STOCKHOLM - Calliditas Therapeutics AB (NASDAQ:CALT) (Nasdaq Stockholm: CALTX) and its partner Everest Medicines (HKEX: 1952.HK) have announced the commercial launch of Nefecon in China, aiming to address a significant unmet medical need for patients with IgA nephropathy (IgAN).
IgAN, a progressive autoimmune disease, is prevalent in China, with up to 5 million patients and accounting for 35% to 50% of primary glomerular diseases.
The launch follows the conditional approval of Nefecon by China's National Medical Products Administration (NMPA) in November 2023. The decision was supported by results from the Phase 3 NefIgArd trial, which indicated that Nefecon significantly reduced the loss of kidney function in Chinese patients compared to the global cohort.
Renee Aguiar-Lucander, CEO of Calliditas, expressed satisfaction with the launch, attributing the success to years of dedication by both companies. Nefecon has also been approved in Macau, Hong Kong, and Singapore, with its first commercial prescription in Macau occurring at the end of last year.
Additionally, New Drug Applications for Nefecon have been accepted for review in Taiwan and South Korea.
The information is based on a press release statement.
InvestingPro Insights
As Calliditas Therapeutics AB (NASDAQ:CALT) celebrates the commercial launch of Nefecon in China, investors are closely watching the company's financial health and market performance. According to InvestingPro data, Calliditas boasts a market capitalization of approximately $597.14 million. Notably, the company has experienced a significant revenue growth rate of 50.32% over the last twelve months as of Q4 2023, signaling strong market demand for its products.
InvestingPro Tips suggest that Calliditas has an impressive gross profit margin, which stood at a remarkable 94.99% for the same period, underscoring the company's ability to manage its cost of goods sold effectively. Furthermore, Calliditas's liquid assets have been reported to exceed its short-term obligations, indicating a solid liquidity position that could support its operational and strategic initiatives.
However, it's important for investors to note that the company is currently trading at a high Price / Book multiple of 19.45, reflecting a premium market valuation. Additionally, despite the optimism surrounding its recent commercial success, Calliditas has not been profitable over the last twelve months. Analysts predict that the company will turn profitable this year, which could be a pivotal moment for the company's financial trajectory.
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With the successful launch of Nefecon in China and the anticipation of profitability, Calliditas Therapeutics AB appears to be at a potentially transformative juncture, making it an interesting prospect for investors to consider.
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