CASI Pharmaceuticals - Evomela sales drive guidance upgrade
CASI’s Q221 results were driven by strong sales momentum in Evomela, its proprietary formulation of melphalan for multiple myeloma (MM) in China. The in-clinic pipeline continues to make steady progress, led by CNCT19 (CD19 targeting CAR-T therapy for B-ALL and B-NHL) nearing completion of pivotal Phase II studies. We have raised our FY21–23 revenue estimates, as well as peak sales potential for Evomela, acknowledging its rapid growth in the past few quarters and CASI’s guidance upgrade for 2021. Our valuation ($4.07/share versus $3.56/share previously) also sees an uptick from the increased probability of success (from 10% to 30%) for CNCT19, offset by lower net cash.CASI Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing therapeutics and pharmaceutical products. The company's primary product and candidates in hematology/oncology include: EVOMELA (Melphalan for Injection), an intravenous formulation of melphalan commercialized in the multiple myeloma treatment setting in the United States; CNCT19, which targets CD19, a B-cell surface protein expressed during all phases of B-cell development and a validated target for B-cell driven hematological malignancies; CID-103, an investigational anti-CD38 monoclonal antibody being developed for the treatment of patients with multiple myeloma.
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