Intrinsic value of Concert Pharmaceuticals - CNCE

Previous Close

$11.50

  Intrinsic Value

$2.10

stock screener

  Rating & Target

str. sell

-82%

Previous close

$11.50

 
Intrinsic value

$2.10

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of CNCE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  147
  150
  154
  158
  163
  168
  174
  180
  187
  194
  202
  210
  219
  228
  238
  248
  259
  271
  283
  296
  310
  325
  340
  356
  373
  391
  410
  429
  450
  472
Variable operating expenses, $m
  43,306
  44,302
  45,441
  46,719
  48,135
  49,689
  51,382
  53,213
  55,187
  57,305
  59,571
  61,988
  64,563
  67,298
  70,201
  73,278
  76,534
  79,978
  83,617
  87,459
  91,513
  95,788
  100,295
  105,043
  110,043
  115,309
  120,850
  126,682
  132,817
  139,271
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  43,306
  44,302
  45,441
  46,719
  48,135
  49,689
  51,382
  53,213
  55,187
  57,305
  59,571
  61,988
  64,563
  67,298
  70,201
  73,278
  76,534
  79,978
  83,617
  87,459
  91,513
  95,788
  100,295
  105,043
  110,043
  115,309
  120,850
  126,682
  132,817
  139,271
Operating income, $m
  -43,159
  -44,152
  -45,287
  -46,561
  -47,972
  -49,521
  -51,207
  -53,033
  -55,000
  -57,111
  -59,369
  -61,778
  -64,344
  -67,070
  -69,963
  -73,029
  -76,275
  -79,707
  -83,334
  -87,163
  -91,203
  -95,463
  -99,955
  -104,687
  -109,670
  -114,918
  -120,441
  -126,253
  -132,367
  -138,799
EBITDA, $m
  -43,159
  -44,151
  -45,286
  -46,560
  -47,972
  -49,520
  -51,207
  -53,033
  -54,999
  -57,110
  -59,368
  -61,778
  -64,343
  -67,070
  -69,963
  -73,029
  -76,274
  -79,706
  -83,333
  -87,162
  -91,202
  -95,463
  -99,954
  -104,686
  -109,669
  -114,917
  -120,440
  -126,252
  -132,366
  -138,797
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Earnings before tax, $m
  -43,159
  -44,152
  -45,287
  -46,560
  -47,972
  -49,521
  -51,207
  -53,033
  -55,000
  -57,111
  -59,369
  -61,778
  -64,344
  -67,070
  -69,964
  -73,030
  -76,275
  -79,707
  -83,334
  -87,163
  -91,203
  -95,464
  -99,955
  -104,687
  -109,671
  -114,919
  -120,442
  -126,254
  -132,368
  -138,800
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -43,159
  -44,152
  -45,287
  -46,560
  -47,972
  -49,521
  -51,207
  -53,033
  -55,000
  -57,111
  -59,369
  -61,778
  -64,344
  -67,070
  -69,964
  -73,030
  -76,275
  -79,707
  -83,334
  -87,163
  -91,203
  -95,464
  -99,955
  -104,687
  -109,671
  -114,919
  -120,442
  -126,254
  -132,368
  -138,800

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  14
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
Adjusted assets (=assets-cash), $m
  14
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
Revenue / Adjusted assets
  10.500
  10.714
  11.000
  10.533
  10.867
  10.500
  10.875
  10.588
  11.000
  10.778
  10.632
  10.500
  10.950
  10.857
  10.818
  10.783
  10.792
  10.840
  10.885
  10.571
  10.690
  10.833
  10.625
  10.788
  10.657
  10.568
  10.789
  10.725
  10.714
  10.727
Average production assets, $m
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
Working capital, $m
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
Total debt, $m
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  0
  0
  1
  2
  2
  3
  4
  5
  6
  7
  7
  9
  10
  11
  12
  13
  15
  16
  18
  19
  21
  23
  24
Total liabilities, $m
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
Total equity, $m
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
Total liabilities and equity, $m
  13
  14
  14
  14
  16
  16
  17
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  26
  27
  28
  29
  30
  32
  33
  34
  37
  38
  40
  42
  44
Debt-to-equity ratio
  -2.160
  -1.910
  -1.630
  -1.340
  -1.040
  -0.720
  -0.400
  -0.080
  0.250
  0.570
  0.890
  1.210
  1.520
  1.820
  2.120
  2.410
  2.690
  2.960
  3.220
  3.480
  3.720
  3.960
  4.180
  4.400
  4.610
  4.810
  5.000
  5.190
  5.360
  5.530
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -43,159
  -44,152
  -45,287
  -46,560
  -47,972
  -49,521
  -51,207
  -53,033
  -55,000
  -57,111
  -59,369
  -61,778
  -64,344
  -67,070
  -69,964
  -73,030
  -76,275
  -79,707
  -83,334
  -87,163
  -91,203
  -95,464
  -99,955
  -104,687
  -109,671
  -114,919
  -120,442
  -126,254
  -132,368
  -138,800
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Funds from operations, $m
  -43,159
  -44,151
  -45,286
  -46,560
  -47,972
  -49,520
  -51,207
  -53,032
  -54,999
  -57,110
  -59,368
  -61,778
  -64,343
  -67,070
  -69,963
  -73,029
  -76,274
  -79,707
  -83,333
  -87,162
  -91,202
  -95,463
  -99,954
  -104,686
  -109,670
  -114,917
  -120,441
  -126,253
  -132,367
  -138,798
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  -43,159
  -44,151
  -45,286
  -46,560
  -47,971
  -49,520
  -51,207
  -53,032
  -54,999
  -57,110
  -59,368
  -61,777
  -64,343
  -67,069
  -69,963
  -73,029
  -76,274
  -79,706
  -83,333
  -87,162
  -91,202
  -95,463
  -99,954
  -104,686
  -109,669
  -114,917
  -120,440
  -126,252
  -132,366
  -138,798
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
New CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from investing activities, $m
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Free cash flow, $m
  -43,159
  -44,152
  -45,286
  -46,560
  -47,972
  -49,521
  -51,207
  -53,033
  -55,000
  -57,110
  -59,369
  -61,778
  -64,344
  -67,070
  -69,963
  -73,029
  -76,275
  -79,707
  -83,334
  -87,163
  -91,203
  -95,464
  -99,955
  -104,687
  -109,671
  -114,918
  -120,441
  -126,253
  -132,368
  -138,799
Issuance/(repayment) of debt, $m
  -3
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
Issuance/(repurchase) of shares, $m
  43,162
  44,152
  45,287
  46,560
  47,972
  49,521
  51,207
  53,033
  55,000
  57,111
  59,369
  61,778
  64,344
  67,070
  69,964
  73,030
  76,275
  79,708
  83,334
  87,163
  91,203
  95,464
  99,955
  104,687
  109,671
  114,919
  120,442
  126,254
  132,369
  138,800
Cash from financing (excl. dividends), $m  
  43,159
  44,152
  45,287
  46,560
  47,972
  49,521
  51,207
  53,034
  55,001
  57,112
  59,370
  61,779
  64,345
  67,071
  69,965
  73,031
  76,276
  79,709
  83,335
  87,164
  91,204
  95,465
  99,956
  104,688
  109,672
  114,921
  120,444
  126,256
  132,371
  138,802
Total cash flow (excl. dividends), $m
  1
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
Retained Cash Flow (-), $m
  -43,162
  -44,152
  -45,287
  -46,560
  -47,972
  -49,521
  -51,207
  -53,033
  -55,000
  -57,111
  -59,369
  -61,778
  -64,344
  -67,070
  -69,964
  -73,030
  -76,275
  -79,708
  -83,334
  -87,163
  -91,203
  -95,464
  -99,955
  -104,687
  -109,671
  -114,919
  -120,442
  -126,254
  -132,369
  -138,800
Prev. year cash balance distribution, $m
  198
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -42,964
  -44,151
  -45,286
  -46,560
  -47,972
  -49,520
  -51,207
  -53,032
  -54,999
  -57,110
  -59,368
  -61,777
  -64,343
  -67,069
  -69,963
  -73,029
  -76,274
  -79,706
  -83,333
  -87,162
  -91,202
  -95,462
  -99,954
  -104,686
  -109,669
  -114,917
  -120,440
  -126,252
  -132,366
  -138,797
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -41,193
  -40,419
  -39,411
  -38,337
  -37,184
  -35,939
  -34,595
  -33,147
  -31,594
  -29,940
  -28,193
  -26,363
  -24,464
  -22,516
  -20,540
  -18,558
  -16,596
  -14,679
  -12,831
  -11,076
  -9,433
  -7,921
  -6,551
  -5,332
  -4,266
  -3,353
  -2,585
  -1,953
  -1,445
  -1,045
Current shareholders' claim on cash, %
  50.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Concert Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in the discovery and development of small molecule drugs. The Company operates through the development of pharmaceutical products on its own behalf or in collaboration with others. The Company's deuterated chemical entity platform (DCE Platform), has potential across various therapeutic areas. Its product candidates include AVP-786, CTP-656, CTP-730, CTP-543 and JZP-386. The Company's product candidate, CTP-656, is a next generation potentiator that it is initially developing for the treatment of cystic fibrosis in patients having gating mutations, including the G551D mutation. CTP-543 was discovered by applying Concert's deuterium chemistry technology to modify ruxolitinib. AVP-786 is a combination of a dextromethorphan and an ultra-low dose of quinidine. CTP-730 is a phosphodiesterase 4 (PDE4) inhibitor that has potential for the treatment of various inflammatory diseases.

FINANCIAL RATIOS  of  Concert Pharmaceuticals (CNCE)

Valuation Ratios
P/E Ratio -5
Price to Sales 0
Price to Book 3
Price to Tangible Book
Price to Cash Flow -5.7
Price to Free Cash Flow -5.6
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -41.3%
Ret/ On Assets - 3 Yr. Avg. -23.5%
Return On Total Capital -47%
Ret/ On T. Cap. - 3 Yr. Avg. -34.7%
Return On Equity -47%
Return On Equity - 3 Yr. Avg. -45.9%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. -98.2%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. -98.7%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. -106.1%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. -106.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 1.3%
Payout Ratio 0%

CNCE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CNCE stock intrinsic value calculation we used $143.891 million for the last fiscal year's total revenue generated by Concert Pharmaceuticals. The default revenue input number comes from 0001 income statement of Concert Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CNCE stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CNCE is calculated based on our internal credit rating of Concert Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Concert Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CNCE stock the variable cost ratio is equal to 29506.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CNCE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Concert Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Concert Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CNCE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CNCE are equal to 1.5%.

Life of production assets of 2.2 years is the average useful life of capital assets used in Concert Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CNCE is equal to -3.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $196.432 million for Concert Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 23.396 million for Concert Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Concert Pharmaceuticals at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Concert: 3Q Earnings Snapshot   [Nov-01-18 08:38AM  Associated Press]
▶ Inside Concert Pharma's new HQ in popular Lexington biotech campus   [Aug-09-18 06:35AM  American City Business Journals]
▶ Concert: 2Q Earnings Snapshot   [10:06AM  Associated Press]
▶ Concert: 1Q Earnings Snapshot   [May-03-18 08:27AM  Associated Press]
▶ Concert reports 4Q loss   [Mar-01-18 08:13AM  Associated Press]
▶ Concert Pharma shares hit low note on patent challenge denial   [Jan-16-18 05:50AM  American City Business Journals]
▶ Concert posts 3Q profit   [Nov-09-17 10:50AM  Associated Press]
▶ Concert reports 2Q loss   [Aug-08-17 11:55PM  Associated Press]
▶ Vertex Undergoes FTC Scrubbing for Deal on CF Treatment   [May-22-17 06:29PM  TheStreet.com]
▶ Concert reports 1Q loss   [07:23AM  Associated Press]

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