951
0
951
0
(998)
400
(701)
(1,949)Source: Edison Investment Research and SymBio Pharmaceuticals accounts

SymBio Pharmaceuticals | 23 October 2017

9

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