CASI Pharmaceuticals Inc. (NASDAQ: CASI) stock declined by 1.43% at last close whereas the CASI stock price surged by 16.88% in the after-hours trading session. CASI Pharmaceuticals is a pharmaceutical business based in the United States that develops and markets new therapies and pharmaceutical products in China, the United States, and around the world.
CASI stock’ Recent Update
Mr. Larry Zhang, President of CASI Pharmaceutical, spoke at the Jefferies London Healthcare Conference on November 18-19, 2021.
CASI stock’ Financial Highlights
CASI Pharmaceuticals announced the financial results for the third quarter of 2021. Given below are the highlights:
- Revenues come from EVOMELA product sales, which began in August 2019. For Q3 of 2021, revenue was $8.1 million, compared to $4.2 million for the same period in 2020.
- For the third quarter of 2021, general and administrative expenses were $5.3 million, comparable to $5.3 million for the same period in 2020.
- R&D expenses were $2.9 million for the third quarter of 2021, whereas it was $2.8 million for the same period in 2020.
- Because of the rise in revenues, the net loss for the third quarter of 2021 was $10 million, however, it was $16.7 million for the third quarter of 2020.
- In the third quarter of 2021, revenue costs were $3.4 million, relative to $1.8 million in the third quarter of 2020, which included $1.6 million in royalty payments and $0.8 million for the same period.
Wei-Wu He, CASI’s Chairman, and CEO stated,
They remain optimistic in their forecast for full-year revenue growth in 2021 to exceed 2020 sales by more than 80%. The capacity of their 100-person sales and marketing staff to cover all main hospitals and essential multiple myeloma transplant physicians is further demonstrated by their continuing expansion. They’re excited to build on this accomplishment with the upcoming introduction of Juventas’ CNCT-19, which their partner recently revealed has officially reached phase II of a registered clinical trial, as well as other products.
