Investment research on quoted companies and funds

Hardman & Co

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Research from Hardman & Co, Hardman & Co

Research from Hardman & Co

Equity Bottom-Up

<ul><li>Shield is a commercial-stage pharma company delivering specialty products that address patients’ unmet medical needs, with an initial focus on iron deficiency (ID).</li><li>Since its US launch in July 2021, Shield and its partner, Viatris, have increased physician awareness of the differentiating characteristics of Accrufer® as an oral ID drug, in order to ramp up prescriptions (Rxs) and generate sales traction.</li><li>Positive Rx momentum in 2022 and 2023, is expected to accelerate in 2024 and 2025 with the revised aim of becoming cashflow positive in 2H’25.</li></ul>

Shield is a commercial-stage pharma company delivering specialty products that address patients’ unmet medical needs, with an initial focus on iron deficiency (ID).Since its US launch in July 2021, Shield and its partner, Viatris, have increased physician awareness of the differentiating characteristics of Accrufer® as an oral ID drug, in order to ramp up prescriptions (Rxs) and generate sales traction.Positive Rx momentum in 2022 and 2023, is expected to accelerate in 2024 and 2025 with the revised aim of becoming cashflow positive in 2H’25.

Hardman & Co Research: Shield Therapeutics (STX): Cash management is key