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CRISPR Therapeutics AG (CRSP)

合理估值
HealthcareBiotechnologySwitzerland

基本面

27

价格

$55.68

市值

$5.39B

第一部分 · 这家公司值多少

概览

CRISPR Therapeutics develops medicines based on gene editing — cutting and correcting DNA directly inside cells rather than treating symptoms with a conventional drug. Its lead product, Casgevy, a one-time treatment for sickle cell disease and beta thalassemia, is approved and sold by its partner Vertex Pharmaceuticals. Beyond Casgevy, the company runs its own pipeline of experimental gene-edited cell therapies and in-vivo editing programmes aimed at cardiovascular, metabolic, autoimmune, oncology and other rare diseases.

盈利方式

CRISPR Therapeutics earns most of its money not from selling a product itself, but from its share of Casgevy's profits and losses under a 60/40 arrangement with Vertex, which manufactures, markets and books the product's own commercial revenue. The company also collects upfront and milestone payments from research collaborations. Its own pipeline programmes are pre-revenue and consume cash through clinical trials, so overall revenue is small, uneven, and depends on Vertex's commercial execution rather than on sales the company controls directly.

主要风险

  • Early-stage gene editing technology and clinical trial risk — The company states that CRISPR/Cas9 gene editing is a relatively new technology with a limited history of clinical trials, making it hard to predict how long or how much it will cost to develop new product candidates, or whether past trial results will be repeated in future studies.
  • Regulatory caution toward gene therapy — The company states that regulators including the FDA and EMA have shown caution toward gene therapy, and that ethical and legal concerns could lead to additional restrictions on developing or commercializing its product candidates.
  • Dependence on Vertex for Casgevy — Vertex leads global development, manufacturing and commercialization of Casgevy and books its revenue directly, sharing program costs and profits 60/40 with CRISPR Therapeutics, which does not control the pace or quality of the product's commercial rollout.
  • Intellectual property uncertainty — The company states it faces uncertainty over intellectual property protection for its gene editing technology, including third-party patent rights relevant to CRISPR/Cas9 that have been the subject of ongoing interference proceedings.

客户集中度

The company does not report a numeric customer split, but structurally almost all near-term revenue depends on a single partner, Vertex, which leads Casgevy's global development, manufacturing and commercialization.

看多理由

Buyers argue that Casgevy's approval validates CRISPR Therapeutics' gene editing platform commercially, that its cash position of nearly $2 billion funds a broad pipeline of in-vivo and cell-therapy programmes without near-term financing risk, and that success in any one of several disease areas could open a large new market.

看空理由

Sellers worry that Casgevy revenue is small and controlled by Vertex rather than by CRISPR Therapeutics itself, that gene editing remains a young technology regulators treat cautiously, and that the pipeline behind Casgevy is still pre-revenue and could consume cash for years before any of it reaches the market, if it ever does.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users

Intellia Therapeutics, Inc.NTLA

The closest peer on CRISPR/Cas9 medicine: both companies are building in vivo, lipid-nanoparticle-delivered gene-editing therapies for rare and cardiovascular diseases, competing for the same patients, trial sites and pharma partnerships.

Beam Therapeutics Inc.BEAM

Beam's base-editing therapy for sickle cell disease targets exactly the patient population CRISPR Therapeutics addresses with Casgevy, and both also pursue liver-directed in vivo editing.

Editas Medicine, Inc.EDIT

Editas develops gene-editing therapies that raise fetal haemoglobin in blood stem cells — the same biological mechanism and the same sickle cell and beta-thalassaemia market Casgevy serves.

Genetix Biotherapeutics (formerly bluebird bio, Inc.)Not tracked

Its approved therapy Lyfgenia is the only other one-time genetic medicine for sickle cell disease on the US market, so it competes with Casgevy patient by patient at the same treatment centres.

Caribou Biosciences, Inc.CRBU

Caribou builds gene-edited, off-the-shelf allogeneic CAR-T cell therapies for blood cancers and autoimmune disease — the same field as CRISPR Therapeutics' allogeneic CAR-T programmes.

Prime Medicine, Inc.PRME

Prime Medicine's prime-editing platform chases the same genetic diseases with a rival editing technology, competing for the same future patients and for partner and investor capital.

资产负债表与流动性

营收

$13M

最近12个月(截至2026/6/30)

净利润

$-451M

最近12个月(截至2026/6/30)

自由现金流

$-346M

股东权益合计

$1.92B

负债合计

$343M

流动比率

17.85

利息覆盖率

-

债务/EBITDA

-

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

无营收阶段合理估值

公允价值

$65.80

当前价格

$55.68

安全边际

+15.4%

公允价值区间

$42.77 - $88.83

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$87.56
现金流折现法(DCF):不适用于此类公司
市盈率法(P/E):不适用于此类公司
格雷厄姆成长公式:不适用于此类公司
盈利能力价值(EPV):不适用于此类公司
合理市净率(P/B):不适用于此类公司
股息折现模型(戈登模型):不适用于此类公司
P/FFO(运营资金):不适用于此类公司
周期中段收益:不适用于此类公司
市销率法(P/S):$0.55
分析师共识:买入 (17B / 11H / 0S)
最近财报超预期:+23.04%

估值指标

市盈率(P/E)

-

ROE

-30.3%

市净率(P/B)

3.06

P/FCF

-

毛利率

-

ROIC

-16.8%

盈利能力雷达图

价值创造(经济护城河)

ROIC

-16.8%

WACC

13.2%

ROIC − WACC

-30.0 pp

ROIC 低于资本成本:公司每投入一美元都在毁灭价值。

基本面分析标准

通过(7)

  • Price CAGR 10.66%
  • Debt/Equity ratio
  • Current Ratio
  • Low reliance on intangibles
  • Revenue Growth 5Y 38.0%
  • Analyst Consensus 61% Buy
  • Earnings Surprise avg 3.3%

未通过(11)

  • EPS shows upward trend
  • ROIC -16.8%
  • P/B Ratio 3.06
  • Operating Margin -3990.0%
  • Positive Free Cash Flow
  • Return on Tangible Assets
  • DCF valuation (Overvalued)
  • ROE -24.4%
  • Share Dilution 6.5%
  • Net Margin Trend -3368.7% vs -1229.4%
  • Piotroski F-Score 1/9

不可用(9)

  • Gross Margin NaN%
  • P/FCF NaN
  • Dividend Payout NaN%
  • CapEx intensity
  • Interest Coverage
  • Debt/EBITDA
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Earnings Quality (OCF/Net Income)

Piotroski F-评分

1/9

存在严重财务隐患

score
criteria

盈利质量

-

低质量:需深入审查会计处理

股权稀释

6.5%

正在发行新股,稀释所有权

机构持股

该公司暂无机构申报数据。

公司治理

管理团队

姓名职位年龄
Dr. Samarth Kulkarni Ph.D.CEO & Chairman47
Dr. Raju Yashaswi Prasad Ph.D.Chief Financial Officer41
Mr. James R. Kasinger J.D.General Counsel & Secretary53
Dr. Naimish Patel C.M., M.D.Chief Medical Officer53
Mr. Shaun Foy CFACo-Founder-
Dr. Emmanuelle Marie Charpentier Ph.D.Co-Founder & Scientific Advisory Board Member-
Dr. Craig C. Mello Ph.D.Scientific Founder & Advisory Board Member-
Dr. Chad A. Cowan Ph.D.Scientific Founder53
Dr. Matthew Porteus M.D., Ph.D.Scientific Founder & Advisory Board Member60
Dr. Daniel G. Anderson Ph.D.Scientific Founder & Advisory Board Member55

审计风险

8

董事会风险

8

薪酬风险

10

股东权利风险

2

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-02-12

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-08-03

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-08-03

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for CRSP, sourced from Markets Gazette.

  • 3/10/2026NEGATIVE
    This Is Why CRISPR Therapeutics Stock Is Tumbling on Tuesday

    CRISPR Therapeutics AG experienced a significant stock price decline on Tuesday, as current shareholders faced an unexpected development. While the specific catalyst is not detailed in the provided snippet, the market reaction suggests a negative event has occurred, potentially related to clinical trial results, regulatory hurdles, or competitive pressures. Investors are advised to monitor further announcements for clarity on the situation impacting the biotechnology firm's valuation.

  • 3/2/2026NEUTRAL
    Is CRISPR Therapeutics Stock Too Risky to Buy Right Now?

    CRISPR Therapeutics (CRSP) finds itself at a pivotal juncture, presenting a complex picture for investors. While the biotechnology firm currently struggles with profitability, a common challenge for companies in its developmental stage, it has achieved a significant milestone: the approval of a gene therapy treatment. This approval unlocks substantial future potential, positioning CRISPR as a key player in innovative medical solutions. However, the immediate lack of earnings raises questions about short-term financial stability versus long-term growth prospects. Investors must weigh the inherent risks of an unprofitable enterprise against the promising outlook of its groundbreaking therapeutic advancements.

via Markets Gazette