CALLIDITAS BUY – SEK 190 TP | Here we go, IgAN! Initiating coverage on the IgAN leader
CALLIDITAS initiation of coverage BUY – SEK 190 TPCALLIDITAS BUY – SEK 190 TP | Here we go, IgAN! Initiating coverage on the IgAN leader
Calliditas is a late-stage Swedish biotech with a commercial-stage product, nefecon, and a clinical-stage asset, setanaxib. Nefecon is the first and only drug approved for IgA nephropathy (IgAN) – H1 2022 US sales show good momentum (SEK 81.6m) which we expect to improve based on the current unmet need in IgAN. On the clinical catalyst side, we are confident of a positive outcome for the confirmatory phase 3 with Nefecon in IgAN H1 2023. From a competitive standpoint, there are several readouts in the coming months, including a potentially negative outcome for Travere’s sparsentan PDUFA. Our valuation is driven by nefecon in the US, for which we expect sales to reach SEK 370m in 2022, bringing Calliditas into profitable territory in 2023. We initiate coverage with a BUY and SEK 190 TP.
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