MNC's sales in China increased by 29% in the first quarter! Pfizer, Novartis Who has the strongest growth engine?

Roche, Pfizer, Novartis Many multinational pharmaceutical companies have recently announced their performance in the first quarter of 2019, and "China market" has become the core key word in the explanation of performance growth of various multinational pharmaceutical companies The performance of various cross foreign pharmaceutical enterprises in China is extremely outstanding, and these enterprises have achieved super high performance growth rate in the Chinese market that other markets cannot match According to Tim Anderson, analyst at Wolfe Pharma, the average growth rate of cross foreign pharmaceutical companies including AstraZeneca, Lilly, Pfizer, Roche, Sanofi, MSD and GlaxoSmithKline in emerging markets in the first quarter of 2019 was 13.3% Focusing on the Chinese market, the figure soared to 29%, compared with 8.2% in the U.S market in the first quarter of 2019 According to the relevant analysis of CICC, the reason why the sales revenue of many foreign funded pharmaceutical companies in the first quarter of China can achieve super high growth is that, in terms of specific product categories, anti-tumor drugs are the core growth drivers Taking Roche, Pfizer, Bayer and MSD as examples, the overall growth rate of antitumor drugs across foreign pharmaceutical companies in the first quarter of 2019 remained high Although revenue of Herceptin and rituxan declined by 6% in the first quarter of 2019, they are still one of Roche's core products; at the same time, other high-speed drugs are mostly anti-tumor drugs In addition, as many indications were approved in 2018 and the first quarter of 2019, keytruda of MSD still maintained a high growth rate on a high base, contributing to the company's main growth momentum Therefore, CICC believes that with the development of new drug R & D and innovation capacity becoming the core competitiveness of pharmaceutical enterprises, anti-tumor drugs will become one of the main driving forces for the future revenue growth of pharmaceutical enterprises Looking at the figures of performance growth, it can be clearly felt that the cross foreign funded pharmaceutical enterprises have achieved super high growth in the first quarter of 2019, but the growth of performance is only the result, and the continuous landing of innovative products is an important support for performance growth In the near future, Roche, Novartis and many other foreign pharmaceutical enterprises have announced their R & D plans for the next new drugs to be launched At the same time, there are also heavy-duty products that have been approved in the near future It can be predicted that in the next quarter and year, the sales of cross foreign pharmaceutical enterprises in China will usher in more opportunities 01 Roche increased 63% in China in the first quarter of 2019 According to Roche's data in the first quarter of 2019, Roche's sales in China in the first quarter of 2019 increased 63% year on year, but the specific sales figures were not released In fact, Roche's growth momentum in China in 2018 has been very strong In 2017, after the national drug price negotiation, four targeted drugs of Roche, namely trastuzumab, rituximab, bevacizumab and erlotinib, were reduced by 50% - 70% and listed in the national medical insurance catalog Two months later, medical insurance reimbursement was rapidly implemented in all regions According to e-drug managers, Roche China's sales jumped 75% in 2018, while sales rose 28% In the first quarter of 2019, Roche's sales in China grew rapidly, which was closely related to the marketing of its new anti-tumor drugs and biological drugs In 2018, Roche was approved to market breast cancer Pagett, ansanza, shuyoulile and rheumatic immune drug yamelo in China Roche is also striving to include four drugs in the latest version of the national health insurance catalogue adjusted in 2019 If the national health insurance can be used, the sales growth momentum of the drugs after that should be stronger In addition, with the help of strong performance growth, Roche is also stepping up its new drug distribution in China Previously, according to Zhou Hong, general manager of Shanghai Roche Pharmaceutical Co., Ltd., Roche plans to list 40 new drugs or new indications in China by 2026, including several hepatitis B drugs originally developed in China and PD-L1 drug tencentriq In the future, with the support of new drugs and new indications, Roche's growth in China should be stronger 02 HPV vaccine and drug K helped MSD increase by 58% MSD is undoubtedly another "leader" in the first quarter of 2019 According to the information disclosed in the first quarter of 2019, its drug sales in China increased by 58% in the first quarter of 2019, while excluding the impact of exchange rate, its drug sales increased by 67% MSD achieved so much business growth in the first quarter of 2019, mainly driven by its HPV vaccine Gardasil and the star drug keytruda In fact, the sales momentum and growth potential of the 4-price and 9-price HPV vaccines of MSD have been very strong since they came into the market, which can be seen from the information released by its agent, Zhifei biology According to the 2018 annual report of Zhifei biology, the annual batch issuance of 4-price HPV vaccine in MSD in 2018 was 3.8 million, an increase of 991.98% year on year, while the annual batch issuance of 9-price HPV vaccine was 1.21 million just after its launch in 2018 Under such a strong sales momentum, MSD signed an additional purchase and sale supplementary agreement with agent Zhifei biology for two and a half years at the end of 2018 On November 5, 2018, Zhifei biology and MSD agreed to purchase a total of about RMB 18.002 billion of basic products for the period from January 1, 2019 to June 30, 2021 in terms of 4-price and 9-price HPV vaccines With the support of this supplementary agreement, the sales momentum of MSD 4 and 9 HPV vaccines in the next quarter and year of 2019 should continue And K medicine is another key factor for the rapid growth of the first quarter of mosadong According to the data obtained by the media in the industry from k-drug and o-drug agent Shanghai pharmaceutical, k-drug achieved more than 500 million yuan of sales in just a few months after it went on the market in 2018, pushing down the sales of o-drug by about 450 million yuan Although the specific sales data of k-drug in China in the first quarter of 2019 has not been published, it is believed that the momentum will not be weak Despite the strong growth momentum of k-drug sales, there are still concerns about whether k-drug can maintain its leading position in China's PD-1 market, because the pricing of local enterprises Xinda and Junshi PD-1 products has a high discount compared with k-drug, and the mutation rate of lung cancer patients in China is very high, which is more suitable for some targeted therapies In a profit call in April, Frank clyburn, chief business officer of MSD, responded that the "data barrier of clinical trials" and the first mover advantage of treatment in the field of lung cancer can help K drug maintain its sales advantage in China 03 according to the first quarter report of China's Novartis in 2019, the revenue of Novartis heavyweight drugs in emerging markets reached US $2.2 billion, ignoring the exchange rate factor, with a year-on-year growth of 12% In particular, the quarterly report stressed that such strong growth in emerging markets is mainly driven by China's double-digit growth rate, but Novartis did not list the high growth varieties in China in detail Under the influence of "4 + 7" volume purchase and other policies, Novartis' Gleevec and other drugs have chosen to reduce their prices In this context, Novartis has been leaning towards the new drug field from the overall strategy It is worth noting that since the start of 2019, Novartis is speeding up the speed of new drugs in China In an interview, Paul Han, Global CEO of Novartis, said that in the next five years (to 2024), Novartis expects to launch 32 new drugs or new indications in China In 2019, there are already heavy-duty products landing in China A key message of Novartis' financial statements in the first quarter of 2019 is that keshenting, a psoriasis product, achieved a sales volume of $791 million in 2019, an increase of 41% over the same period of last year, and has surpassed Novartis, a heart failure product, to become the world's first heavyweight product Nuoxintol was approved for listing in 2017, while KST was approved to enter the market in the near future With the support of the world's largest product, the growth of Novartis China's performance in the next quarter of 2019 is undoubtedly more interesting 04 28% growth of AstraZeneca is significant except for the above-mentioned enterprises AstraZeneca also disclosed its sales growth in China in the first quarter of 2019, which is also gratifying The 2019 quarterly data show that, ignoring the exchange rate factor, AstraZeneca's sales in China increased by 28% to US $1242 million (about RMB 8.4 billion) Among them, anti-tumor drugs increased by 51% to US $284 million (about 1.9 billion yuan), and respiratory drugs increased by 31% to US $400 million (about 2.7 billion yuan) Relevant analysts believe that the 28% growth of AstraZeneca is significant, because the sales revenue of AstraZeneca in the first quarter of 2019 in China has accounted for 23% of its global total revenue, which is several times higher than the average level of other comparable companies Analysts believe that AstraZeneca's strong growth is mainly due to tagrisso, the third-generation EGFR inhibitor, being listed in China's national health insurance catalog Although the growth momentum of AstraZeneca's performance in China in the first quarter of 2019 is still strong, it also faces the threat of performance slowdown In 2018, the first batch of "4 + 7" volume procurement varieties did not land, and the relevant winning varieties all exchanged substantial price reduction for market share of 11 pilot cities Although AstraZeneca became the only two foreign-funded pharmaceutical companies winning the bid, the cost of winning the bid was not too heavy, among which the price of gefitinib was reduced by 80% Although the "4 + 7" volume purchase started in March, the impact of the price reduction of gefitinib varieties has not been reflected in the figures, but the performance pressure brought by the generic competition and price reduction has appeared in other AstraZeneca varieties Influenced by the extremely fierce price reduction of rosuvastatin, the revenue of aslikon rosuvastatin in China fell by 6% in the first quarter of 2019 As a result, Pascal soriot, AstraZeneca's chief executive officer, believes that China is taking a series of measures to control drug prices, such as the "4 + 7" volume purchase being implemented, which has greatly reduced the price of generic drugs in the Chinese market, while AstraZeneca's performance growth in China will slow down In this context, AstraZeneca is also accelerating its business tilt to the field of innovative drugs In 2018, AstraZeneca's new "global new" renal anemia drug, losartan, was first marketed in China In 2019, olapari, the first PARP inhibitor, will also be approved for breast cancer treatment after being approved for ovarian cancer treatment in 2018, while the PD-L1 targeting drug imfinzi is under review and approval In fact, AstraZeneca is indeed accelerating the listing of new drugs in China Chen Zhijian, senior vice president of global R & D and President of China's new drug R & D Department of AstraZeneca, said in an interview earlier that AstraZeneca's vision of China's new drug R & D department is to launch 13 to 14 new drugs by 2025 Under the "4 + 7" policy, in addition to the above-mentioned enterprises, more foreign pharmaceutical enterprises disclosed their sales growth in China in the first quarter of 2019 Sanofi's sales in China reached 798 million euros in the first quarter, up 22.3% year on year Anti tumor drugs such as Rabbit anti human thymocyte immunoglobulin, oxaliplatin and docetaxel, prescription drugs such as clopidogrel and irbesartan, combined vaccine of inactivated poliomyelitis and Haemophilus influenzae type B are growing strongly in China According to the conference call minutes of Bayer's first quarter report in 2019, the company's pharmaceutical revenue in China reached 776 million euros, an increase of 24% year-on-year, and expected to exceed 3 billion euros in 2022 Novo Nordisk China's revenue in the first quarter was DKK 3.375 billion, a 9% year-on-year increase regardless of the exchange rate, mainly due to the growth of the third generation insulin and GLP-1 Pfizer did not specifically disclose sales in China, but also noted that the 25% growth of its mature pharmaceutical division, Upjohn, was mainly driven by China, which achieved sales of $1152 million value