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64 ，2020
。，2020，A363，2019，
。，，
。
。，2020，A363，2019，
。，，
。
，2020A201919.
65，0.
44%，201914.
8%
。，2020A
。，2020，A，5.
79%，6.
33%，13.
63%，，21.
50%
。
65，0.
44%，201914.
8%
。，2020A
。，2020，A，5.
79%，6.
33%，13.
63%，，21.
50%
。
A，，202020192.
7%，2019，，3，
。
7%，2019，，3，
。
，2020，A
。，2017TOP2028%
。，2017，A10，
。2020，A2.
51%，1.
1%，，
。
。，2017TOP2028%
。，2017，A10，
。2020，A2.
51%，1.
1%，，
。
，，
。2020，A2019，，5.
79%，1.
93%，2.
7%
。，，A20196.
04%20207.
30%，20198.
05%9.
47%
。2020A
。
。2020，A2019，，5.
79%，1.
93%，2.
7%
。，，A20196.
04%20207.
30%，20198.
05%9.
47%
。2020A
。
2020，363A，209，57.
58%
。Top10
。，14.
99%，29.
05%，8（1）
。
58%
。Top10
。，14.
99%，29.
05%，8（1）
。
，
。
。
。2019，《2019》，“”
。，
。2020，14.
04%
。，
。
，
。，202048.
83，25.
46%
。，，
。
。，202048.
83，25.
46%
。，，
。
。，
。202011.
81%，，28.
41%
。，、
。
，、
。
。
810
2020，A，238，810
。Top10，4（2），，
。
。Top10，4（2），，
。
，，
。
。
，
。，1
。
。，1
。
202049.
89，A，28.
05%
。Wind，2020440，1.
55
。，2020326.
42%
。，A
。
89，A，28.
05%
。Wind，2020440，1.
55
。，2020326.
42%
。，A
。
202016.
72
。，202017.
78，201987.
93%；105.
77%，310.
80%，
。，30，282
。，“l icense-out（）”，20205，JS016（）
。
72
。，202017.
78，201987.
93%；105.
77%，310.
80%，
。，30，282
。，“l icense-out（）”，20205，JS016（）
。
，，，
。
。
64 ，2020
。，2020，A363，2019，
。，，
。
。，2020，A363，2019，
。，，
。
After sorting out, the expenses of listed A-share pharmaceutical companies in 2020 will increase by 1.
965 billion yuan compared with 2019, with a growth rate of 0.
44%, while the growth rate in 2019 is 14.
8%
.
It can be seen that in 2020, the growth rate of expenditures of listed A-share pharmaceutical companies has slowed down significantly
.
In addition, in 2020, the sales expenses of listed A-share pharmaceutical companies fell for the first time, with a decrease of 5.
79% compared with the previous year, management expenses increased by 6.
33%, financial expenses increased by 13.
63%, and R&D expenses increased the fastest, reaching 21.
50%
.
965 billion yuan compared with 2019, with a growth rate of 0.
44%, while the growth rate in 2019 is 14.
8%
.
It can be seen that in 2020, the growth rate of expenditures of listed A-share pharmaceutical companies has slowed down significantly
.
In addition, in 2020, the sales expenses of listed A-share pharmaceutical companies fell for the first time, with a decrease of 5.
79% compared with the previous year, management expenses increased by 6.
33%, financial expenses increased by 13.
63%, and R&D expenses increased the fastest, reaching 21.
50%
.
From the perspective of the cost composition of listed A-share pharmaceutical companies, the proportion of sales expenses is at a high level throughout the year.
In 2020, the proportion of such expenses will be reduced by 2.
7% compared with 2019.
The proportion of management expenses will basically remain unchanged compared with 2019, and the proportion of financial expenses will be the same.
R&D expenses accounted for three consecutive years of growth, indicating that the expenditures of pharmaceutical companies are gradually tilting towards R&D investment
.
In 2020, the proportion of such expenses will be reduced by 2.
7% compared with 2019.
The proportion of management expenses will basically remain unchanged compared with 2019, and the proportion of financial expenses will be the same.
R&D expenses accounted for three consecutive years of growth, indicating that the expenditures of pharmaceutical companies are gradually tilting towards R&D investment
.
It is worth noting that in 2020, the cost composition of listed A-share pharmaceutical companies will also be optimized
.
The survey shows that in 2017, the total sales expenses and management expenses of the world's TOP20 pharmaceutical companies accounted for about 28%
.
In contrast, in 2017, China's A-share pharmaceutical sector accounted for nearly 10% higher proportion of similar expenses, and higher sales and management expenses compressed the profit margin of the company
.
In 2020, the proportion of sales expenses and management expenses of listed A-share pharmaceutical companies will drop by 2.
51%, and the proportion of R&D expenses will increase by 1.
1%.
It can be seen that the expense structure of domestic pharmaceutical companies is gradually in line with that of multinational pharmaceutical companies
.
.
The survey shows that in 2017, the total sales expenses and management expenses of the world's TOP20 pharmaceutical companies accounted for about 28%
.
In contrast, in 2017, China's A-share pharmaceutical sector accounted for nearly 10% higher proportion of similar expenses, and higher sales and management expenses compressed the profit margin of the company
.
In 2020, the proportion of sales expenses and management expenses of listed A-share pharmaceutical companies will drop by 2.
51%, and the proportion of R&D expenses will increase by 1.
1%.
It can be seen that the expense structure of domestic pharmaceutical companies is gradually in line with that of multinational pharmaceutical companies
.
Sales expense indicators have dropped significantly, and net interest rates have increased
The sales expense ratio and the net profit margin show a strong negative correlation, that is, the company's sales expense ratio increases while the net profit margin decreases significantly
.
In 2020, the related indicators of sales expenses of listed A-share pharmaceutical companies declined compared with 2019.
Among them, sales expenses decreased by 5.
79%, sales expense ratio decreased by 1.
93%, and sales expenses accounted for a decrease of 2.
7%
.
At the same time, according to Everbright Securities, the net interest rate of listed A-share pharmaceutical companies has increased from 6.
04% in 2019 to 7.
30% in 2020, and the return on corporate net assets has also increased from 8.
05% in 2019 to 9.
47%
.
This shows that in 2020, A-share listed pharmaceutical companies have improved control over expenses
.
.
In 2020, the related indicators of sales expenses of listed A-share pharmaceutical companies declined compared with 2019.
Among them, sales expenses decreased by 5.
79%, sales expense ratio decreased by 1.
93%, and sales expenses accounted for a decrease of 2.
7%
.
At the same time, according to Everbright Securities, the net interest rate of listed A-share pharmaceutical companies has increased from 6.
04% in 2019 to 7.
30% in 2020, and the return on corporate net assets has also increased from 8.
05% in 2019 to 9.
47%
.
This shows that in 2020, A-share listed pharmaceutical companies have improved control over expenses
.
In 2020, 209 of the 363 listed A-share pharmaceutical companies have seen their sales expenses drop to varying degrees, accounting for 57.
58%
.
The top 10 companies in sales expenses involve multiple segments of the pharmaceutical industry
.
Among them, the sales expenses of Hengrui Pharmaceuticals increased by 14.
99%, and Sinopharm unanimously increased by 29.
05%.
The sales expenses of the remaining 8 pharmaceutical companies remained basically unchanged or saw a significant reduction (see Table 1 for details)
.
58%
.
The top 10 companies in sales expenses involve multiple segments of the pharmaceutical industry
.
Among them, the sales expenses of Hengrui Pharmaceuticals increased by 14.
99%, and Sinopharm unanimously increased by 29.
05%.
The sales expenses of the remaining 8 pharmaceutical companies remained basically unchanged or saw a significant reduction (see Table 1 for details)
.
Analysis of the company's annual report shows that a variety of factors have contributed to the decline in sales expenses of pharmaceutical companies
.
.
One is driven by regulation
.
In 2019, the Ministry of Finance issued the "Notice on Carrying out the Quality Inspection of Accounting Information in the Pharmaceutical Industry in 2019" to carry out "penetrating" supervision of the sales links of some pharmaceutical companies
.
Affected by this, pharmaceutical companies have strengthened their control over sales expenses
.
In 2020, Fosun Pharma's sales expenses will decrease by 14.
04% year-on-year
.
Its annual report clearly stated that it will continue to strengthen its control over sales expenses
.
.
In 2019, the Ministry of Finance issued the "Notice on Carrying out the Quality Inspection of Accounting Information in the Pharmaceutical Industry in 2019" to carry out "penetrating" supervision of the sales links of some pharmaceutical companies
.
Affected by this, pharmaceutical companies have strengthened their control over sales expenses
.
In 2020, Fosun Pharma's sales expenses will decrease by 14.
04% year-on-year
.
Its annual report clearly stated that it will continue to strengthen its control over sales expenses
.
Second, due to the impact of the new crown pneumonia epidemic, corporate market activities have decreased
.
For example, Kelun Pharmaceutical has sales expenses of 4.
883 billion yuan in 2020, a year-on-year decrease of 25.
46%
.
The annual report explained that it is mainly due to the impact of the new crown pneumonia epidemic, market development and maintenance activities have decreased, and sales expenses have decreased
.
.
For example, Kelun Pharmaceutical has sales expenses of 4.
883 billion yuan in 2020, a year-on-year decrease of 25.
46%
.
The annual report explained that it is mainly due to the impact of the new crown pneumonia epidemic, market development and maintenance activities have decreased, and sales expenses have decreased
.
The third is affected by the selection of core products
.
Part of the core products in the centralized procurement bidding can greatly reduce the sales expenses of pharmaceutical companies, thereby enhancing the company's profitability
.
Yuandong Biological's sales expenses in 2020 will be reduced by 11.
81% compared with the previous year.
After deducting non-recurring gains and losses, the net profit is still as high as 28.
41%
.
According to the annual report, one of the reasons for the decrease in sales expenses was that the company's core products, bisoprolol fumarate tablets and etoricoxib tablets, won the bid for the national centralized procurement during the reporting period
.
.
Part of the core products in the centralized procurement bidding can greatly reduce the sales expenses of pharmaceutical companies, thereby enhancing the company's profitability
.
Yuandong Biological's sales expenses in 2020 will be reduced by 11.
81% compared with the previous year.
After deducting non-recurring gains and losses, the net profit is still as high as 28.
41%
.
According to the annual report, one of the reasons for the decrease in sales expenses was that the company's core products, bisoprolol fumarate tablets and etoricoxib tablets, won the bid for the national centralized procurement during the reporting period
.
In addition, the decline in sales expenses was also affected by factors such as substantial adjustments in the business structure and changes in accounting standards
.
.
Eight companies have R&D expenses exceeding 1 billion and high R&D investment in exchange for broad profit margins
In 2020, among the listed A-share pharmaceutical companies, 238 companies have seen their R&D expenses increase to varying degrees, of which eight have R&D expenses exceeding 1 billion yuan
.
The top 10 pharmaceutical companies with R&D expenses are involved in different subdivisions.
Among them, there are 4 chemical preparation companies (see Table 2 for details).
According to the annual reports of each company, the R&D pipelines or products on sale of these companies all involve the oncology field
.
.
The top 10 pharmaceutical companies with R&D expenses are involved in different subdivisions.
Among them, there are 4 chemical preparation companies (see Table 2 for details).
According to the annual reports of each company, the R&D pipelines or products on sale of these companies all involve the oncology field
.
It is not difficult to see that high R&D investment has brought greater profit margins to enterprises, and the gross profit margins of pharmaceutical companies with higher R&D investment are higher than the average gross profit margins of their subdivisions
.
.
Gross profit margin is the ratio of gross profit to revenue and an important indicator of the profitability of selling products
.
Take Kanghong Pharmaceutical as an example.
Through high R&D investment, the company has obtained a gross profit margin of more than one time in the Chinese medicine industry
.
.
Take Kanghong Pharmaceutical as an example.
Through high R&D investment, the company has obtained a gross profit margin of more than one time in the Chinese medicine industry
.
Hengrui Medicine's R&D expenses in 2020 reached 4.
989 billion yuan, the highest among all A-share listed pharmaceutical companies, an increase of 28.
05% year-on-year
.
According to Wind database statistics, Hengrui Medicine will add 440 new patents in 2020, and the top five patents are estimated to be as high as 155 million yuan
.
Its innovative drug carrelizumab for injection benefited from the national centralized procurement and increased its sales volume in 2020 by 326.
42% year-on-year
.
Of course, Hengrui Pharmaceutical's sales expenses also rank second among A-share pharmaceutical companies
.
989 billion yuan, the highest among all A-share listed pharmaceutical companies, an increase of 28.
05% year-on-year
.
According to Wind database statistics, Hengrui Medicine will add 440 new patents in 2020, and the top five patents are estimated to be as high as 155 million yuan
.
Its innovative drug carrelizumab for injection benefited from the national centralized procurement and increased its sales volume in 2020 by 326.
42% year-on-year
.
Of course, Hengrui Pharmaceutical's sales expenses also rank second among A-share pharmaceutical companies
.
Junshi Bio will lose 1.
672 billion yuan in 2020
.
According to the annual report, Junshi Biotech's R&D expenses in 2020 are as high as 1.
778 billion yuan, an increase of 87.
93% from 2019; while operating income has risen by 105.
77%, operating costs have also risen by 310.
80%.
Multiple factors have caused the company to continue to lose money
.
Currently, Junshi Biology has 30 products under development, including 28 innovative drugs and 2 biosimilar drugs
.
R&D investment is closely related to R&D capabilities.
Strong R&D capabilities also provide Junshi Biologics with "license-out (overseas authorization)" opportunities.
For example, in May 2020, Junshi Biologics and Eli Lilly and Neutralizing antibody) reached a cooperation
.
672 billion yuan in 2020
.
According to the annual report, Junshi Biotech's R&D expenses in 2020 are as high as 1.
778 billion yuan, an increase of 87.
93% from 2019; while operating income has risen by 105.
77%, operating costs have also risen by 310.
80%.
Multiple factors have caused the company to continue to lose money
.
Currently, Junshi Biology has 30 products under development, including 28 innovative drugs and 2 biosimilar drugs
.
R&D investment is closely related to R&D capabilities.
Strong R&D capabilities also provide Junshi Biologics with "license-out (overseas authorization)" opportunities.
For example, in May 2020, Junshi Biologics and Eli Lilly and Neutralizing antibody) reached a cooperation
.
In addition, some pharmaceutical companies have increased their R&D investment due to the reduction of their core business in order to find new profit growth points
.
.
Medical Network News, June 4, recently, the 2020 annual report of listed companies has been released
.
Judging from the information in the annual report, in 2020, the total expenditures of the 363 A-share listed pharmaceutical companies will remain largely unchanged compared with the previous year.
The growth rate of expenses has slowed down significantly compared with 2019, and the expense composition has been further optimized
.
Among them, sales expenses fell for the first time, and R&D investment continued to increase
.
.
Judging from the information in the annual report, in 2020, the total expenditures of the 363 A-share listed pharmaceutical companies will remain largely unchanged compared with the previous year.
The growth rate of expenses has slowed down significantly compared with 2019, and the expense composition has been further optimized
.
Among them, sales expenses fell for the first time, and R&D investment continued to increase
.
Expense growth has slowed down significantly and structure has been optimized
Expense growth has slowed down significantly and structure has been optimized After sorting out, the expenses of listed A-share pharmaceutical companies in 2020 will increase by 1.
965 billion yuan compared with 2019, with a growth rate of 0.
44%, while the growth rate in 2019 is 14.
8%
.
It can be seen that in 2020, the growth rate of expenditures of listed A-share pharmaceutical companies has slowed down significantly
.
In addition, in 2020, the sales expenses of listed A-share pharmaceutical companies fell for the first time, with a decrease of 5.
79% compared with the previous year, management expenses increased by 6.
33%, financial expenses increased by 13.
63%, and R&D expenses increased the fastest, reaching 21.
50%
.
965 billion yuan compared with 2019, with a growth rate of 0.
44%, while the growth rate in 2019 is 14.
8%
.
It can be seen that in 2020, the growth rate of expenditures of listed A-share pharmaceutical companies has slowed down significantly
.
In addition, in 2020, the sales expenses of listed A-share pharmaceutical companies fell for the first time, with a decrease of 5.
79% compared with the previous year, management expenses increased by 6.
33%, financial expenses increased by 13.
63%, and R&D expenses increased the fastest, reaching 21.
50%
.
From the perspective of the cost composition of listed A-share pharmaceutical companies, the proportion of sales expenses is at a high level throughout the year.
In 2020, the proportion of such expenses will be reduced by 2.
7% compared with 2019.
The proportion of management expenses will basically remain unchanged compared with 2019, and the proportion of financial expenses will be the same.
R&D expenses accounted for three consecutive years of growth, indicating that the expenditures of pharmaceutical companies are gradually tilting towards R&D investment
.
In 2020, the proportion of such expenses will be reduced by 2.
7% compared with 2019.
The proportion of management expenses will basically remain unchanged compared with 2019, and the proportion of financial expenses will be the same.
R&D expenses accounted for three consecutive years of growth, indicating that the expenditures of pharmaceutical companies are gradually tilting towards R&D investment
.
It is worth noting that in 2020, the cost composition of listed A-share pharmaceutical companies will also be optimized
.
The survey shows that in 2017, the total sales expenses and management expenses of the world's TOP20 pharmaceutical companies accounted for about 28%
.
In contrast, in 2017, China's A-share pharmaceutical sector accounted for nearly 10% higher proportion of similar expenses, and higher sales and management expenses compressed the profit margin of the company
.
In 2020, the proportion of sales expenses and management expenses of listed A-share pharmaceutical companies will drop by 2.
51%, and the proportion of R&D expenses will increase by 1.
1%.
It can be seen that the expense structure of domestic pharmaceutical companies is gradually in line with that of multinational pharmaceutical companies
.
.
The survey shows that in 2017, the total sales expenses and management expenses of the world's TOP20 pharmaceutical companies accounted for about 28%
.
In contrast, in 2017, China's A-share pharmaceutical sector accounted for nearly 10% higher proportion of similar expenses, and higher sales and management expenses compressed the profit margin of the company
.
In 2020, the proportion of sales expenses and management expenses of listed A-share pharmaceutical companies will drop by 2.
51%, and the proportion of R&D expenses will increase by 1.
1%.
It can be seen that the expense structure of domestic pharmaceutical companies is gradually in line with that of multinational pharmaceutical companies
.
Sales expense indicators have dropped significantly, and net interest rates have increased
Sales expense indicators have dropped significantly, and net interest rates have increased The sales expense ratio and the net profit margin show a strong negative correlation, that is, the company's sales expense ratio increases while the net profit margin decreases significantly
.
In 2020, the related indicators of sales expenses of listed A-share pharmaceutical companies declined compared with 2019.
Among them, sales expenses decreased by 5.
79%, sales expense ratio decreased by 1.
93%, and sales expenses accounted for a decrease of 2.
7%
.
At the same time, according to Everbright Securities, the net interest rate of listed A-share pharmaceutical companies has increased from 6.
04% in 2019 to 7.
30% in 2020, and the return on corporate net assets has also increased from 8.
05% in 2019 to 9.
47%
.
This shows that in 2020, A-share listed pharmaceutical companies have improved control over expenses
.
.
In 2020, the related indicators of sales expenses of listed A-share pharmaceutical companies declined compared with 2019.
Among them, sales expenses decreased by 5.
79%, sales expense ratio decreased by 1.
93%, and sales expenses accounted for a decrease of 2.
7%
.
At the same time, according to Everbright Securities, the net interest rate of listed A-share pharmaceutical companies has increased from 6.
04% in 2019 to 7.
30% in 2020, and the return on corporate net assets has also increased from 8.
05% in 2019 to 9.
47%
.
This shows that in 2020, A-share listed pharmaceutical companies have improved control over expenses
.
In 2020, 209 of the 363 listed A-share pharmaceutical companies have seen their sales expenses drop to varying degrees, accounting for 57.
58%
.
The top 10 companies in sales expenses involve multiple segments of the pharmaceutical industry
.
Among them, the sales expenses of Hengrui Pharmaceuticals increased by 14.
99%, and Sinopharm unanimously increased by 29.
05%.
The sales expenses of the remaining 8 pharmaceutical companies remained basically unchanged or saw a significant reduction (see Table 1 for details)
.
58%
.
The top 10 companies in sales expenses involve multiple segments of the pharmaceutical industry
.
Among them, the sales expenses of Hengrui Pharmaceuticals increased by 14.
99%, and Sinopharm unanimously increased by 29.
05%.
The sales expenses of the remaining 8 pharmaceutical companies remained basically unchanged or saw a significant reduction (see Table 1 for details)
.
Analysis of the company's annual report shows that a variety of factors have contributed to the decline in sales expenses of pharmaceutical companies
.
.
One is driven by regulation
.
In 2019, the Ministry of Finance issued the "Notice on Carrying out the Quality Inspection of Accounting Information in the Pharmaceutical Industry in 2019" to carry out "penetrating" supervision of the sales links of some pharmaceutical companies
.
Affected by this, pharmaceutical companies have strengthened their control over sales expenses
.
In 2020, Fosun Pharma's sales expenses will decrease by 14.
04% year-on-year
.
Its annual report clearly stated that it will continue to strengthen its control over sales expenses
.
.
In 2019, the Ministry of Finance issued the "Notice on Carrying out the Quality Inspection of Accounting Information in the Pharmaceutical Industry in 2019" to carry out "penetrating" supervision of the sales links of some pharmaceutical companies
.
Affected by this, pharmaceutical companies have strengthened their control over sales expenses
.
In 2020, Fosun Pharma's sales expenses will decrease by 14.
04% year-on-year
.
Its annual report clearly stated that it will continue to strengthen its control over sales expenses
.
Second, due to the impact of the new crown pneumonia epidemic, corporate market activities have decreased
.
For example, Kelun Pharmaceutical has sales expenses of 4.
883 billion yuan in 2020, a year-on-year decrease of 25.
46%
.
The annual report explained that it is mainly due to the impact of the new crown pneumonia epidemic, market development and maintenance activities have decreased, and sales expenses have decreased
.
.
For example, Kelun Pharmaceutical has sales expenses of 4.
883 billion yuan in 2020, a year-on-year decrease of 25.
46%
.
The annual report explained that it is mainly due to the impact of the new crown pneumonia epidemic, market development and maintenance activities have decreased, and sales expenses have decreased
.
The third is affected by the selection of core products
.
Part of the core products in the centralized procurement bidding can greatly reduce the sales expenses of pharmaceutical companies, thereby enhancing the company's profitability
.
Yuandong Biological's sales expenses in 2020 will be reduced by 11.
81% compared with the previous year.
After deducting non-recurring gains and losses, the net profit is still as high as 28.
41%
.
According to the annual report, one of the reasons for the decrease in sales expenses was that the company's core products, bisoprolol fumarate tablets and etoricoxib tablets, won the bid for the national centralized procurement during the reporting period
.
Procurement Procurement Procurement.
Part of the core products in the centralized procurement bidding can greatly reduce the sales expenses of pharmaceutical companies, thereby enhancing the company's profitability
.
Yuandong Biological's sales expenses in 2020 will be reduced by 11.
81% compared with the previous year.
After deducting non-recurring gains and losses, the net profit is still as high as 28.
41%
.
According to the annual report, one of the reasons for the decrease in sales expenses was that the company's core products, bisoprolol fumarate tablets and etoricoxib tablets, won the bid for the national centralized procurement during the reporting period
.
In addition, the decline in sales expenses was also affected by factors such as substantial adjustments in the business structure and changes in accounting standards
.
.
Eight companies have R&D expenses exceeding 1 billion and high R&D investment in exchange for broad profit margins
Eight companies have R&D expenses exceeding 1 billion and high R&D investment in exchange for broad profit margins In 2020, among the listed A-share pharmaceutical companies, 238 companies have seen their R&D expenses increase to varying degrees, of which eight have R&D expenses exceeding 1 billion yuan
.
The top 10 pharmaceutical companies with R&D expenses are involved in different subdivisions.
Among them, there are 4 chemical preparation companies (see Table 2 for details).
According to the annual reports of each company, the R&D pipelines or products on sale of these companies all involve the oncology field
.
Tumor tumor tumor.
The top 10 pharmaceutical companies with R&D expenses are involved in different subdivisions.
Among them, there are 4 chemical preparation companies (see Table 2 for details).
According to the annual reports of each company, the R&D pipelines or products on sale of these companies all involve the oncology field
.
It is not difficult to see that high R&D investment has brought greater profit margins to enterprises, and the gross profit margins of pharmaceutical companies with higher R&D investment are higher than the average gross profit margins of their subdivisions
.
.
Gross profit margin is the ratio of gross profit to revenue and an important indicator of the profitability of selling products
.
Take Kanghong Pharmaceutical as an example.
Through high R&D investment, the company has obtained a gross profit margin of more than one time in the Chinese medicine industry
.
.
Take Kanghong Pharmaceutical as an example.
Through high R&D investment, the company has obtained a gross profit margin of more than one time in the Chinese medicine industry
.
Hengrui Medicine's R&D expenses in 2020 reached 4.
989 billion yuan, the highest among all A-share listed pharmaceutical companies, an increase of 28.
05% year-on-year
.
According to Wind database statistics, Hengrui Medicine will add 440 new patents in 2020, and the top five patents are estimated to be as high as 155 million yuan
.
Its innovative drug carrelizumab for injection benefited from the national centralized procurement and increased its sales volume in 2020 by 326.
42% year-on-year
.
Of course, Hengrui Pharmaceutical's sales expenses also rank second among A-share pharmaceutical companies
.
989 billion yuan, the highest among all A-share listed pharmaceutical companies, an increase of 28.
05% year-on-year
.
According to Wind database statistics, Hengrui Medicine will add 440 new patents in 2020, and the top five patents are estimated to be as high as 155 million yuan
.
Its innovative drug carrelizumab for injection benefited from the national centralized procurement and increased its sales volume in 2020 by 326.
42% year-on-year
.
Of course, Hengrui Pharmaceutical's sales expenses also rank second among A-share pharmaceutical companies
.
Junshi Bio will lose 1.
672 billion yuan in 2020
.
According to the annual report, Junshi Biotech's R&D expenses in 2020 are as high as 1.
778 billion yuan, an increase of 87.
93% from 2019; while operating income has risen by 105.
77%, operating costs have also risen by 310.
80%.
Multiple factors have caused the company to continue to lose money
.
Currently, Junshi Biology has 30 products under development, including 28 innovative drugs and 2 biosimilar drugs
.
R&D investment is closely related to R&D capabilities.
Strong R&D capabilities also provide Junshi Biologics with "license-out (overseas authorization)" opportunities.
For example, in May 2020, Junshi Biologics and Eli Lilly and Neutralizing antibody) reached a cooperation
.
672 billion yuan in 2020
.
According to the annual report, Junshi Biotech's R&D expenses in 2020 are as high as 1.
778 billion yuan, an increase of 87.
93% from 2019; while operating income has risen by 105.
77%, operating costs have also risen by 310.
80%.
Multiple factors have caused the company to continue to lose money
.
Currently, Junshi Biology has 30 products under development, including 28 innovative drugs and 2 biosimilar drugs
.
R&D investment is closely related to R&D capabilities.
Strong R&D capabilities also provide Junshi Biologics with "license-out (overseas authorization)" opportunities.
For example, in May 2020, Junshi Biologics and Eli Lilly and Neutralizing antibody) reached a cooperation
.
In addition, some pharmaceutical companies have increased their R&D investment due to the reduction of their core business in order to find new profit growth points
.
Pharmaceutical companies Pharmaceutical pharmaceutical business enterprises .
