Sunesis Pharmaceuticals — SNS-062 trial up and running

Sunesis Pharmaceuticals — SNS-062 trial up and running

Sunesis announced on 18 July 2017 that the first patient had been dosed in its Phase Ib/II study of SNS-062 for the treatment of chronic lymphocytic leukemia (CLL) and other B-cell cancers. The trial is a dose-ranging and expansion study enrolling relapsed and refractory patients, and will enroll up to 124 patients. The company announced on the Q217 conference call that it expects to have identified the correct dose and to provide an update in spring 2018.

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Sunesis Pharmaceuticals

SNS-062 trial up and running

Earnings update

Pharma & biotech

3 August 2017

Price

US$2.47

Market cap

US$58m

Net cash ($m) at end June 2017

15.6

Shares in issue

23.5m

Free float

61%

Code

SNSS

Primary exchange

NASDAQ

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(6.1)

(16.7)

(40.3)

Rel (local)

(7.9)

(19.6)

(48.1)

52-week high/low

US$5.5

US$2.5

Business description

Sunesis Pharmaceuticals is a pharmaceutical company focused on oncology. Its lead asset is SNS-062, a BTK inhibitor for CLL for Imbruvica refractory patients. The program is entering a dose escalation Phase Ib/II trial. It has also developed TAK-580 with partner Takeda, and the preclinical PDK1 inhibitor SNS-229.

Next events

SNS-229 IND decision

Fall 2017

TAK-580 option

By YE17

SNS-062 dosing update

Spring 2018

Analysts

Maxim Jacobs

+1 646 653 7027

Nathaniel Calloway

+1 646 653 7036

Sunesis Pharmaceuticals is a research client of Edison Investment Research Limited

Sunesis announced on 18 July 2017 that the first patient had been dosed in its Phase Ib/II study of SNS-062 for the treatment of chronic lymphocytic leukemia (CLL) and other B-cell cancers. The trial is a dose-ranging and expansion study enrolling relapsed and refractory patients, and will enroll up to 124 patients. The company announced on the Q217 conference call that it expects to have identified the correct dose and to provide an update in spring 2018.

Year end

Revenue ($m)

PBT*
($m)

EPS*
($)

DPS
($)

P/E
(x)

Yield
(%)

12/15

3.1

(36.7)

(3.02)

0.0

N/A

N/A

12/16

2.5

(38.0)

(2.42)

0.0

N/A

N/A

12/17e

0.7

(33.8)

(1.58)

0.0

N/A

N/A

12/18e

0.0

(35.5)

(1.59)

0.0

N/A

N/A

Note: *PBT and EPS are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments.

Targeting Imbruvica resistant patients

SNS-062 is an inhibitor of Bruton’s tyrosine kinase (BTK), similar to the blockbuster Imbruvica (ibrutinib, AbbVie/Janssen, $2.2bn 2016 sales). However unlike Imbruvica, SNS-062 binds non-covalently to BTK, which allows it to maintain efficacy in patients with the common resistance mutation C481S. The current clinical trial will only enroll patients with an identified C481S mutation.

The success of BTK inhibitors equals a bigger market

Imbruvica has only been approved as a first-line indication for CLL since March 2016, and therefore the degree of patient exposure to the drug has been limited. 25% of patients developed resistance to the drug at 26 months in early trials, and this number is expected to increase the longer it is in use. There is also increasing evidence that the vast majority of these resistant patients, up to 80%, harbor the C481S mutation that SNS-062 can address.

Decisions looming for SNS-229 and TAK-580

The company stated on its Q217 call that it expects to make a decision on whether to progress SNS-229 to human trials this coming fall. SNS-229 is a phosphoinositide dependent protein kinase 1 (PDK1) inhibitor in preclinical testing for hematological and solid tumors. Additionally, a decision from Takeda on whether to progress TAK-580 is expected by the end of the year. Takeda is currently investigating TAK-580, a pan-Raf inhibitor, with a combination of immuno-oncology and chemotherapeutic agents in Phase Ib studies.

Valuation: Reduced to $93.0m or $3.96/basic share

We have reduced our valuation to $93.0m or $3.96 per basic share, from $94.3m or $4.40/share, driven by lower net cash ($15.6m) and an increased share count, partially offset by advancing our NPVs. We estimate the company will require an additional $155m to reach profitability in 2023. We expect to provide an update to our valuation following the pipeline newsflow expected in the latter half of the year.

First patient enrolled in SNS-062 Phase Ib/II trial

Sunesis announced on 18 July 2017 that the first patient had been dosed on the Phase Ib/II clinical trial of SNS-062 in patients with relapsed and refractory chronic lymphocytic leukemia (CLL) and other B-cell malignancies (Waldenstrom’s macroglobulinemia and mantle cell lymphoma). SNS-062 is an inhibitor of Bruton’s tyrosine kinase (BTK), similar to Imbruvica (ibrutinib, AbbVie/Janssen, $2.2bn 2016 sales). A limitation of Imbruvica is that its activity depends on the formation of a covalent bond to cysteine 481 of BTK. The mutation of this amino acid residue to a serine (C481S) is a common resistance mechanism that emerges in patients that progress on Imbruvica. SNS-062 is specifically designed to bind to BTK non-covalently and has demonstrated that it can inhibit the C481S isoform. This opens the possibility that the drug could potentially be effective in patients who have progressed on Imbruvica, although not limited to this group. Approximately 25% of relapsed and refractory patients treated with Imbruvica progress on the drug at 26 months.1 Although, the prevalence of the C481S mutation in this patient population is currently unknown, preliminary studies suggest that the rate is approximately 80%.2,3 The activity of SNS-062 with other BTK mutations has not been disclosed.

  Byrd JC, et al. (2013) Targeting BTK with ibrutinib in relapsed chronic lymphocytic leukemia. N. Engl. J. Med. 369, 32-42.

  Maddocks JK, et al. (2015) Etiology of Ibrutinib Therapy Discontinuation and Outcomes in Patients With Chronic Lymphocytic Leukemia. J. Am. Med. Assoc. Onco. 1, 80-87.

  Woyach JA, et al. (2017) BTKC481S-Mediated Resistance to Ibrutinib in Chronic Lymphocytic Leukemia. J. Clin. Onco. 35, 1437-1443.

The current Phase Ib/II study is a dose escalation trial with seven planned dosing cohorts, and once the maximum tolerated dose is found, it will expand into a total estimated enrolment of 124 patients. The study will enroll patients who have progressed and have documented C481S mutations. The program is taking place at some of the premier cancer institutes in the US: U.C. Irvine Cancer Center and The Ohio State University Comprehensive Cancer Center, Dana-Faber Cancer Institute, MD Anderson Cancer Center and Weill Cornell Cancer Center. The company announced on the Q217 conference call that it expects to provide an update on dosing that will be used in the escalation portion of the trial in spring 2018.

Pipeline decisions coming

Sunesis has two additional early stage programs: SNS-229, a phosphoinositide dependent protein kinase 1 (PDK1) inhibitor being investigated in preclinical development for a range of cancer indications; and TAK-580, a pan-Raf inhibitor for solid tumors. Both of these programs have upcoming decisions that will determine if the programs progress in the clinic.

SNS-229 is currently in canine dosing studies, which are expected to provide data to the company in August. Sunesis has announced that it will be making a “go/no-go” decision based on the preclinical data in fall 2017. If it decides to proceed, it plans to file an IND in 2018.

TAK-580 is out-licensed to Takeda, which is investigating the drug for a range of tumors in Phase Ib in six different drug combinations. Sunesis stated that it expects a go/no-go decision from Takeda regarding the program by the end of 2017. Sunesis is entitled to up to $57.5m in development milestones from the collaboration, of which some undisclosed portion will be triggered upon the initiation of a registration trial.

Valuation

We have reduced our valuation to $93.0m or $3.96 per basic share, from $94.3m or $4.40 per share. The reduction is driven by lower net cash ($15.6m down from $20.7m) and an increase in share count. This reduction is offset by rolling forward our NPVs to the most recent quarter. We expect to update our valuation with the go/no-go decisions for SNS-229 and TAK-580 in fall and year-end 2017, respectively. In the event of a “go” decision, we would increase our probability of success to reflect the clinical progress.

Exhibit 1: Sunesis valuation

Development Program

Clinical stage

Expected commercialization

Prob. of success

Launch year

Launch pricing ($)

Peak sales ($m)

Patent/exclusivity protection

Royalty/ margin

rNPV ($m)

TAK-580

Phase Ib

Licensed to Takeda

15%

2021

138,000

727

2032

15%

$24

SNS-062

Phase Ib/II

Proprietary

20%

2022

152,000

605

2034

45%

$89

SNS-229

Preclinical

Proprietary

5%

2022

101,000

320

2031

44%

$7

Unallocated costs (discovery programs, administrative costs, etc)

($41)

Total

 

 

 

 

 

 

 

 

$77

Net cash and equivalents (Q217) ($m)

$15.6

Total firm value ($m)

$93.0

Total basic shares (m)

23.5

Value per basic share ($)

$3.96

Convertible pref stock (m)

4.3

Warrants and options (m)

0.8

Total diluted shares (m)

28.5

Value per diluted share ($)

$3.33

Source: Sunesis Pharmaceuticals reports, Edison Investment Research

Financials

Sunesis reported an operational loss of $8.6m for Q217. This is down from $9.4m during the previous period, primarily due to the discontinuation of operations related to the vosaroxin program. Some of these operations occurred during the current periods and we expect a further reduction in coming quarters, which will be progressively offset by increases in spending associated with the SNS-062 clinical trial and potentially SNS-229. We have increased our forecasted operational loss for 2017 to $32.8m from $29.2m to reflect a higher than expected spending, partially attributable to a bigger tail on vosaroxin. The company has raised $8.1m through its ATM facility in H117 and $9.5m remains in the facility. We currently project that the company will require $155m in additional funding (reduced from $160m due to recent financing) to reach profitability in 2023. This is in addition to the Takeda milestones ($57.5m), a portion of which we may explicitly add to our near-term financial forecasts as more information from the companies becomes available.

Exhibit 2: Financial summary

$'000s

2013

2014

2015

2016

2017e

2018e

Year end 31 December

US GAAP

US GAAP

US GAAP

US GAAP

US GAAP

US GAAP

PROFIT & LOSS

Revenue

 

 

7,956

5,734

3,061

2,536

669

0

Cost of Sales

0

0

0

0

0

0

Gross Profit

7,956

5,734

3,061

2,536

669

0

Research and development

(28,891)

(27,665)

(23,701)

(22,881)

(19,705)

(18,920)

Selling, general & administrative

(10,838)

(23,112)

(18,662)

(16,115)

(13,773)

(14,186)

EBITDA

 

 

(31,701)

(41,312)

(35,764)

(36,313)

(32,816)

(33,113)

Operating Profit (before GW and except.)

(31,681)

(41,283)

(35,737)

(36,302)

(32,808)

(33,105)

Intangible Amortisation

0

0

0

0

0

0

Exceptionals/Other

0

0

0

0

0

0

Operating Profit

(31,681)

(41,283)

(35,737)

(36,302)

(32,808)

(33,105)

Net Interest

(2,917)

(1,719)

(939)

(1,721)

(952)

(2,410)

Other (change in fair value of warrants)

0

0

0

0

0

0

Profit Before Tax (norm)

 

 

(34,598)

(43,002)

(36,676)

(38,023)

(33,760)

(35,515)

Profit Before Tax (IFRS)

 

 

(34,598)

(43,002)

(36,676)

(38,023)

(33,760)

(35,515)

Tax

0

0

0

0

0

0

Deferred tax

0

0

0

0

0

0

Profit After Tax (norm)

(34,598)

(43,002)

(36,676)

(38,023)

(33,760)

(35,515)

Profit After Tax (IFRS)

(34,598)

(43,002)

(36,676)

(38,023)

(33,760)

(35,515)

Average Number of Shares Outstanding (m)

8.7

10.0

12.2

15.7

21.4

22.4

EPS - normalised ($)

 

 

(3.97)

(4.30)

(3.02)

(2.42)

(1.58)

(1.59)

EPS - IFRS ($)

 

 

(3.97)

(4.30)

(3.02)

(2.42)

(1.58)

(1.59)

Dividend per share ($)

0.0

0.0

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

33

42

14

3

1,392

13

Intangible Assets

0

0

0

0

0

0

Tangible Assets

23

42

14

3

21

13

Other

10

0

0

0

1,371

0

Current Assets

 

 

40,492

44,204

46,988

43,231

9,861

2,444

Stocks

0

0

0

0

0

0

Debtors

0

0

0

0

0

0

Cash

39,293

42,981

46,430

42,588

9,021

1,604

Other

1,199

1,223

558

643

840

840

Current Liabilities

 

 

(25,858)

(19,395)

(12,728)

(5,814)

(4,925)

(5,281)

Creditors

(16,840)

(10,138)

(4,894)

(2,481)

(1,357)

(1,690)

Short term borrowings

(9,018)

(9,257)

(7,834)

(3,333)

(3,568)

(3,591)

Long Term Liabilities

 

 

(12,737)

(2,563)

(610)

(11,271)

(3,596)

(24,656)

Long term borrowings

(9,025)

0

0

(11,102)

(3,564)

(24,624)

Other long term liabilities

(3,712)

(2,563)

(610)

(169)

(32)

(32)

Net Assets

 

 

1,930

22,288

33,664

26,149

2,732

(27,481)

CASH FLOW

Operating Cash Flow

 

 

(37,423)

(43,181)

(38,731)

(36,962)

(34,128)

(28,500)

Net Interest

0

0

0

0

0

0

Tax

0

0

0

0

0

0

Capex

0

(48)

0

0

(26)

0

Acquisitions/disposals

0

0

0

0

0

0

Financing

12,570

56,277

43,826

26,111

8,189

0

Dividends

0

0

0

0

0

0

Other

0

0

0

0

0

0

Net Cash Flow

(24,853)

13,048

5,095

(10,851)

(25,965)

(28,500)

Opening net debt/(cash)

 

 

(46,966)

(21,250)

(33,724)

(38,596)

(28,153)

(2,188)

HP finance leases initiated

0

0

0

0

0

0

Exchange rate movements

0

0

0

0

0

0

Other

(863)

(574)

(223)

408

0

0

Closing net debt/(cash)

 

 

(21,250)

(33,724)

(38,596)

(28,153)

(2,188)

26,312

Source: Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Sunesis Pharmaceuticals and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Sunesis Pharmaceuticals and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

CSL — Continued growth from plasma and vaccines

CSL is in a strong position as the leading supplier of plasma-derived products globally, including treatments for haemophilia, inherited immune disorders (IID) and other rare diseases. It has generated consistent growth through strategic acquisitions to build scale combined with organic growth from novel therapeutics and value-added products such as sub-cutaneously injected formulations of IV therapies. ROE was 47% in FY16 and annual shareholder returns have averaged 27.6% since listing in 1994.

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