The third quarterly report of local pharmaceutical companies: who is the most powerful innovative drug? 4 + 7 influence geometry?

It's time to take stock of the achievements of various pharmaceutical companies As of October 28, 2019, 157 companies in the pharmaceutical and biological sector have published the third quarter report In the third quarter, there were 130 companies with year-on-year increase in revenue and 110 companies with year-on-year increase in net profit According to the statistics and analysis of e drug managers, thanks to the popularity of innovative drugs, innovative drug companies and cro / CMO enterprises in the industry chain related to innovative drugs have achieved varying degrees of growth in the first three quarters However, the generic pharmaceutical enterprises have different orientation due to the influence of volume purchase In the first three quarters, some enterprises soared by more than 100%, while others fell by more than 500% Data source: tonghuashun Ifind (not fully shown) has concentrated on the volume of innovative drugs, with the highest growth rate of vaccine endorsement of 515% Innovative drug companies ushered in the best time The number of innovative drugs entering the medical insurance catalog has continued to increase, which has brought good performance and growth trend for related enterprises After the strict supervision of the vaccine industry, the vaccine business has also recovered significantly Enterprises with standardized production quality control and heavy-duty innovative vaccine products have ushered in significant benefits After the third quarter report of Hengrui pharmaceutical was released, the first enterprise with a market value of more than 400 billion was born In the first three quarters, Hengrui recorded revenue of 16.95 billion yuan and deducted non net profit of 3.5 billion yuan, up 36.01% and 27.15% year on year respectively At the same time, the growth rate of Q3's single quarter performance is also higher than 2018q3 According to the analysis of Southwest Securities, the newly approved 19K, pyrrolidine and paclitaxel (albumin binding type) have made significant income in 2018, and carrizumab, the PD-1 inhibitor, which was put on the market at the end of July 2019, has also started to increase In addition, in the first three quarters, Hengrui invested 2.9 billion yuan in R & D, accounting for 17.1% of its revenue, up 67% year on year In the first three quarters, four new class 1 innovative drugs were applied for clinical application Up to now, in addition to the five innovative drugs already on the market, Hengrui has nearly 10 innovative drugs in the research pipeline It is expected that in the future, 2-3 innovative drugs will be listed every year In the first three quarters, the revenue of Beida Pharmaceutical Co., Ltd was 1.24 billion yuan, an increase of 34.05% year-on-year, and the net profit deducting non attributable shares was 42.87% year-on-year Q3's single quarter revenue was 481 million yuan, up 39.05% year on year Among them, the sales volume of core products of exetini increased by 33.15% year on year, basically in line with the growth rate of revenue The volume procurement in 2018 and the expansion of centralized procurement in September this year have made EGFR-TKI under pressure and the market competition more fierce Exetane can still grow significantly in the case of AstraZeneca's gefitinib winning the bid at a reduced price, which indicates that Beida pharmaceutical has a stable position in the lung cancer target market and the price system can maintain stability In addition, as the first alk-tki in China, ensatinib, a new blockbuster product of Beida pharmaceutical industry, has been applied for production In the first three quarters, Changchun hi tech, with growth hormone and vaccine as the growth point, achieved a revenue of 5.44 billion yuan and a non net profit of 1.23 billion yuan, up 31.5% and 50.1% year on year respectively The single quarter revenue was 2.05 billion yuan, up 47.59% year on year Stimulated by the good news, Changchun hi tech shares reached a new high As of the noon of October 29, the stock price was 448.61 yuan / share, with a total market value of 76.314 billion yuan Among them, Jinsai pharmaceutical is regarded as the profit source of Changchun high tech pharmaceutical business Jinsai pharmaceutical is the largest recombinant human growth hormone manufacturer in Asia, contributing 80% of the profits to Changchun hi tech According to Everbright Securities, the first three quarters revenue of Jinsai pharmaceutical industry is 3.5 billion yuan, an increase of about 45% year on year In June this year, Changchun hi tech announced that it plans to purchase the remaining nearly 30% equity of Jinsai pharmaceutical industry with RMB 5.637 billion, basically realizing full holding However, it is worth noting that in the third quarter, the sales expense of Changchun hi tech reached 739 million yuan, an increase of 39.87% year on year, and the R & D expense was only 77373700 yuan, an increase of 14.14% year on year In the first three quarters, Zhifei biological's revenue and non net profit from share return were 7.67 billion yuan and 1.798 billion yuan respectively, up 119.35% and 64.17% year on year Until the end of 2018, agent vaccine products remained its main source of revenue, accounting for 75% of its revenue In the first three quarters of 2019, the number of hpv9 batches issued by its agent increased by 515.32% year on year, which was the main reason for its revenue growth As the AC Hib triple vaccine, the exclusive product of Zhifei biology, is still in production suspension, it has not been approved after the review application to CDE in July, and the number of approved and issued in the third quarter decreased by 10.92% year-on-year However, Zhifei biology continues to increase its R & D investment In the first half of this year, the R & D cost increased by 19.26% year-on-year to 105 million yuan In the first three quarters, Watson bio's revenue and net profit of non return to equity were RMB 797 million and RMB 114 million respectively, up 39.09% and 90% year on year Among them, the first-class vaccine AC polysaccharide independently developed and produced by Watson increased by 32% year-on-year in the first three quarters, and the batch issuance of acellular pertussis vaccine with relatively high technical difficulty increased by 252% year-on-year in the first three quarters The 23 valent pneumonia vaccine kept a year-on-year growth of 93% under the condition of the decline of the overall batch issuance of class II vaccine Both the AC combined vaccine and the acyw135 vaccine achieved good growth Under the background of strict overall supervision of the vaccine industry, vaccine enterprises with strong production capacity will stand out Watson's 13 valent pneumonia polysaccharide combined vaccine is currently at the end of the production site inspection stage, and Watson will usher in a new growth period after being approved In July this year, the first public offering of South micro Medicine released its first performance report since its listing: revenue of 960 million yuan, non net profit of 224 million yuan deducted by shares, up 41.19% and 49.03% respectively in the same period According to Nanwei medical, the sales revenue of hemostasis and closure products increased by 54.41% and that of EMR / ESD products increased by 90.47% year on year In addition, R & D investment also increased by 40.09% over the same period last year In addition, although the third quarter report has not yet been released, there is also good news in China's biopharmaceutical industry since October: azacytidine for injection, a anticancer drug of Zhengda Tianqing, has obtained the drug registration approval of nmpa, is the first domestic bioequivalence study completed in accordance with the U.S FDA standards, and has passed the validation clinical trials of generic drugs At the moment when the injection consistency evaluation is just started, Zhengda Tianqing will have the first mover advantage In addition, azacytidine has the qualification to treat rare diseases Cro / CMO benefits from the general growth With the continuous popularity of innovative drugs, all parties in the innovative drug industry chain have also ushered in business growth The most obvious are cro and CMO enterprises Haitong Securities believes that initially cro / CMO enterprises rely on orders from overseas pharmaceutical companies to grow gradually, but in recent years, due to the continuous rise of domestic demand, most enterprises' domestic business growth rate is more than 30% In the first three quarters of the year, the non net profit of the company increased by 100.68% Clinical research business, data statistics business and SMO business all maintained a high growth rate of more than 30% In 2018, tiger's domestic business accounted for 53.7% with a growth rate of 71% It can be predicted that the continuous growth of domestic business is the reason for its growth In the first three quarters, Boji pharmaceutical achieved a revenue of 142 million yuan, with the non net profit deducted by shares decreased, but the net profit of shares in Q3 rose 290.47% In the first three quarters, KANGLONG chemical achieved a revenue of 2.62 billion yuan, with a year-on-year increase of 46.98% in net profit attributable to shares KANGLONG Chemical Industry Co., Ltd held Nanjing Sirui, a clinical cro company in May 2019, and invested in Beijing Unistar, a SMO company in June 2019 At present, it has completed the whole process layout of pre clinical cro, clinical cro, CMO, etc In the first three quarters, Carling achieved a revenue of 1.742 billion yuan, an increase of 44.61%, and the non net profit attributable to shares increased by 38.97% On the basis of constantly consolidating the small molecule medicine business, kelleying is further expanding the chemical macromolecule business and clinical cro business, and developing into a one-stop pharmaceutical R & D outsourcing service platform to open up the whole industry chain of pharmaceutical R & D Kelleying also disclosed the 2019 performance forecast, noting that "the number of orders in clinical stage has steadily increased, and funnel effect has reserved a large number of potential commercial projects for the company; innovative drug projects served by the company have been approved in succession, and project revenue in commercial stage has been significantly improved." Whether cro or CMO, core technicians are the core wealth of the company Since 2019, A-share listed cro / CMO, such as Boji pharmaceutical, tag pharmaceutical, carling, KANGLONG Huacheng, etc., have launched equity incentive plans to attract and retain talents Compared with the market value of domestic cro leading pharmaceutical mingkant and international cro leading iqvia, compared with overseas leading enterprises, both domestic innovative pharmaceutical enterprises and cro enterprises are far from the ceiling of market value At present, enterprises in cro field are in multi business field layout, layout industrial chain integration, and constantly improve market share In the future, it will also be a key stage of M & A integration of cro industry Some people in generic medicine are happy that some people are worried that Lepu medical realized a revenue of 5.88 billion yuan in the first three quarters, an increase of 28.25% over the same period last year, among which the medical device business and API business achieved a year-on-year growth of 27.24% and 46.01% respectively In the first round of centralized procurement, both clopidogrel bisulfate and atorvastatin calcium of Lepu medical failed to win the bid In the third quarter, atorvastatin calcium still maintained a relatively high growth, and the sales volume of clopidogrel increased However, due to the reduction of terminal price, the revenue was lower than that of the same period last year But the total pharmaceutical business is still 27.25% higher than the same period last year Lepu medical obviously has a new "killer mace" to deal with the challenge of volume purchasing During the reporting period, the neovas biodegradable stent of Lepu medical realized revenue of 968 million yuan in the third quarter, an increase of 31.67% year on year In the third quarter, R & D expenses of Lepu medical increased by 35.24% in the same period According to the company's layout, it is necessary to develop and cultivate the AI medical industry and tumor immunotherapy industry that will support the growth of 5-10 years in the future In the first three quarters, Beijing new pharmaceutical industry also achieved a revenue growth of 25.22%, with non net profit of 28.97% deducted by shares, and revenue of 2.796 billion yuan in the first three quarters In the first three quarters, zoelacetan, which has not been selected for price reduction, achieved a growth rate of nearly 200%, and the variety has also been selected for 4 + 7 expansion At present, Beijing New Pharmaceutical Co., Ltd is increasing the research and development of central nervous product line Some people are happy and others are sad Dexhan health and xinlitai, which are also in the generic sector, have seen their performance decline In the third quarter, the revenue of tezhan health fell 51.07% year on year, and the non net profit deducted by shares fell 72.6% In the third quarter, operating revenue and non net profit of stock return deduction decreased by 4.72% and 76.98% respectively One common point of xinlitai and Dezhan health is that they all rely too much on a single variety, and the price of a single variety is greatly reduced in the 4 + 7 volume purchase to win the bid Although it has won the bid, its vitality has been greatly damaged and its performance has continued to decline In the 4 + 7 expansion, both of them gave up the substantial price reduction and lost the qualification of winning the bid Perhaps the 4 + 7 expansion is also the active choice of enterprises It is reported that the sales team of Carlin pharmaceutical has been disbanded, and xinlitai has also recently made a large-scale structural adjustment, requiring xinlitai's product representatives to apply to the internal departments such as blood pressure business department and special medicine business department Those who are unwilling to apply will be deemed to voluntarily give up their jobs and automatically enter the resignation process It is worth noting that xinlitai has three main lines: chemical medicine, biological medicine and medical equipment As a representative of domestic cardiovascular enterprises, xinlitai's long-term development is still promising Who rose? Who fell? In addition to the normal expected volatility, many enterprises also showed a "big up and big down" trend Among them, North China Pharmaceutical's performance soared In the first three quarters, it achieved an operating revenue of 8.026 billion yuan and a net profit of 91.5294 million yuan, including a year-on-year increase of 271% in the net profit of deducting non attributable shares in a single quarter In recent years, Huabei pharmaceutical has focused on key strategic varieties, accelerated product structure adjustment, and gradually showed a positive state