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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Bespak | BPK | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 667.00 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 667.00 | 667.00 |
| Top Posts |
|---|
Posted at 09/9/2005 09:10 by monkeyjuice That link doesn't appear to work, so here's a cut and paste of itBESPAK (BPK). Investors Chronicle, Jan 23, 2004 Bespak's recovery is gaining momentum. The company endured a torrid 2002-03, due to a combination of enforced price reductions on inhalers supplied to GlaxoSmithKline, a glut of CFC valves in the US, and a disappointing lack of progress in sales of new HFA-propelled products. But these problems now appear to be behind it. Cost savings, which should reach GBP9m on an annualised basis this year, have mitigated the impact of price reductions. The CFC glut in the US has been cleared, and HFA sales are building. The cost-cutting programme is also generating significant benefits. It helped lift operating profits by 43 per cent, to GBP5m, despite falling sales. And cash generation is improving, too, thanks to an easing of capital spending after Bespak completed a new manufacturing facility in King's Lynn. The main excitement now centres on Pfizer's inhaleable insulin drug Exubera - Bespak makes the drug's delivery device. Exubera has passed trials in the US, but Pfizer has yet to file for regulatory approval. The delivery device could be worth about GBP15m to GBP20m in annual sales. Numis Securities expects full-year, adjusted, pre-tax profits of GBP13m, with EPS of 5.5p. The broker has lifted its 2004-5 forecast from GBP15m to GBP23m, with EPS of 62.8p. |
Posted at 19/11/2003 15:39 by vector This looks to have good recovery prospects. Why is there no one on the board? Review in Investors chronicle a few weeks ago was very interesting BESPAK (BPK) 393p - inhaler manufacturer - Bespak's shares were savaged last year when the company delivered an ugly profit warning in November. This included an admission that sales in the 2002-03 financial year would be £8m lower than expected because a glut of stock in the US market was curbing demand for the company's CFC-propelled valves. As if November's profit warning wasn't bad enough, full-year results in July were also blighted by the second of two price reductions on the Diskus inhaler, manufactured on behalf of GlaxoSmithKline. And there was more bad news. In Europe, sales of Bespak's valves should have received a boost from the switch to inhalers using HFA, a more environmentally-frie It was also disappointing that the launch of Pfizer's inhalable form of insulin, Exubera, has been delayed by concerns over the effect the drug has on lung function. Bespak is making the delivery device for Exubera, and the contract represents its greatest potential source of income. The company could have stomached some of these setbacks if it had delivered the cost savings due on the manufacture of its Diskus device on schedule. Unfortunately, it didn't. But despite these setbacks, Bespak now appears to be on the mend. In an August trading update, chief executive Mark Throhdahl revealed that sales of CFC valves have returned to normal now that the stock build-up has cleared, while the switch to HFA valves is gathering pace as more products gain approval. Of the 17 HFA products now licensed, Bespak supplies valves for 12 of them - 11 on an exclusive basis. Customers include pharma heavyweights, such as Boehringer Ingelheim and Aventis. The Exubera programme also appears to be back on track. At the American Diabetes Association's conference in June, Pfizer presented data that addressed the US Food and Drug Administration (FDA)'s concerns about the product. These showed that there was no deterioration in lung function in patients who used it for more than a year. Bespak believes Pfizer will file for approval of the drug and its delivery system in the next three to six months. "Exubera will free a patient from the need to inject himself three to four times a day," says Mr Throhdahl. "It is an enormous breakthrough that should lead to much tighter [patient] compliance with diabetes regimes," he adds. Bespak is the sole European manufacturer of the delivery system for the drug. Bespak's cost-cutting programme is also back on track. It has ceased development of nasal drug formulations, saving £1.9m a year, and cut more than 130 jobs. This should help the company generate £9m of annualised savings (fully effective in the year ending 2005), at a total cost of £6m. Unit cost reductions are also now flowing through on the Diskus device. Productivity should gain a further boost from the scheduled opening in October of a new valve plant in King's Lynn. The financial performance for the 2003-04 financial year will bear the brunt of the cost of this investment, as well as the restructuring charges. Thereafter, though, the business should start to reap the rewards of slicker manufacturing facilities. In April, Bespak admitted that it had received approaches from a number of potential bidders. But in its trading statement in August, it said that it had terminated these talks. While this news could be seen as negative, it underlines the board's growing confidence in the company's prospects. Mr Throhdahl said none of the offers on the table - which investors chronicle understands were upwards of 400p a share - reflected the benefits of the upturn in trading, and the potential of Exubera. Such confidence underlines the argument that this is one recovery play worth buying. Buy. Today there seem to be over a million sold with no price movement. Ability tro buy is very restricted. I think the market makers are expecting good newsflow |
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