Listed companies issue "report card" innovation to open the performance channel

At present, the three-quarter reports of pharmaceutical listed companies have been disclosed. Judging from the performance of listed pharmaceutical companies, the pharmaceutical industry gradually rebounded, the first three quarters of the overall continued solid growth, but the performance differentiation is more obvious. Statistical results show that 205 pharmaceutical listed companies reported a year-on-year increase in net profit in the third quarter, accounting for 73.48 percent of the total number of companies in the industry. Recently, the latest annual report results forecast has also come out, data show that 84 listed companies in the pharmaceutical and biological industry issued 2017 earnings forecast, 70 listed companies performance forecast.Performation differentiation has its own point of view
from a policy point of view, deepening the reform of the review and approval system encourages drug innovation, the implementation of the new version of the medical insurance catalogue reconstructs the drug market pattern, generic drug consistency evaluation enhances the overall level of China's pharmaceutical industry, strict control of drug proportion, tender price reduction, medical insurance control fees into the industry normal, two-vote system accelerates the polarization of the circulation market, large commercial companies channel resources further integration ... Changes in the pharmaceutical business environment are disruptive, not only to promote the concentration of the pharmaceutical industry, industrial upgrading accelerated, but also greatly promoted research and development innovation. Driven by a series of industrial policies, listed pharmaceutical companies are constantly adjusting their strategies to the new industrial environment, and these changes are reflected in the three-quarter report.
the performance of the pharmaceutical sub-sectors in the first three quarters of 2017, the four sub-sectors of medical services, biopharmaceuticals, medical devices and API performed relatively well, while the growth rate of other sectors also increased. Xu Jiaxuan, an analyst at Societe Generale, said.
Henyep Securities Research Report pointed out that the raw materials benefit from environmental protection pressure supply-side reform, product price increases to promote faster growth in performance, some vitamins and other varieties of prices increased significantly. For example, Yifan Pharmaceuticals benefited from a sharp price increase in vitamin B5 (calcium panate) in the third quarter, and revenue and profit rose sharply in alignment. Third-quarter revenue was RMB1,208 million, up 28.79% YoY, and net profit attributable to the parent company was RMB396 million, up 129.52% YoY.
, the growth of innovative enterprises accelerated, and the growth rate of Chinese medicine slowed down, especially the medical insurance charges led to the increase of some large varieties of Chinese medicine injections and other pressure. Hengrui Pharmaceuticals reported a profit of RMB2.328 billion in the first three quarters of 2017, up 20.70% YoY, while Baiyunshan and Kanghong Pharmaceuticals maintained long-term and stable high-speed growth, with net profit of RMB15,291 million and RMB4.157 billion in the first three quarters, up 39.36% YoY and 33.14% YoY.
the first three quarters of this year, the biopharmaceutical sector performed well, with some companies such as Tonghua Dongbao's insulin sales scale effect gradually released and Changchun high-new growth hormone maintaining rapid growth. In the sub-sector, large varieties of vaccines have been approved for listing, ushering in inflection opportunities, such as the first three quarters of Zhifei Bio's operating income, net profit reached 769 million yuan, 285 million yuan, an increase of 181.46 percent, 4118.66 percent, respectively. In this regard, Zhifei Biological said, "mainly last year's vaccine industry events caused by the uncertainty factors gradually eliminated, the second category of vaccine sales have resumed, sales revenue increased." "As a domestic vaccine leader, Zhifei Bio has obtained a number of clinical approvals for vaccines this year, involving pneumococcal vaccine, rabies vaccine, influenza virus lysis vaccine and so on.Innovating opens the performance growth channel
Since this year, the pharmaceutical industry policy has been introduced, in the pharmaceutical production and circulation, drug medical device innovation to bring substantial benefits, but also put forward more requirements for the pharmaceutical industry norms, such as drug circulation "two-vote system" and pharmaceutical representative filing system, as well as drug price reform measures, a series of comprehensive effects on the industry is far-reaching.
although the pressure from the profit constraints faced by pharmaceutical companies is indeed not small, but it is undeniable that the pharmaceutical sector as a whole is still in the general trend of profitability to good. From January to September 2017, the output value of the pharmaceutical industry was 2543.8 billion yuan, an increase of 12.2%, showing a steady upward trend. The CFDA Southern Institute of Pharmaceutical Economics predicts that China's pharmaceutical industry sales revenue will grow by 16.5% year-on-year in 2018.
For the fourth quarter, industry insiders believe that innovative drugs and high-quality generics companies will usher in a period of rapid development, while the provinces "two-vote system" into full implementation period, national or regional pharmaceutical business leaders are also expected to further increase market concentration.
of the 2017 annual results have been disclosed, according to the statistics of the company, Lizhu Group's net profit and growth rate are among the highest. Lizhu Group's 2017 annual results forecast shows that the net profit attributable to shareholders of listed companies was RMB432,207.17 million to RMB447,517.44 million, an increase of 451.04 percent to 470.56 percent year-on-year.
reporter noted that the biopharmacelia sector of the Lizhu Group has made rapid progress in research and development, such as the PD-1 project in the United States and China have been approved clinically. "Looking forward to exploring the pace of domestic normative innovation through clinical exploration in the United States." Tao Desheng, president of Lizhu Pharmaceutical Group Co., Ltd., said, "The internationalization of research and development is not to go abroad or to internationalize, but to use foreign standards to enhance the level of domestic research and development." "
and with the continued maintenance of medical insurance charges, drugs that can gain an advantage at the end of grade hospitals are bound to be innovative drugs with good clinical results and strong bargaining power." Liu Shuchang, an analyst at Northeast Securities, pointed out, "At present, domestic innovation conditions are in place, policies, talents, capital formation resonance, with innovative genes of enterprises continue to emerge." The normalization of the adjustment of the health insurance catalogue and the negotiation of health insurance provide favorable conditions for the rapid release of innovative drugs. Among
, the more representative is Kanghong Pharmaceuticals Compaq-Sip eye injections Langmu through the price reduction into health insurance, open the performance growth channel. In the first half of 2017, Longmu achieved revenue of 302 million yuan, up 34.9% YoY. Kanghong's net profit attributable to shareholders of listed companies in 2017 is expected to be RMB54.643 million to RMB695.45 million, up 10% to 40% YoY.
addition, Shanghai-based Raith and Colum Pharmaceuticals are expected to report flat results, while listed companies such as Zoellick Pharmaceuticals, Jiuan Medical, Hepple and Hesco are expected to see a decline in 2017.
, Jiuan Medical, which has declined significantly, expects 2017 net profit to be -150 million yuan to 130 million yuan, down 1134.63 percent year-on-year to 996.68 percent. In making the above forecast, Kyusan Medical said that it was mainly due to increased investment in project construction and research and development. (Medical Economics)