$264.5m market cap
$2.75 last close
CASI is a pharmaceutical company building a portfolio of drugs it intends to produce for Chinese and worldwide markets. These include proprietary drugs licensed from Spectrum and an expanding preclinical portfolio, including an anti-CD38 drug (CID-103), an anti-CD19 CAR-T therapy (CNCT19), and the new addition of long-acting injectable octreotide.
Investment summary
CASI has a multipronged approach to the entrance into the Chinese pharmaceutical market. It recently received approval and launched Evomela (melphalan) in China via the priority review pathway because it was the first approval in the country for any melphalan product. It is also expanding its development pipeline through collaborations, with the recent licensing of an anti-CD38 drug (CID-103), anti-CD19 CAR-T therapy (CNCT19), and long acting injectable octreotide.
Y/E Dec |
Revenue (US$m) |
EBITDA (US$m) |
PBT (US$m) |
EPS (c) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2017A | 0.0 | (10.0) | (10.1) | (16.45) | N/A | N/A |
| 2018A | 0.0 | (19.4) | (20.0) | (23.65) | N/A | N/A |
| 2019E | 9.6 | (32.1) | (30.5) | (31.10) | N/A | N/A |
| 2020E | 15.1 | (22.8) | (27.1) | (26.31) | 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 03/02/2020
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| Healthcare |
Share price graph
Balance sheet |
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| Forecast net cash (US$m) | 39.6 |
| Forecast gearing ratio (%) | N/A |
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Key management |
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| Wei-Wu He | CEO |
| Alexander Zukiwski | Chief Medical Officer |
| Cynthia Hu | Chief Operating Officer |
