Er overrasket over at ingen spurte DS om når han tror at de vil motta første royalty betaling fra Asieris og hva som er avtalt om betalingene, om det er årlige betalinger eller flere betalinger per år.
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Hvordan vet du at ingen sendte inn det spørsmålet?
Det er i så fall også overraskende hvis spørsmålet ble stilt og man unnlot å svare på det.
As things stand today, we believe investors should primarily value Photocure based on the business we control and are actively building around BLC in bladder cancer. We view the Asieris partnership as an attractive source of potential upside that can contribute meaningfully to future financial results, but not as the core investment thesis for Photocure.
Overhode ikke overraskende, man unngår jo konsekvent å svare på vanskelige eller uvelkomne spørsmål.
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Hysterisk hele sjappa
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Dear Investor Relations Team,
I am contacting you as a shareholder in Photocure.
There is a growing frustration among many Norwegian investors regarding the lack of concrete information surrounding the partnership with Asieris. A significant number of us have invested in Photocure specifically because of the potential embedded in Cevira and the expanded collaboration around Cysview.
Therefore, it is disappointing that management shares so little information regarding the financial expectations of this agreement. We are missing concrete estimates on what Photocure anticipates receiving in royalties moving forward.
We would like clarity on how the executive team evaluates this asset: Does management actually view Cevira as a potential major revenue generator for the company in the years ahead?
For long-term investors, it is crucial to understand if, and when, these royalty revenues will contribute significantly to the company’s bottom line. As the situation stands now, the agreement appears to be a “black box.” This makes it unnecessarily difficult to price the stock and assess its true fundamental potential.
Why does management choose to keep its cards so close to its chest regarding this matter? Can the market expect more transparency and specific guidance on the future royalty streams from Asieris during upcoming quarterly presentations?
I look forward to your response.
Sincerely,
Xxx
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Thank you for your email.
We appreciate your interest in the Asieris partnership. Please understand that Asieris is a publicly listed company with its own disclosure obligations. As such, we are not in a position to comment on or provide expectations regarding its commercialization plans, sales forecasts, or anticipated royalty streams beyond information that has already been publicly disclosed by Asieris.
We will continue to communicate material developments relating to the partnership in accordance with our own disclosure obligations. More broadly, we would note that Photocure’s investment case is built first and foremost on our commercial bladder cancer business and our strategy to drive growth in that business. While the Asieris partnership represents a valuable strategic asset with potential future milestone and royalty income, it should be viewed as complementary to our core business rather than the primary driver of Photocure’s value.
We do believe Cevira has meaningful long-term potential, and we continue to view the partnership with Asieris as an important strategic asset for Photocure. The timing and magnitude of future royalty revenue, however, will depend on a number of factors that are outside of Photocure’s direct control, including the pace of commercialization, market adoption, reimbursement, pricing, and execution by our partner. For these reasons, we are not in a position to provide specific forecasts or guidance regarding future royalty revenues and can only communicate material developments as they occur while avoiding speculation on outcomes that remain uncertain.
I hope you can understand and revise your investment thesis accordingly as well as on expectations on what Photocure can communicate.
Best,
Priyam Shah
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Dear Priyam
Thank you for your response and for clarifying management’s perspective.
While I understand the regulatory boundaries regarding Asieris as a separate publicly listed company, I must admit the pushback is surprising. Telling a shareholder to “revise their investment thesis” because they request clarity on a major partnership is quite unusual.
Many investors built their thesis precisely because Photocure has historically highlighted Cevira and the Asieris deal as a significant catalyst. Downplaying it now as merely “complementary to the core business” rather than a potential major driver of the bottom line feels like a shift in narrative. Even if the execution is in Asieris’ hands, Photocure owns the financial rights to the royalty percentages, which directly impacts your valuation.
If the timing and magnitude of these royalties are completely out of your control and omitted from your core value proposition, it leaves the market to price this asset at zero.
Given that Cevira represents meaningful long-term potential, as you state, we hope management will at least proactively communicate the framework of how these royalties will flow into the financial statements once Asieris achieves their commercial milestones, even if specific numbers cannot be guided on. In that regard, could you please clarify whether the 10% royalty will apply immediately from the very first sale, or if there are certain thresholds or milestones that must be met before Photocure starts receiving royalty payments?
Thank you for your time.
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I understand the perspective, and I agree that a 10% royalty is fair to apply right away. The challenge is that 10% of an unknown future revenue base is inherently difficult to quantify.
Admittedly, I’ve only been with the company for nine months, so I’m not the best person to comment on prior communications or the historic investment thesis.
That said, we are always happy to discuss the Photocure core business in depth—our BLC franchise (Hexvix/Cysview), AssureMDx, our commercial strategy, and the opportunities we are building around bladder cancer. However, we are simply not in a position to provide additional visibility on a divested asset or our partner’s commercialization efforts until Asieris chooses to disclose more information publicly.
As things stand today, we believe investors should primarily value Photocure based on the business we control and are actively building around BLC in bladder cancer. We view the Asieris partnership as an attractive source of potential upside that can contribute meaningfully to future financial results, but not as the core investment thesis for Photocure.
Best,
Priyam Shah
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Haltopen
“litt skuffende salg av Cevira i Kina”
Hva mener du med det? Kun vært i salg noen uker - hva hadde du forventet??
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så de bekrefter 10% royalty fra første salg?
Det er da noe, jeg var usikker på om man risikerte vise salgstall etc før royalty slo inn, men her virker det jo som det gjelder fra første salg.
Det er nettopp det investorene gjør, hvilket gjenspeiles i den begredelige kursutviklingen. Vi ligger nå å kaver på samme nivå som for 8 år siden.
Det var jo bare det som manglet på denne elendige dagen, ytterligere 265 000 opsjoner til vårt fantastiske executive leadership team.
Da kjøper du deg inn igjen?
Bekmørkt over hele fjøla her nå 
Ser for øvrig at Georg fra ABG har uttalt seg ifb med oppkjøpet av Vesica, i medwatch 5 Juni
Analytiker forventer ikke store reaksjoner
Georg Tiganolov-Bjerke i ABG Sundal Collier beskriver oppkjøpet i en kommentar fredag som «strategisk overbevisende» og en naturlig forlengelse av Photocures strategi.
Til tross for at ABG er overbevist om at oppkjøpet er lurt på lang sikt, forventer ikke Tiganolov-Bjerke store reaksjoner i markedet, på grunn av utbetalingen og aksjeutvanning som konsekvens av strukturen på oppkjøpet, og at oppkjøpet først ventes å gi positivt bidrag til justert EBITDA fra 2030.
Ser Asieris faller i sympati med Photocure.
Det har aldri vært noe korrelasjon mellom kursutviklingen til Asieris og Photocure selv om det dras opp daglig 
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Et annet tall jeg så nå.
Revenue innen Hexvix/Cysview når market cap var 4 mrd var på 352 mil.
Estimert revenue innen Hexvix/Cysview med ingen videre vekst i 2026 havner på 558 mil.
Overskudd fra dette i 2021 var på 24,5 mil i 2021.
Estimert overskudd i 2026 uten videre vekst havner på 84 mil.
Så innen kjernebutikken til Photocure har man økt omsetningen med 58%, samtidig har overskuddet fra dette økt med 242%…
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