NEUREN PHARMACEUTICALS LIMITED (NEU)
Share Price Analysis and Chart

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04/03/2026

1

Outperform

$19.10

42.22%

Neuren Pharmaceuticals’ FY25 royalty revenue of $65m (up 15% on the prior year) from Daybue was broadly in line with Macquarie's forecast. 

Total income beat the broker's expectation on higher interest income and FX gains, supporting stronger profit on lower opex timing.

FY26 royalty guidance of $70-77m is based on Acadia’s sales outlook and an Australian dollar assumption of between 70-72c, with FX remaining a key swing factor, highlights the analyst.

Pitt Hopkins syndrome (PMS) Phase 3 dosing has commenced, lifting R&D spend in FY26.

EPS forecasts fall -55% in FY26 on a stronger Australian dollar and delayed European milestone, with FY27-28 unchanged.

Macquarie lowers its target price to $19.10 from $21.20 and retains an Outperform rating.

FORECAST
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 14.40 cents.
Macquarie forecasts a full year FY27 dividend of 0.00 cents and EPS of 61.50 cents.

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21/05/2026

1

Buy

$24.00

78.70%

Canaccord Genuity retains a Buy rating for Neuren Pharmaceutical with an unchanged target price of $24.00 following a review of the upcoming European regulatory re-examination.

The European Medicines Agency published grounds for refusal of Daybue regarding efficacy interpretability and long-term benefit evaluation, requiring the sponsor to neutralise these criticisms with additional analyses for a successful resubmission.

A US-only valuation model implies the company's share of the drug is worth $11.17 per share, increasing to $13.09 when incorporating the Japanese market.

Adding a risk-adjusted $8.40 per share for the NNZ-2591 asset yields an overall valuation range between $19.57 and $21.49 should the European approval fail.

The rollout of the new Daybue Stix formulation is expected to drive incremental uptake among treatment-naive patients and prior discontinuations by addressing key administration limitations, the broker notes.