China Tracker - Details for Aoxing Pharmaceuticals (AXN)

 Aoxing Pharmaceuticals
Shares Outstanding (MRQ): 46.51 mill 
New Shares / Dilution (TTM): 0.26 mill0.56%
New Shares / Dilution (since Dec 31, 2008): 5.12 mill12.37% 
Cash (MRQ): 2.81 mill0.00%
Account Receivables (MRQ): 2.24 mill0.00%
Account Receivables (Q/Q): -0.02 mill  
Long-Term Debt (MRQ): 9.59 mill0.00%
Revenue Growth (Q/Q): 11.48% 
Revenue Growth (Y/Y): 24.68% 
Net Income Growth (Q/Q): N/A (LOSS) 
Net Income Growth (Y/Y): N/A (LOSS) 
EPS Growth (Y/Y): N/A (LOSS) 
Net Margin (Q/Q): -48.7% (-50.4%)1.70% 
Net Margin (Y/Y): -48.7% (-87.5%)38.80% 
EPS | P/E (2 MRQ Projection): -$0.080.00 
CFPS | P/CF (2 MRQ Projection): -$0.060.00 
Price/Sales (2 MRQ Projection): 0.00
Price/Book (MRQ): 0.00 
Auditor: Paritz & Company
 Basic Facts and History (show more)
Reporting Type: U.S. Company (10-K Filings) 
Going Public: Reverse Merger on 2006-04-18 
Uplisting to Senior Exchange: on 2010-04-14 at $2.10 (-100.00% since Uplisting)

 Business Outlook

Aoxing Pharmaceutical today announced the China Administrative Bureau of Industry and Commerce granted a Business License for the Naloxone Hydrochloride API product to Hebei Aoxing API Pharmaceutical Company, Ltd., the joint venture between Aoxing Pharma and Macfarlan Smith Ltd., a wholly owned subsidiary of Johnson Matthey Plc. Aoxing Pharma also announced that the joint venture received a foreign investment authorization certificate from the Department of Commerce of Hebei Province.

(Source: Marketwire, 2011-01-24)

We have entered 2011 with exciting advances in our narcotic and pain management product franchise. We now have a clear path forward to commercialize our own pipeline products, as well as new product opportunities under the international joint venture and product collaborations with our strategic partners, including Johnson Matthey, QRxPharma and Phoenix PharmaLabs, in broader acute, chronic-pain and drug addiction therapeutics. As we focus on these priorities, we continue to manage our financial performance effectively throughout the organization. We effectively worked through the recertification process and have successfully listed on the NYSE Amex, setting us up to continuously build our global business presence in narcotics and CNS related therapeutics in the coming fiscal year 2011.

(Source: PR Newswire, 2010-10-04)

Aoxing Pharma and Johnson Matthey Plc have entered into an agreement to establish a joint venture through affiliated companies focused on research, development, manufacturing and marketing of active pharmaceutical ingredients for narcotics and neurological drugs for the China market. The joint venture will seek cGMP approval by the China SFDA for a dedicated manufacturing facility by the end of 2010 and plans to begin manufacturing in the first quarter of 2011. It will initially develop eight narcotic API products for the China market but its product range could potentially exceed 30 products.

(Source: Marketwire, 2010-04-26)

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 Analyst Coverage (show less)
2011-05-17Rodman & RenshawReiterationOutperform$4.00
2011-02-22Rodman & RenshawReiterationOutperform$4.00
 

We derive our valuation for Aoxing based on revenue multiple comparisons. We estimate revenue growth from $6MM in FY10 to $125MM in six years. We observe that companies with similar barriers to entry and growth opportunities are trading at approximately a 3.5X revenue multiple. By applying a 3.5X revenue multiple to our FY16 revenue estimates and discounting at an annual discount rate of 18%, we arrive at our 12-month target price of $4 / share for Aoxing. 

2011-02-14Rodman & RenshawReiterationOutperform$4.00
2010-10-04Rodman & RenshawReiterationOutperform$4.00
 

We derive our valuation for Aoxing based on revenue multiple comparisons. We estimate revenue growth from $6MM in FY10 to over $120MM in six years. We observe that companies with similar barriers to entry and growth opportunities are trading at approximately a 3.5X revenue multiple. By applying a 3.5X revenue multiple to our FY16 revenue estimates and discounting at an annual discount rate of 18%, we arrive at our 12-month target price of $4 / share for Aoxing.

2010-05-13Rodman & RenshawReiterationOutperform$4.00
 

We estimate revenue growth from less than $10MM in FY10 to over $150MM in six years. We observe that companies with similar barriers to entry and growth opportunities are trading at approximately a 3.5X revenue multiple. By applying a 3.5X revenue multiple to our FY16 revenue estimates and discounting at an annual discount rate of 18%, we arrive at our 12-month target price of $4 / share for Aoxing.


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 Recent Financings
2010-07-26Filing$50.00 mill--

 Investor Presentations
2011-03-07 (HTML)   VIEW
AXN
Healthcare & Drugs
SCORE
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SAFETY/RISK SCORE
MODERATE RISK
DETAILS: Safety/Risk Model for AXN
Current Price:  n/a
F10k Day (2009-05-04): -100.00%$2.04
2009 Close: -100.00%$2.00
2010 Close: -100.00%$2.79
2011 Close: -100.00%$0.34
High (2012-02-09): -100.00%$0.66
Low (2012-06-22): -100.00%$0.19
Exchange:
Market Capitalization: n/a
Total Shares: 46.51 mill
Float: n/a
Avg Volume: 264.20 k
Short Interest: 449.40 k
Short Ratio: 5.07%1.7 d
Last Quarter: 2010-12-31
Revenue (MRQ): 1.94 mill
Net Income (MRQ): -0.94 mill
Op. Cash Flow (MRQ): -0.35 mill
all financial data provided without warranty