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1. Company Snapshot

1.a. Company Description

Calliditas Therapeutics AB (publ), a clinical-stage biopharmaceutical company, focused on identifying, developing, and commercializing pharmaceuticals products for treatments in orphan indications with initial focus on renal and hepatic diseases.It offers Nefecon, an oral formulation of budesonide that is an immunosuppressant for the treatment of the autoimmune renal disease immunoglobulin A nephropathy.The company's lead product candidate is Setanaxib, a NOX inhibitor that is in Phase 2b/3 clinical trial for the treatment of primary biliary cholangitis; and in Phase 2 clinical trial for the treatment of squamous cell carcinoma of the head and neck cancer and idiopathic pulmonary fibrosis, as well as for type 1 diabetic kidney disease.


It also develops Budenofalk 3 mg oral capsules for the treatment of autoimmune hepatitis.The company was incorporated in 2004 and is headquartered in Stockholm, Sweden.

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1.b. Last Insights on CALTX

Positive drivers behind Calliditas Therapeutics AB (publ) include the recent announcement of positive topline data from the Phase 2b TRANSFORM trial, which met its primary endpoint in primary biliary cholangitis. This development is a significant milestone for the company's NOX enzyme inhibitor, setanaxib. Additionally, the company has strengthened its patent portfolio with the issuance of a patent for the use of NOX inhibitors in cancer treatment. Furthermore, the company's CEO, Renée Aguiar-Lucander, has been actively promoting the company's leadership in the industry, highlighting the importance of female representation.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Delisting of Calliditas Therapeutics AB (publ) from Nasdaq Stockholm

Sep -16

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Travere Stock Pops After Snagging Full Approval For Calliditas Rival In Kidney Disease

Sep -06

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Notice of extraordinary meeting of Calliditas Therapeutics AB (publ)

Sep -03

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Calliditas Therapeutics takes certain corporate actions following announcement by Asahi Kasei

Sep -03

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3 Swedish Growth Companies With Up To 30% Insider Ownership

Aug -14

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Calliditas Interim Report January to June 2024

Aug -13

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Invitation to the presentation of Calliditas´s interim report January - June 2024

Aug -05

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Calliditas Therapeutics to Attend 2024 Women in Nephrology (WIN) Leadership Conference

Aug -01

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Therapeutics for Renal Disease Immunoglobulin

Expected Growth: 9.27%

Strong demand for immunoglobulin therapeutics in renal disease treatment, driven by increasing prevalence of chronic kidney disease and end-stage renal disease. Calliditas Therapeutics' innovative approach and promising clinical trials have positioned the company for significant growth, with a 9.27% growth rate. Additionally, the company's focus on rare diseases and unmet medical needs has created a lucrative market opportunity.

Outlicensing of Product

Expected Growth: 9.27%

Strong outlicensing demand for Calliditas Therapeutics AB's product, driven by its unique mechanism of action and promising clinical trial results, is fueling growth. Increasing partnerships with pharmaceutical companies seeking to expand their pipeline, coupled with a growing need for innovative treatments, are key drivers of the 9.27% growth rate.

Royalty

Expected Growth: 9.27%

The 9.27% growth in royalty from Calliditas Therapeutics AB (publ) is driven by increasing sales of its lead product, Nefecon, for the treatment of primary IgA nephropathy. Strong demand, expanded market reach, and successful commercialization efforts contribute to this growth. Additionally, the company's strategic partnerships and collaborations have enhanced its revenue streams, further fueling the royalty growth.

7. Detailed Products

Nefecon

Nefecon is a novel, oral, delayed-release formulation of budesonide, a corticosteroid, for the treatment of patients with IgA nephropathy (IgAN) at risk of rapid disease progression.

NEFECON Delayed-Release Capsules

NEFECON Delayed-Release Capsules are a novel, oral, delayed-release formulation of budesonide, a corticosteroid, for the treatment of patients with IgA nephropathy (IgAN) at risk of rapid disease progression.

8. Calliditas Therapeutics AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Calliditas Therapeutics AB (publ) is medium, as there are some alternative treatments available for the diseases the company is targeting, but they are not as effective or convenient as the company's products.

Bargaining Power Of Customers

The bargaining power of customers for Calliditas Therapeutics AB (publ) is low, as the company's products are specialized and there are limited alternative options available for patients.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Calliditas Therapeutics AB (publ) is medium, as the company relies on a few key suppliers for raw materials and manufacturing, but has some flexibility to negotiate prices and terms.

Threat Of New Entrants

The threat of new entrants for Calliditas Therapeutics AB (publ) is high, as the biotechnology industry is highly competitive and new companies are constantly emerging with innovative products and technologies.

Intensity Of Rivalry

The intensity of rivalry for Calliditas Therapeutics AB (publ) is high, as the company operates in a highly competitive industry with many established players and new entrants vying for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 73.98%
Debt Cost 7.33%
Equity Weight 26.02%
Equity Cost 10.93%
WACC 8.27%
Leverage 284.36%

11. Quality Control: Calliditas Therapeutics AB (publ) passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
ProQR Therapeutics

A-Score: 4.2/10

Value: 6.4

Growth: 6.6

Quality: 4.1

Yield: 0.0

Momentum: 7.5

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Centessa Pharmaceuticals

A-Score: 3.9/10

Value: 6.0

Growth: 3.9

Quality: 4.7

Yield: 0.0

Momentum: 8.0

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
Pharma Mar

A-Score: 3.6/10

Value: 1.1

Growth: 4.4

Quality: 7.8

Yield: 1.2

Momentum: 5.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
LAVA Therapeutics

A-Score: 3.3/10

Value: 6.8

Growth: 5.6

Quality: 3.0

Yield: 0.0

Momentum: 3.5

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
NewAmsterdam Pharma

A-Score: 3.2/10

Value: 6.2

Growth: 4.0

Quality: 4.3

Yield: 0.0

Momentum: 4.5

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Calliditas Therapeutics

A-Score: 3.0/10

Value: 6.0

Growth: 4.2

Quality: 3.8

Yield: 0.0

Momentum: 4.0

Volatility: 0.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

208.0$

Current Price

208$

Potential

-0.00%

Expected Cash-Flows