[table maininfo][table title] 2019-06-27 002773 · opt302 opthea limited de-120 santen mt-0814...
TRANSCRIPT
[Table_MainInfo] [Table_Title]
/
[Table_Summary]
VEGF
2013
wAMD DME RVO
CNV 1000 2%
2017
18%
wAMD DME CNV RVO
RVO
70
2018 100
90
2018
2019 2020 2021
EPS 0.98 1.18 1.43 23.43%
20.34% 20.91% PE 34 28 23
[Table_Finance] 2017A 2018A 2019E 2020E 2021E
2,786 2,917 3,426 4,071 4,879
(+/-)% 9.70% 4.70% 17.44% 18.81% 19.85%
644 695 858 1,032 1,248
(+/-)% 29.68% 7.88% 23.43% 20.34% 20.91%
0.74 0.79 0.98 1.18 1.43
83.84 42.93 34.02 28.27 23.38
15.24 7.30 5.90 4.88 4.04
(%) 18.18% 17.02% 17.35% 17.27% 17.28%
(%) 0.00% 0.00% 0.00% 0.00% 0.00%
( ) 674 674 674 674 674
[Table_Invest]
[Table_Market] 2019/6/25
6 45.00
33.33
12 32.20 58.30
29,184
876
A 876
B /H 0/0
3
[Table_PicQuote]
-36%
-25%
-14%
-3%
8%
19%
2018/6/27 2018/10/16 2019/1/29 2019/5/23
[Table_Trend] % 1M 3M 12M
-10% -12% -14%
-16% -13% -21%
[Table_Report]
--20190422
--20190322
002262.SZ
--20190228
--20181107
[Table_Author]
S0550519050002
021-20361120 [email protected]
002773 /
2019-06-27
2 / 27
[Table_PageTop]
1. A .................................................. 3
1.1. ...........................................................3
1.2. ...............................................................4
1.3. ...............................................................................5
2. + .......................... 6
2.1. ...................................................6
2.2. .............................12
2.3. .............................................................14
3. .................. 17
3.1. .....................................................18
3.2. .....................................................22
4. “ ” ................................................................ 22
3 / 27
[Table_PageTop]
1. A
1.1.
1996 20
2015 6 26
1
2018 12
70%
10 2014
1
2
4 / 27
[Table_PageTop]
1.2. 2018 29.17 6.95 5%
8% 2018
3 4
2018 30.24% 40.10% 29.59%
31.07% 41.37% 27.55%
5 6
2018 47.15%
13.23%
5 / 27
[Table_PageTop]
7
1.3.
2018 3.5
11.96%
8 9
6 / 27
[Table_PageTop]
10
wAMD pmCNV DME
RVO CNV wAMD
VEGF KH903 KH906 KH903
KH906
1 KH901
11
CFDA
2. +
2.1.
Bruch
7 / 27
[Table_PageTop]
12
1160
wAMD
DME pmCNV RVO
wAMD 60 AMD 13.6%
14% 2013 65 1.3
AMD 2140 wAMD 300
DME DME
4000
DME 10%
DME 400
pmCNV CNV PM
PM 5%-10%
40%-50% CNV 160
RVO RVO
50
1.5% 50 2 RVO
300
8 / 27
[Table_PageTop]
13
20 80
21 VEGF
14 AMD
CNKI
VEGF
A B C D PIGF VEGF VEGF
VEGF
AMD VEGF
9 / 27
[Table_PageTop]
15 VEGF
VEGF
40 60 VEGF
10 / 27
[Table_PageTop]
16 VEGF
Ranibizumab
VEGF Fab VEGF-A
VEGF-A VEGFR1 VEGFR2
2006 wAMD DME RVO CNV
2011 12 31 wAMD 2018 5 8
RVO 2017 7 20%
Aflibercept
VEGF VEGF-A VEGF-B PlGF
VEGF 2006
wAMD DME RVO CNV
11 / 27
[Table_PageTop]
17 18
Conbercept
VEGF VEGF-A PIGF 2013
2018 8
19
wAMD
pmCNV DME
RVO
1
2006.6.30 2011.11.18
2007.1.22 2012.11.22
12 / 27
[Table_PageTop]
2009.1.21 2012.9.28
2011.12.31 2018.2.13 2013.11.29
wAMD 2006.6.30 wAMD 2011.11.18
RVO 2010.6.22 CRVO 2012.9.21
DEM 2012.8.10 DME 2014.7
DR 2015.2.6 BRVO 2014.10.6
pmCNV 2017.1.5 DR 2015.3.25
AMD 2007.1.22 AMD 2012.11.22
DME 2010.10.21 CRVO 2013.7.25
RVO 2011.3.17 DME 2014.6.26
CNV 2013.5.30 BRVO 2015.1.22
CNV 2015.9.24
wAMD 2011.12.31 DME 2018.2.13 wAMD 2013.11.29
RVO 2018.5.8 wAMD 2018.5.17 pmCNV 2017.5.22
DME 2019.5.17
FDA EMA
2.2.
DME
20
BVCA
21
CRV
PDB
wAMD
VIEW1 VIEW2
3+Q1M 3+Q2M 3+Q1M
13 / 27
[Table_PageTop]
2
VIEW1 VIEW2
0.5Q4 2Q4 0.5Q4 2Q8 0.5Q4 2Q4 0.5Q4 2Q8
304 304 301 301 291 309 296 306
Change in ETDRS
BCVA mean SD 8.1 15.3
10.9
13.8 6.9 13.4 7.9 15.0 9.4 13.5 7.6 12.6 9.7 14.1 8.9 14.4
Proportion gaining
30 letters % n
30.9%
94
37.5%
114
24.9%
75
30.6%
92
34.0%
99
29.4%
91
29.4%
91
31.4%
96
Change in Central
Retinal Thichness um
mean SD
-116.8
109
-116.5
98.4
-115.6
104.1
-128.5
108.5
-138.5
122.2
-156.8
122.8
-129.8
114.8
-149.2
119.7
Change in CNV area
mm2 mean SD -4.2 5.6 -4.6 5.5 -3.5 5.3 -3.4 6.0 -4.2 5.9 -6 6.1 -4.2 6.1 -5.2 5.9
ClinicalTrials
wAMD
3 3
6 3 2
7.5
12
3 VEGF
wAMD 0.5 mg / 3 2 mg / 2mg /2 3 0.5mg/ / /
0.5mg/ / /3
RVO 0.5 mg/ 2 mg / --
DME 0.3 mg / 5 2 mg / 2 mg/2 --
DR 0.3 mg / 5 2 mg / 2 mg/2 --
CNV 3 0.5 mg / -- 3 0.5mg/ / / 6
70%
5700 / 20%
5550 / 18%
6.84 4 5.24
3.33 4
1.78
3-4 3
14 / 27
[Table_PageTop]
4 VEGF
7125 / 5700 / 6725 / 5550 / 5850 /
20% 18% --
12 6 7.5
8.55 6.84 4.04 3.33 4.39
8.55 5.24 4.04 1.78 4.39
1 3
3 3 3
2.14 1.71 2.02 1.67 1.76
2.14 0.51 2.02 0.50 1.76
CM082
5
CM082
-
VEGF
hPV19
IBI302
RC28-E
TAB014
VEGF
QL1205
BAT5906
VEGF Fab
CDE
2.3.
2016 9 30 FDA
wAMD III 2018 4 19
FDA
SPA
0.5 mg 1.0 mg 2.0 mg
ETDRS 36 BCVA
36 ETDRS BCVA
15 / 27
[Table_PageTop]
6
0.5mg 1.0mg 2.0mg
380 380 380
1-8 3 4 3 4 3 4
8-36 1 8 1 12 1 8
40-92 1 8 1 12 1 8
0.5mg 1.0mg 2.0mg
380 380 380
1-8 3 4 3 4 3 4
8-36 1 8 1 12 1 8
40-92 1 8 1 12 1 8
CRO INCResearch III
2 INCResearch III
50
Brolucizumab (RTH258)
Faricimab RG7716 Brolucizumab
scFv VEGF-A
Brolucizumab
FDA BLA
Faricimab
-2 Ang-2 VEGF-A
II STAIRWAY
faricimab 4
7
Brolucizumab (RTH258) NDA
IND
Faricimab RG7716
Abicipar pegol Allergan
Port Delivery System PDS
DE-122 Santen Tracon
16 / 27
[Table_PageTop]
PAN-90806 PanOptica
GB102 Graybug Vision
ALK4290 Alkahest
OPT302 Opthea Limited
DE-120 Santen
MT-0814 Senju Pharmaceutical
ASP7317 Astellas Pharma
AL-39324 Alcon Research
RBM-007 Ribomic USA
KSI-301 Kodiak Sciences Inc
ADVM-022 Adverum
ClinicalTrials
76 wAMD RVO DME
pmCNV 1160 2%
2029 1442
5.9% 4.8 3128
127 60% 76
22
200 DCF
200
17 / 27
[Table_PageTop]
23
3.
2018
24 25
8
1999 --
2003 --
2004 --
18 / 27
[Table_PageTop]
2006 --
2007 --
2010 --
1990
1995
1996
1999
2004
2009
2009
3.1. SNRI
2018 2.5 10
26 PDB 27
PDB PDB
60% 37%
2018 1
19 / 27
[Table_PageTop]
28
PDB
2002 FDA D2
2016 40 PDB
2018 1.6 5
29 PDB 30
PDB PDB
50%
50%
5000
20 / 27
[Table_PageTop]
31
PDB
5- 4 5-HT4
5-HT4
PDB
2018 1.3 5
32 PDB 33
PDB PDB
15%
40% 27% 10%
2018 5000
21 / 27
[Table_PageTop]
34
PDB
BZs
PDB 2018
5500 40%
3
35 PDB 36
PDB PDB
34% 2018
2200 40%
22 / 27
[Table_PageTop]
37
PDB
3.2.
2018
9
1990 2007-2027
1995 2004-2032
1996 --
1999 2002-2022
2004 2000-2020
2009 2001-2031
2009 2001-2031
4.
23 / 27
[Table_PageTop]
1 RVO
2019 2020 2021 12.53 17.48
23.95 42% 39.5% 37%
2
2019 2020 2021
12.65 13.69 14.83 8.13% 8.20% 8.28%
3 2018 2019
2020 2021 9.06 9.52 9.99 5%
5% 5%
4
2019 2020 2021 45% 45% 45% 2019
2020 2021 12% 12% 12% 2019 2020 2021
8% 8% 8%
10
2018A 2019E 2020E 2021E
882.79 1,253.57 1,748.73 2,395.75
42.90% 42.00% 39.50% 37.00%
46.79 66.44 92.68 126.97
94.70% 94.70% 94.70% 94.70%
836.01 1187.13 1656.04 2268.78
1,170.77 1,265.90 1,369.71 1,483.10
8.09% 8.13% 8.20% 8.28%
58.10 66.48 72.41 78.94
95.04% 94.75% 94.71% 94.68%
1112.67 1199.42 1297.30 1404.17
863.62 906.80 952.14 999.74
-20.37% 5.00% 5.00% 5.00%
123.04 129.19 135.65 142.44
85.75% 85.75% 85.75% 85.75%
740.58 777.60 816.48 857.31
2,917.18 3,426.26 4,070.58 4,878.60
4.73% 17.45% 18.81% 19.85%
227.93 262.11 300.75 348.35
92.19% 92.35% 92.61% 92.86%
2689.25 3164.15 3769.83 4530.25
Wind
11
24 / 27
[Table_PageTop]
2019E 2020E 2021E
300558.SZ 80.47 62.95 41.79 144
600276.SH 55.00 43.50 35.07 2710
000513.SZ 18.45 15.94 13.87 214
51.31 40.80 30.24 --
Wind
2019 2020 2021 EPS 0.98
1.18 1.43 23.43% 20.34% 20.91% PE
34 28 23
25 / 27
[Table_PageTop]
[Table_Forcast] 2018A 2019E 2020E 2021E 2018A 2019E 2020E 2021E
2,493 3,156 3,896 4,849 695 859 1,033 1,249
0 0 0 0 5 0 0 0
415 469 563 682 81 83 91 99
254 246 283 329 0 0 0 0
250 252 258 266 -3 0 0 0
3,413 4,123 5,000 6,126 -28 -20 -20 -20
0 0 0 0 -380 52 -34 -45
9 9 9 9 -18 -15 -15 -15
442 404 364 321 351 958 1,055 1,268
275 330 380 424 -756 -297 -315 -315
215 265 315 365 -205 2 0 0
1,782 2,032 2,291 2,542 515 484 714 927
5,195 6,155 7,291 8,668
0 0 0 0 2018A 2019E 2020E 2021E
102 131 151 175
19 21 24 29 0.79 0.98 1.18 1.43
0 0 0 0 4.66 5.65 6.83 8.25
620 719 822 950 0.40 1.09 1.20 1.45
0 0 0 0
491 491 491 491 4.70% 17.44% 18.81% 19.85%
491 491 491 491 7.88% 23.43% 20.34% 20.91%
1,111 1,210 1,313 1,441
4,084 4,944 5,976 7,224 92.17% 92.35% 92.61% 92.86%
0 1 2 2 23.82% 25.03% 25.36% 25.58%
5,195 6,155 7,291 8,668
36.67 50.00 50.50 51.00
2018A 2019E 2020E 2021E 341.81 342.00 343.00 345.00
2,917 3,426 4,071 4,879
229 262 301 348 21.39% 19.66% 18.01% 16.63%
44 52 61 74 5.50 5.73 6.08 6.45
5 0 0 0 5.05 5.35 5.69 6.06
1,376 1,542 1,832 2,195
386 411 488 585 47.15% 45.00% 45.00% 45.00%
-46 -57 -70 -85
13.23% 12.00% 12.00% 12.00%
0 0 0 0 -1.58% -1.65% -1.71% -1.74%
28 20 20 20
796 982 1,182 1,430 0.00% 0.00% 0.00% 0.00%
3 5 5 5 0.00% 0.00% 0.00% 0.00%
799 987 1,187 1,435
105 128 154 187 P/E 42.93 34.02 28.27 23.38
695 859 1,033 1,249 P/B 7.30 5.90 4.88 4.04
695 858 1,032 1,248 P/S 7.69 6.55 5.51 4.60
0 1 1 1 17.02% 17.35% 17.27% 17.28%
26 / 27
[Table_PageTop]
2017 3
“ ”
R3 A B
AA ABS
“ ”
6 15%
6 5% 15%
6 -5% 5%
6 5% 15%
6 15%
6
6
6
27 / 27
[Table_PageTop]
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