Calliditas Therapeutics - Sales up by 247% from Q1 to USD 6.6m (1.9), & more coming
Calliditas therapeutics today released their Q2 report, which marks the second quarter since Tarpeyo was launched in the US. Calliditas increased their sales on a quarter-to-quarter basis by 247% to USD 6.6m (1.9) – we expected USD 6m as per our initiation in June. The company increased its reach to unique prescribers from 111 in Q1 to 314 in Q2 and patient enrollment from 134 in Q1 to 315 in Q2. To further meet the strong demand, Calliditas’ will increase their US sales force by 20 FTEs (from 40 to 60) in Q3 – a very good sign that they will manage to continue accelerating sales as per our forecasts. Following the European approval in July, we expect the launch in the region by Calliditas’ partner STADA in this half of the year. Calliditas’ partner in China, Everest Medicines, is also expected to file for approval soon. The company is hosting a webcast today at 14:40 CET (link). We will follow-up with more details thereafter. With these positive developments we reiterate our Buy rating on CALTX with a target price of SEK 300 (our due diligence derived 2-3 years upside is at SEK 503).
