CASI Pharmaceuticals

US: CASI

$301.5m market cap

$3.15 last close

CASI is a pharmaceutical company building a portfolio of drugs it intends to prtoduce for Chinese and worldwide markets. These include proprietary drugs licensed from Spectrum , a portfolio of ANDAs, and is expanding a preclinical portfolio.

Investment summary

CASI has a multipronged approach to the entrance into the Chinese pharmaceutical market. It recently received approval for 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) and and anti-CD19 CAR-T therapy (CNCT19).

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 9.0 (16.4) (16.8) (17.20) N/A N/A
2020E 33.5 1.6 (2.9) (2.86) 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 25/07/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (US$m) 39.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 5.4 (5.7) (56.5)
Relative* 2.3 (8.1) (58.8)
52-week high/low US$8.1/US$2.8
*% relative to local index
Key management
Ken Ren CEO
Alexander Zukiwski Chief Medical Officer
Cynthia Hu Chief Operating Officer