[table maininfo][table title] 2019-06-27 002773 · opt302 opthea limited de-120 santen mt-0814...

[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 mayt@nesc.cn

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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