Professional
Added to YB: 2025-07-15
Pitch date: 2025-07-10
CPH.TO [neutral]
Cipher Pharmaceuticals Inc.
+7.28%
current return
Author Info
Halvio Capital is an investment firm that seeks to compound capital at high rates of return while taking limited risk of capital impairment through separately managed accounts. The firm’s goal is to outperform the broader indices over a long time frame. Sign up for the newsletter.
Company Info
Cipher Pharmaceuticals Inc. operates as a specialty pharmaceutical company in Canada. It offers Epuris (isotretinoin), an oral retinoid indicated for the treatment of severe nodular and/or inflammatory acne, acne conglobate and recalcitrant acne; Actikerall, a topical solution indicated for the treatment of slightly palpable and/or moderately thick hyperkeratotic actinic keratosis (Grade I/II) of the face, forehead, and balding scalp; Natroba for the topical treatment of head lice and scabies infestations in adult and pediatric patients; 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 fibriallation to sinus rhythm in adults; and Aggrastat, a reversible GP IIb/IIIa inhibitor for use in patients with Acute Coronary Syndrome.
Market Cap
CAD 253.4M
Pitch Price
CAD 12.91
Price Target
26.00 (+86%)
Dividend
N/A
EV/EBITDA
13.11
P/E
14.93
EV/Sales
5.16
Sector
Pharmaceuticals
Category
growth
Halvio Capital Portfolio Holding: Cipher Pharmaceuticals Inc.
CPH.TO (holding update): Canadian dermatology pharma with 60%+ gross margins, 50%+ EBITDA, 100% FCF conversion due to $154M tax losses & no capex. Acquired ParaPRO for $89.5M, doubling business with Natroba (23% market share in $120M lice/scabies market). Currently ~11x EV/EBITDA, but potential to reach $50M EBITDA (vs $25M now) = 5.5x forward.
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