Event: Recently, CSPC (01093.
HK) announced the third quarter financial results and company progress
In the first three quarters of this year, the company's revenue increased by 7.
4% year-on-year to about 20.
6 billion yuan, sales and distribution expenses increased by 5.
8% year-on-year to about 7.
8 billion yuan; research and development expenses increased by 10.
7% year-on-year to about 2.
5 billion yuan; net profit reached 4.
3 billion yuan, a substantial An increase of 23.
01 Products in two major fields contribute stable cash cows01 Products in two major fields contribute stable cash cows
From the perspective of business segments, the proprietary medicine segment maintained steady growth and remained the largest cash cow.
Revenue increased by 6.
9% year-on-year to 16.
8 billion yuan, accounting for 81% of total revenue; revenue from vitamin C, antibiotics, functional foods and other businesses increased year-on-year respectively +12.
4%, +24%, -7.
5% to about 1.
6 billion yuan, 1.
2 billion yuan, 1 billion yuan
Source: Company announcement
Pharmaceutical products include neurological diseases, anti-tumor, anti-infection, cardiovascular diseases, respiratory system, digestion and metabolism, and other fields
Among them, the revenue mainly comes from the fields of neurological diseases and anti-tumor, which are 5.
5 billion and 5.
8 billion respectively, accounting for 67% of the revenue of patent products
The three major competitive products, Enbipu (butyrphthalide series products), Domesu (doxorubicin hydrochloride liposomes), and Kelly (protein-bound paclitaxel) increased by -11%, +33%, + 25%
Enbipu is a Class 1 new drug developed by CSPC.
Since March, it has been sold at a new national medical insurance negotiated price.
Although the price has been reduced by more than 50%, CSPC has taken advantage of the wide coverage of products, the sinking market foundation, and the expansion of Internet hospitals.
The advantages of self-pay market and other advantages have achieved rapid growth in sales
According to the FIC Intelligence database of Zhongkang, the domestic sales growth rate of Enbipu in Q2 2021 is as high as 33%, reaching a shipment volume of more than 10 million boxes
Source: Zhongkang FIC Intelligence database
02 "Creation + imitation" dual engine accelerates to seize the market02 "Creation + imitation" dual engine accelerates to seize the market
In recent years, CSPC has continuously increased R&D investment, focusing on R&D and innovation
As of the end of September this year, CSPC’s R&D investment has reached 2.
5 billion yuan, an increase of 10.
7% over the same period last year, and the R&D investment ratio has reached 12%.
It focuses on small molecule targeting, nano, monoclonal antibodies, double antibodies, anti-coupling training, Discovery, research and development of mRNA vaccines, small nucleic acids, site-directed coupling modified peptides/proteins, and biological drugs in the field of immunity
Source: company announcement, compiled by the Zhongkang innovative drug database team
According to the announcement, the R&D progress achieved since the beginning of the year includes: Amflix’s listing in May, Crepitor’s listing application or CDE priority review, 24 and 5 research projects that have obtained clinical approvals from China and the United States respectively, and 2 projects Or FDA’s breakthrough therapy certification; 13 generic drugs have obtained Chinese drug registration approvals, 2 generic drugs have obtained American ANDA approvals, and 25 varieties (42 specifications) have passed/deemed consistency evaluation
It is estimated that in the next five years, CSPC will have more than 30 innovative drugs on the market and more than 60 generic drugs on the market
03 Introduction + internal research and development to improve the product pipeline03 Introduction + internal research and development to improve the product pipeline
CSPC introduced the respiratory system twice during the year
Today’s announcement disclosed that Sinopharm’s subsidiary Jinmante Biotech has introduced Connoa’s TSLP antibody CM326 respiratory disease rights in Greater China, paid 100 million yuan in advance and 100 million yuan in development milestones, as well as potential sales milestones and sales shares
This is the second cooperation with Connoa this year.
The IL-4Rα antibody CM310 has been introduced in the Greater China region for respiratory disease indications
The six strategic cooperations carried out by CSPC this year not only fully reflect the recognition of CSPC's R&D strength by domestic and foreign pharmaceutical companies, but also prove CSPC's determination to expand its field layout
It is worth noting that the fifth introduction of NBL-015 and SYSA1801 of CSPC's subsidiary Jushi Biotechnology are also targets of Claudin 18.
2, and have been certified by the US FDA as orphan drugs for the treatment of pancreatic cancer and gastric cancer
According to the FIC Intelligence database of Zhongkang, the popular Claudin 18.
2 target has no marketed drugs at home and abroad.
Astellas’ zolbetuximab is currently making the fastest progress and is undergoing phase 3 clinical trials
Source: Zhongkang FIC Intelligence database
04 Conclusion04 Conclusion
Different from the "big swords" wielded by other traditional pharmaceutical companies, CSPC continues to focus on the generic drug business with more than 80% of prescriptions, and at the same time accelerates R&D investment in the innovative drug sector, introduces a dual model of plus self-research, and comprehensively deploys in multiple disease areas.
, Steadily gaining tens of billions of market