Bespak Share Discussion Threads

[cerrito] 20/6/2007 21:59

anyone know what happened today
nothing out of the ordinary on trade volume
could find no new exibera scare and no new story on exubera on the pfizer news pages

[cerrito] 22/5/2007 10:46

dated april 10 is a bit old and gives somewhat negative news.
However the problems that GSK is having with Avandia suggests there may be no miracle cure.

[wjccghcc] 20/5/2007 18:35

I like the move into Anaesthia and Respiratory Care. It's just the Exubera thing - the NY Times implied the drug company would make another big push with it this year and if that didn't work, then there was a risk it might be withdrawn. No idea if that's true or not.

[cerrito] 19/5/2007 20:43

Spent two hours with Throdahl and Glenn on a visit organized by UK Shareholders Assn.in M Keynes
Very impressed with management and operations.
Good discussion on Exubera. Were reminded that they had increased guidance as to the revenues this will bring;recognized that with NICE in England and Scotland progress will be slow here but cost not an issue in the US.
Seemed to have a good portfolio of businesses. Bought some on Friday at just under 750..should have waited an hour..recognize that it will be two steps forward and one step back.
Interesting to hear that they feel that they have plenty of debt capacity; clearly happy with King and via King ERP.
Aim is to grow Anaesthia and Respiratory Care so that it is half of the company's business.. While it consumes cash at the present,revenues and more consistent than
in the Inhaled drug Delivery area

[wjccghcc] 20/4/2007 10:04

My guess is Exubera. That's why I sold anyway.

[playtime99] 20/4/2007 09:08

Anyone care to comment on the recent price drop at BPK, is it solely due the reported slow take up of Exubera, or is the recently announced acquisition partly responsible ... are they overpaying?

Thanks for any contributions.

[wjccghcc] 15/4/2007 22:11

Well I've taken profits at 760p. There was an article in the NY Times which highlighted the poor takeup of Exubera.

[contrarian2investor] 12/4/2007 12:57

Hello fellow long-term holders

With the impending correction that is the US led Housing debacle I will be doubling my current holding soon.

Take care all.

[tuning peg] 19/1/2007 19:54

This has always been a solid if unexciting business with good management. The CFC inhaler market decline will hopefully be offset by non CFC inhaler sales plus Exubera (if we share the company's optimism). More interestingly in my view is the sea change in the company's ambitions e.g. doubling profits in five years and hinting strongly that they will achieve this through acquisitions rather than relying on organic growth. At least the management have put their necks on the line and we must salute them for this.

My real concerns are that it has always been a cash rich company. With the acquisistion of King the war chest has gone and the company is now in debt. Further acquisitions will ramp up debt so the pressure is on to make some quality acquisitions. Additionally we need to be mindful that King has increased the company's dollar exposure and in the current £/$ rate environment this could be a drag on profitability. The flip side of course is that future $ acquisitions become much cheaper and I suspect that given Throdahl is American with prior experience of the US pharma / medical devices market he centre his focus in this area

For what it is worth I am in pretty big on BPK and I am fully intending to hold and will look to buy more on any weakness but given the rises over the last 2 days it might be lucky if I get back in sub £7 at this rate.

[tommy ten chins] 19/1/2007 08:59

I quote

"LONDON (AFX) - Bespak PLC unveiled a target to double pretax profits over the next five years after it unveiled first-half underlying profit growth of 39 pct, amid strong trading across all its businesses.

In the 26 weeks to Oct 28, profit before tax and special items climbed to 8.5 mln stg from 6.1 mln in the same period last year.

The maker of medical devices reiterated that it expects its full-year result to beat expectations.

Revenues climbed 61 pct to 62.1 mln stg, reflecting in part the first full half-year contribution from King Systems, the US respiratory equipment maker bought last year, which added almost a third to sales and profits.

The new business exceeded expectations in 2006, delivering underlying sales growth of 10 pct in this period, Bespak said.

It also reported strong demand at its inhaled drug delivery arm, which makes valves and inhalers used to deliver respiratory drugs.

Sales surged 22 pct at the division, amid record sales of its metered dose inhalation (MDI) valves and rapid growth of Exubera, the inhaled insulin drug made by Pfizer, for whom Bespak manufactures the device.

The group is expecting strong trading to continue in MDI valves, Exubera inhaler production, and at King Systems this year.

"Bespak has experienced strong growth in the first half year, and the board believes that the Company will have a full year that again exceeds its original expectations," chief executive Mark Throdahl said in a statement.

"Bespak has set a target to double its profit before tax over the next five years, although the current profile of our businesses means that we may out-perform or under-perform this trajectory in any given year."

The company sees growth coming from a strategy to grow both organically and by acquisitions.

Throdahl has made no secret of his desire to expand in the anaesthesiology and respiratory products industry, which Bespak entered via the acquisition of King Systems, and the company has been assessing potential targets.

The firm maintained its interim dividend at 7.0 pence.

Bespak shares, which advanced 25 pct last year, closed Wednesday at 620 pence, valuing the company at 176 mln stg. [e-mail] ab/rar/ab/am "

End quote.

These will now start to steadily climb IMHO and I am considering increasing my holding. any views?

[contrarian2investor] 11/9/2006 23:21

tiltonboy,

well done and good luck to you, has they say its always best to take a profit that way the market can't take it off you.

The hardest thing I find is when to take a profit. So I'll be holding on for the long-term as this is my investment style.

c2i

[tiltonboy] 11/9/2006 16:24

c2i,

I've taken profits on BPK, selling the last lot at 672p, just over a week ago.

Whilst I think there might be more in it, I am happy with the % gain, in a relatively short space of time.

There are a couple of cautionary comments in the statement, so better to bag the profit.

tiltonboy

[contrarian2investor] 11/9/2006 16:08

I wonder if today's new rise in down to more institutions coming on board or is has BPK been tipped somewhere? Any news fellow holders?

Thanking you in anticipation of your reply

c21

[contrarian2investor] 31/8/2006 17:36

tiltonboy,
sorry that I didn't reply earlier.


My reasons for my earlier speculation is thus: Bespak is the leader in the UK of inhaleable products, Glaxo have already made a massive investment in BPK's product line. They (Glaxo) need additional revenues, so what better way than taking this nice little cash cow in-house. If you look at recent purchases by Pharma companies they have mainly been bios. So BPK is in an interesting position.

Today we have had another nice rise to a five year high and Barclays have been buying up their holdings again over the past 2 months. So BPK should breach £7 before 2007. Then the sales will really kick in during 2007 and others will start touting them, so watch this space.

All in my humble opinion.

DYOR.

By the way Tiltonboy do happen to hold BPK shares?

Your's with integrity,
C2I

[tiltonboy] 07/6/2006 20:14

c2i,

Bespak make consummables not drugs, so I can't see Glaxo or a pharma buying them.

If you want an interesting little bio that could get taken over have a look at HML. They have an application for a multi billion $ market, and are finalising the terms of a licence to a US pharma.

If you look at what price AZN paid PTI for one of their products, and what price Novartis were willing to pay for NTP who currently have no turnover, then HML could be an interesting little bet.

As always DYOR.

tiltonboy

[contrarian2investor] 07/6/2006 18:33

Well I'm not going anywhere until Glaxo make a move. In light of the fact that the big pharma's appear to be buying the small/medium size biotech for future growth. Eventually BPK will be snapped up. In the meantime it has been a relatively safe port in the storm.

c21

[echo64] 20/4/2006 10:29

There's still quite a big US market to supply and Europe too. Probably not too much too worry about.

[felix99] 19/4/2006 09:07

Hmmm . NICE have rejected Exubera for the NHS last night. Wonder if it will have an effect on BPK . They make the inhalers and have a royalty deal with Pfizer. Must be a potnetial £100m sale down the swanny for a bit. They earn 15% royalty I beleive.

Anyone know if that is on top of production costs or essentially an all inclusive price?

[contrarian2investor] 15/3/2006 18:28

I have been on board for over 12 months now and if Glaxo can invest £1.5 bn then I guess it would be prudent of me to hold onto my small holding.

Here's to the other long-term holders

[echo64] 10/3/2006 11:01

Hopefully the drop is about over now. I would expect this to start rising soon in anticipation of end of year results.

[echo64] 12/2/2006 16:44

There was bound to be some profit taking. No one know's how big this will be till product launch, I think May time for europe. No news for a while so might drift down further. IMO

[ved] 02/2/2006 11:48

I read a comment by Bridgewell Securities (reported by InvestorEase) that they suggest selling the stock as it stands at 30% premium to rivals and it will take some time for benefit from Exubera to show. This may be reason for the drop in price IMO. Any comments from other holders of this stock will be welcome.

[ved] 01/2/2006 16:02

The price is tumbling. Is the the approval of Exubera fading or large profit taking by punters?