QRxPharma Limited (QRX)



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General Information
Company Name: QRxPharma Limited
Stock Code: QRX
Website: www.qrxpharma.com
GICS Sub-Industry: Pharmaceuticals
Market Cap ($M): 12
Equiv. Shares (M): 164

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.076 $ 0.077 $ 0.077 $ 0.075 $ 0.077 273,610 $ -0.001  -1.299 %

Current Broker Consensus Recommendation more
Recommendation: Strong Sell (1)
Recommendation Date: 21st Jul 2014
Brokers Surveyed: 1

Company Overview

Business Description:
QRxPharma Limited (QRX) is a commercial-stage specialty pharmaceutical company focused on the development and commercialisation of new treatments for pain management and abuse prevention products. QRX conducts its operations in Australia.

Strategy Analysis:
In 2012, QRX plan to implement pre-launch messaging strategy, identify key geographic areas of concentration, implement MoxDue pre-launch promotional message and begin recruitment of additional Actavis territory managers. Beyond 2012, QRX strategy is to expand the sales force to 150-200. QRxPharma reported net loss of $5.21m, up 7.87% for the half-year ended 31 December 2012. Revenue from ordinary activities were $2.24m, down 26.89% from last year. Basic and Diluted EPS were (3.6) cents compared to (4) cents last year. The net operating cash outflow was $6.04m compared to an outflow of $1.92m in the pcp. No dividend was declared.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2015  F 7.8 4.2 -- 1.8 -- 0.0 --
2014  F -13.1 -7.5 -- -- -- 0.0 --
2013  A -10.1 -7.0 -- 0.0 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F 2013 A 2014 F 2015 F
Acrux Limited (ACR) $182 M -0.0630 3.8029 0.2663 26.2019 5.4555 4.3083 0.0734 0.0691 0.0874
Mayne Pharma Group (MYX) $510 M -0.2748 0.8627 0.6211 56.8627 30.5263 18.8312 0.0000 0.0000 0.0000
QRxPharma (QRX) $13 M -- -- -- -- -- 1.8160 0.0000 0.0000 0.0000

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
QRX 0.20 -- 1.11 -- 2.65
Market 0.97 16.4 1.26 2.11 1.65
Sector 0.52 18.2 3.48 1.46 11.5

Directors
Name Position Start Date
Mr Bruce Alan Hancox Non-Executive Director 09 July 2014
Dr Richard Treagus Non-Executive Director 09 July 2014

Management
Name Position
Edward Rudnic Chief Executive Officer
Edward M Rudnic Chief Operating Officer
Chris Campbell Company Secretary
M. Janette Dixon Vice President Global Business Development

Substantial Shareholders
Holding Name
14,403,120 (9.95%) Auckland Trust Company Limited (ATF Second Pacific Master Superannuation Fund)
18,822,019 (13.00%) Allan Gray Australia Pty Ltd
7,609,635 (5.26%) John Holaday

Calendar of Events
Date Event
24 February 2015 Report (Interim)
24 September 2014 Report (Annual)
28 August 2014 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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