$296.2m market cap
$2.39 last close
CASI Pharmaceuticals is building a portfolio of drugs it intends to produce for Chinese and worldwide markets including Evomela launched in China, an anti-CD19 CAR-T therapy CNCT19, and the anti-CD38 drug CID-103, among others. The goal is to seek approval through new pathways that have opened in the quickly changing Chinese regulatory environment.
Investment summary
CASI has announced as part of its preliminary results that it sold $4.8m worth of Evomela in Q420 and approximately $15m for the year (unaudited), exceeding the company guidance of $14m and our estimate of $14.4m. The company stated that it is targeting 50% growth in Evomela sales in 2021. Additionally, in 2021 the company will be jump starting its clinical development engine as it is expected to initiate clinical studies on a majority of its portfolio during the year.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 0.0 | (19.4) | (20.0) | (23.65) | N/A | N/A |
| 2019A | 4.1 | (37.5) | (36.5) | (38.74) | N/A | N/A |
| 2020E | 15.2 | (32.4) | (29.7) | (27.28) | N/A | N/A |
| 2021E | 25.8 | (23.4) | (23.4) | (18.00) | N/A | N/A |
Industry outlook
The Chinese regulatory authorities have made a series of substantial changes to their process for drug approval in recent years to improve the availability of new drugs. The Chinese National Medical Products Administration (NMPA, formerly the CFDA) has established new classes of applications for drugs that are previously approved outside of China. Additionally, there is a set of criteria for priority review, which can significantly reduce review times.
Last updated on 03/03/2021
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| Healthcare |
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| Forecast net debt (US$m) | 0 |
| Forecast gearing ratio (%) | 0 |
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Key management |
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| Wei-Wu He | CEO |
| Alexander Zukiwski | Chief Medical Officer |
| Cynthia Hu | Chief Operating Officer |
