thermometer-headache-pain-pills-139398-1

CASI Pharmaceuticals

US: CASI

$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
Register to receive research on CASI Pharmaceuticals as it is published
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (US$m) 0
Forecast gearing ratio (%) 0
Price performance
%
1m
3m
12m
Actual (30.5) 0.4 33.5
Relative* (30.3) (3.6) 5.0
52-week high/low US$3.6/US$1.4
*% relative to local index
Key management
Wei-Wu He CEO
Alexander Zukiwski Chief Medical Officer
Cynthia Hu Chief Operating Officer