Dr. Paul Wagner, CFO of Pfenex Inc (PFNX), says he believes there will be significant opportunities for the company’s Lucentis biosimilar as certain large geographic markets begin to open up by 2018.
“Currently, approximately $65 million of the 2013 market is open from an I.P. perspective in geographies like India and Russia and some of the central European countries as well,” Wagner says. “In the second quarter of 2018, we believe there is going to be some larger geographies opening up, including Canada and Turkey, which accounts for just under $500 million of revenue. And then, by the second quarter of 2020, we expect the United States will be open from an I.P. perspective as well as Australia, which would provide another $2 billion of revenue opportunity, and then Europe in 2022, which would be $1.7 billion.”
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Wagner says the global market for Lucentis biosimilars is $4.3 billion. He says the experience in Europe provides an indication of what percentage of that market Pfenex could capture.
“We can look to Europe where there are now approximately 20 biosimilars that have been approved. The market share of those biosimilars on a volume basis has been anywhere between 30% and 40% on average in the largest five countries, and without significant price discounting,” Wagner says. “Additionally, we believe that our PF582 is the only Lucentis biosimilar candidate that’s in global development, which gets back to the expertise we have with our Pfenex Expression Technology and our ability to develop very difficult-to-produce proteins.”
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