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CTI BioPharma Résultats passés

Passé contrôle des critères 0/6

Les bénéfices de CTI BioPharma ont diminué à un taux annuel moyen de -26.7%, tandis que le secteur Biotechs a vu ses bénéfices augmenter de en à 33.8% par an. Les revenus ont augmenté de en à un taux moyen de 20.1% par an.

Informations clés

-26.72%

Taux de croissance des bénéfices

-8.24%

Taux de croissance du BPA

Biotechs Croissance de l'industrie	17.04%
Taux de croissance des recettes	20.07%
Rendement des fonds propres	n/a
Marge nette	-91.38%
Dernière mise à jour des bénéfices	31 Mar 2023

Mises à jour récentes des performances passées

Pas de mise à jour

Recent updates

Seeking Alpha • Aug 17

CTI BioPharma: Reiterating Target Price Of $17 After Successful VONJO Launch

CTIC announced its 2Q 2022 results on 8 August. With booked revenues coming in at $12.3 million for the quarter, revenues were above Street expectations. In my view, the 26% share price decline since the results is a reaction to BVF Partners (a major equity holder of the company) selling shares. I view this decline as a major buying opportunity. I believe the market totally ignored the $8.2 million in accounts receivables reported by the company. The CFO’s repeated statements that CTIC has sufficient cash to meet its financial obligations through 2023 is a major clue that further dilution is not likely. I am maintaining my target price of $17. I will continue to hold CTIC until a buyout or my target is achieved in the next 1.5 to 3.5 years. Background As an update to my previous article on CTI BioPharma (CTIC), where I recommended this stock as a "Strong Buy" and a $17 price target, CTIC’s first complete quarter of sales in its history was greeted with enthusiasm by Wall Street analysts. Most analysts reiterated their “Buy” ratings and maintained or revised their price targets higher. While the launch of VONJO (CTIC's only approved drug for the treatment of adults with intermediate or high-risk post-polycythemia vera or post-essential thrombocythemia) was viewed as being successful by the street (and management), the $12.3 million in net sales reported by the company was only in line with Inrebic (BMY) sales in the first quarter after its launch in 4Q 2019. To a certain extent, traders were taking profits and viewed the $12.3 million revenue figure with disappointment, punishing the stock by -22.9% at one point on Tuesday, 9th April 2022, before the stock recovered to close -11.8% on that day. Since then, however, CTIC has lost about 26% of its value from its highs of $7.56 prior to the earnings release, coming back to about the level where I recommended the stock back on May 04, 2022. Another factor impacting the price dynamic was the fact that BVF Partners sold 8.5 million shares in the company on August 9, 2022 (according to BVF Partners' Form 4 filing). The market took this as a major equity holder selling stock and perhaps losing some faith in the growth prospects of the company. Why I am maintaining my DCF Valuation In my view, the market completely ignored the $8.2 million in Accounts Receivables reported by the company in 2Q.2022 (see pp. 4 of CTIC's 2Q.2022 10Q Filing). If we add this to the top line reported revenue figure, VONJO sales for the quarter would have been $20.5 million – or 70% higher than Inrebic sales at the same stage of Inrebic’s commercial launch. VONJO is off to a great start and confirms for me that VONJO is highly differentiated from Incyte Corporation's (INCY) JAKAFI. As I stated in my previous article, my own interviews with hematologists indicated that they have been waiting for VONJO to come to market for the 7,000 patients in the United States that suffer from severe thrombocytopenia (i.e., blood platelet counts under 50 x10^9 /L). Management’s repeated comments that there is a 60 / 40 split in hospital / community prescribers is also very bullish, as cancer drugs normally get acceptance in the hospital setting before a slow ramp up into the community setting. That is not the case for VONJO. While we may never know how many patient lives are impacted by CTIC (unless the company reveals it – which their CEO has refused to do in the past), we can model and benchmark this additional sales information to inform our unit economics going forward. At a wholesale price of $19,500, the $20.5 million in sales represents 350 prescriptions per month ($20.5 million / $19,500 / 3) in the quarter. It will be useful for us to track this number in order to understand CTIC’s market share gain over time. At 350 prescriptions (assuming 1 prescription per patient), CTIC’s market share of the 7,000 patients in the United States that suffer from severe thrombocytopenia now stands at 5%. Again, that is an excellent start. My expectation in my previous DCF model was a quick ramp-up to 1,750 patients, or a 25% market share by the end of 2022 (due to the unmet medical need). That is likely not going to happen. At a run rate of 350 patients per quarter, we are looking at 1,050 patients by the end of 2022 (a 15% market share). I do, however, think that in 2023, and beyond, VONJO is more than capable of taking a 30% market share in 2023, and a 50% market share in 2024, as CTIC continues to educate specialists on further positive trial data. See my slightly revised unit economics figures below: Table 1: CTIC’s Unit Economics Unit Economics 2022 2023 2024 2025 2026 2027 Old Model (May 2022) 1,750 2,333 3,500 3605 3,713 3,825 Old Model Revs ($ million) $209.6 $387.5 $604.6 $647.6 $693.7 $743.1 New Model(August 2022) 1,050 2,333 3,500 3,605 3,713 3,825 New Model Revs ($ million) $125.8 same same same same same Maintaining my Cost Forecast for CTIC While CTIC missed the street expectations on the bottom line by a penny, I was actually quite encouraged by management’s cost control. Total operating and non-operating expenses came in at $34.983 million, much lower than my run rate calculations of $53 million in my DCF model that you can see in my previous article. The $18 million difference was due partially to the fact that CTIC has not yet paid the $10.3 million owed to Takeda, opting instead to drag out this payment until March 15, 2023; and the $25 million payment to SBIO + low single-digit royalties to SBIO that continues to show in CTIC’s books under Intangible Assets, but will at some point move to the income statement. I am, therefore, maintaining my conservative cost forecasts for CTIC. BVF Sale was 18.8% of their overall holdings and likely motivated by fund dynamics The elephant in the room, of course, is the stock sale by BVF on August 9. While the retail comment boards were full of criticism about the BVF Partners’ stock sale, according to BVF’ Form 13F and Form 13D filings and CTIC's Form 8K filing, it looks like BVF sold 8.5 million shares out of its total holdings of 45.3 million shares of CTIC, or 18.8% of its holdings.

Seeking Alpha • Aug 08

CTI BioPharma GAAP EPS of -$0.21 misses by $0.01, revenue of $12.33M beats by $3.23M

CTI BioPharma press release (NASDAQ:CTIC): Q2 GAAP EPS of -$0.21 misses by $0.01. Revenue of $12.33M beats by $3.23M.

Seeking Alpha • Jul 19

CTI BioPharma: Approval Is Great, Now There's The Follow Through

CTI BioPharma's Pacritinib has been conditionally approved. It has critical differentiations with Incyte's Jakafi. While the potential is huge, cash and some data points are worrying signs. CTI BioPharma Corp. (CTIC) was granted accelerated approval of VONJO or pacritinib for the treatment of adults with myelofibrosis ("MF") with a platelet count below 50 times 10 to 9 per liter. This approval was based on the Phase III PERSIST-2 trial, a study that enrolled myelofibrosis patients with platelet counts less than or equal to 100 times 10 to 9 per liter, making it the only randomized controlled study specifically designed to recruit the cytopenic myelofibrosis population, that is patients with thrombocytopenia and anemia. Announcing the approval, the company CEO said: In the U.S., there are approximately 21,000 patients with myelofibrosis, two-thirds of which have cytopenias (thrombocytopenia or anemia), commonly resulting from the toxicity of other approved therapies. Severe thrombocytopenia, defined as a blood platelet count below 50 × 109/L, occurs in one-third of the overall myelofibrosis population, and has a particularly poor prognosis. With the approval of VONJO, we are excited to now be able to offer a new therapy that is specifically approved for patients with cytopenic myelofibrosis. We are fully funded for commercial launch, following our debt and royalty transactions with DRI, and we look forward to providing VONJO, the potential best-in-class therapy for cytopenic myelofibrosis patients, to patients within 10 days. Incyte's (INCY) Jakafi is also approved for MF patients, though it is approved for patients with a higher platelet count compared to VONJO. Jakafi earned $2.4bn last year, and while exact figures for the MF indication are not known to me, I am guessing that VONJO is looking at a huge market, running into billions of dollars. There are 21,000 MF patients in the U.S., and about a third of them have low platelets where no other therapy is approved. VONJO is priced at $19,500 per month, or $240,000 per year. That is an effective market of nearly $2bn in the U.S. alone. Jakafi's activity against both JAK1 and JAK2 versus pacritinib's focus on JAK2 only, mostly avoiding the problematic JAK1 pathway, gives it an edge. Like I discussed earlier, high-dose Jakafi at 20mg is effective but toxic, which is where VONJO has its advantage. As company management recently said: The physician -- the frustration of physicians, as we've said previously, is the dissatisfaction with low-dose rux. It's very common, particularly in the community practice because dose -- the dose has to be altered based on the toxicities seen, and it's -- it can be a complicated management scenario. What the feedback -- some of the feedback we've got from physicians has been the attractiveness of VONJO is that the drug can be given at full dose without the need for large numbers of dose modifications. CTIC was also lucky to be able to get VONJO included in NCCN guidelines, which is the largest network of comprehensive cancer treatment centers in the US. Inclusion here means wider propagation and a guarantee of higher sales because most oncologists in the U.S. - even elsewhere - look to the NCCN guidelines for latest updates on standard practices. Although the company still has to complete the PACIFICA trial (topline in 2025) for full approval, things are going well for VONJO so far. Last month, the company presented PERSIST 1 and 2 data at the European Hematology Association ((EHA)) 2022 Congress. According to Seeking Alpha: The analysis indicated a similar incidence of bleeding events as well as overall and fatal adverse events for pacritinib and ruxolitinib. Notably, the cardiac events were more common in patients who received pacritinib, CTIC said, attributing the difference mainly to higher rates of grade 1 peripheral edema on the therapy.

Seeking Alpha • Jul 07

CTI BioPharma initiated at outperform at Cowen on potential for Vonjo for myelofibrosis

Cowen has initiated CTI Biopharma (NASDAQ:CTIC) with an outperform rating citing the growth potential of Vonjo (pacritinib), which was approved in February for thrombocytopenic myelofibrosis. Shares are up 14% in Thursday afternoon trading. The firm has a $10 price target (~67% upside based on Wednesday's close). Analyst Boris Peaker said that one of the advantages of Vonjo over current treatments is that as a JAK2/IRAK1 inhibitor, it appears to be missing JAK inhibitor treatment-emergent thrombocytopenia and is also effective no matter the baseline platelet count. He added that Vonjo is approved for patients with very low platelet counts and the National Comprehensive Cancer Network guidelines call for the therapy's use in a second-line setting, both developments that support broader use. Incyte's (INCY) Jakafi (ruxolitinib) is a competitor to Vonjo, though it is approved for patients with a higher platelet count compared to Vonjo. Peaker is estimating $1B in peak sales, though the amount could be higher due to off-label use. Vonjo can achieve a 55% market share of U.S. patients by 2027, according to Seeking Alpha contributor Nizar Assanie.

Seeking Alpha • May 04

Ventilation des recettes et des dépenses

Comment CTI BioPharma gagne et dépense de l'argent. Sur la base des derniers bénéfices déclarés, sur une base LTM.

Historique des gains et des recettes

NasdaqCM:CTIC Recettes, dépenses et bénéfices (USD Millions )
Date	Recettes	Les revenus	Dépenses G+A	Dépenses de R&D
31 Mar 23	76	-69	89	39
31 Dec 22	54	-93	85	37
30 Sep 22	33	-112	86	36
30 Jun 22	15	-121	78	37
31 Mar 22	2	-118	67	38
31 Dec 21	0	-98	56	39
30 Sep 21	0	-76	37	38
30 Jun 21	0	-63	27	35
31 Mar 21	0	-58	21	32
31 Dec 20	0	-52	18	26
30 Sep 20	0	-46	17	21
30 Jun 20	2	-44	17	22
31 Mar 20	3	-41	18	22
31 Dec 19	3	-40	19	24
30 Sep 19	17	-31	20	27
30 Jun 19	16	-36	21	29
31 Mar 19	16	-36	22	32
31 Dec 18	26	-29	22	36
30 Sep 18	13	-45	24	36
30 Jun 18	14	-42	24	34
31 Mar 18	35	-29	26	33
31 Dec 17	25	-45	31	33
30 Sep 17	34	-37	36	33
30 Jun 17	37	-54	45	44
31 Mar 17	22	-75	47	51
31 Dec 16	57	-52	47	63
30 Sep 16	60	-74	53	75
30 Jun 16	56	-78	52	75
31 Mar 16	50	-91	55	78
31 Dec 15	16	-123	56	75
30 Sep 15	23	-138	54	75
30 Jun 15	61	-101	53	73
31 Mar 15	61	-96	54	68
31 Dec 14	60	-96	58	63
30 Sep 14	75	-42	58	51
30 Jun 14	36	-69	54	41
31 Mar 14	35	-59	50	35
31 Dec 13	35	-50	44	32
30 Sep 13	2	-79	39	33
30 Jun 13	1	-77	38	32
31 Mar 13	1	-117	39	33
31 Dec 12	0	-115	41	31
30 Sep 12	0	-114	42	37

Des revenus de qualité: CTIC n'est actuellement pas rentable.

Augmentation de la marge bénéficiaire: CTIC n'est actuellement pas rentable.

Analyse des flux de trésorerie disponibles par rapport aux bénéfices

Analyse de la croissance passée des bénéfices

Tendance des revenus: CTIC n'est pas rentable et les pertes ont augmenté au cours des 5 dernières années à un rythme de 26.7% par an.

Accélération de la croissance: Impossible de comparer la croissance des bénéfices de CTIC au cours de l'année écoulée à sa moyenne sur 5 ans car elle n'est actuellement pas rentable

Bénéfices par rapport au secteur d'activité: CTIC n'est pas rentable, ce qui rend difficile la comparaison de sa croissance des bénéfices de l'année écoulée avec celle du secteur Biotechs ( 43% ).

Rendement des fonds propres

ROE élevé: Le passif CTIC dépasse son actif, il est donc difficile de calculer son rendement des capitaux propres.

Rendement des actifs

Rendement des capitaux employés

Découvrir des entreprises performantes dans le passé

Analyse de l'entreprise et données financières

Données	Dernière mise à jour (heure UTC)
Analyse de l'entreprise	2023/06/28 21:30
Cours de l'action en fin de journée	2023/06/23 00:00
Les revenus	2023/03/31
Revenus annuels	2022/12/31

Sources de données

Les données utilisées dans notre analyse de l'entreprise proviennent de S&P Global Market Intelligence LLC. Les données suivantes sont utilisées dans notre modèle d'analyse pour générer ce rapport. Les données sont normalisées, ce qui peut entraîner un délai avant que la source ne soit disponible.

Paquet	Données	Cadre temporel	Exemple de source américaine ^*
Finances de l'entreprise	10 ans	Compte de résultat Tableau des flux de trésorerie Bilan	Formulaire 10-K de la SEC Formulaire 10-Q de la SEC
Estimations consensuelles des analystes	+3 ans	Prévisions financières Objectifs de prix des analystes	Rapports de recherche des analystes Blue Matrix
Prix du marché	30 ans	Cours des actions Dividendes, scissions et actions	Données de marché ICE Formulaire S-1 de la SEC
Propriété	10 ans	Actionnaires principaux Délits d'initiés	Formulaire 4 de la SEC Formulaire 13D de la SEC
Gestion	10 ans	L'équipe dirigeante Conseil d'administration	Formulaire 10-K de la SEC Formulaire SEC DEF 14A
Principaux développements	10 ans	Annonces de l'entreprise	Formulaire 8-K de la SEC

* Exemple pour les titres américains ; pour les titres non américains, des formulaires réglementaires et des sources équivalentes sont utilisés^.

Sauf indication contraire, toutes les données financières sont basées sur une période annuelle mais mises à jour trimestriellement. C'est ce qu'on appelle les données des douze derniers mois (TTM) ou des douze derniers mois (LTM). En savoir plus.

Modèle d'analyse et flocon de neige

Les détails du modèle d’analyse utilisé pour générer ce rapport sont disponibles sur notre page Github; nous proposons également des guides expliquant comment utiliser nos rapports et des tutoriels sur Youtube.

Découvrez l'équipe de classe mondiale qui a conçu et construit le modèle d'analyse Simply Wall St.

Indicateurs de l'industrie et du secteur

Nos indicateurs de secteur et de section sont calculés toutes les 6 heures par Simply Wall St. Les détails de notre processus sont disponibles sur Github.

Sources des analystes

CTI BioPharma Corp. est couverte par 16 analystes. 6 de ces analystes ont soumis les estimations de revenus ou de bénéfices utilisées comme données d'entrée dans notre rapport. Les soumissions des analystes sont mises à jour tout au long de la journée.

Analyste	Institution
Kimberly Lee	Brean Capital Historical (Janney Montgomery)
Leah Rush Cann	Brookline Capital Markets
null null	BTIG