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In 2021, the number of new pharmaceutical shares will hit a new high, with 60 pharmaceutical companies listed on A shares
.
But at the same time, the IPO breakout has also become another phenomenon
.
According to statistics, in 2021, a total of 45 new shares in Shanghai and Shenzhen will fall below the issue price, and 10 of them will belong to the pharmaceutical and biological industries
.
As of the end of 2021, there are 7 new pharmaceutical stocks whose closing price has fallen by more than 10% from the issue price, including Chengda Biology, BeiGene, Hualan, and Dizhe Medicine, among which Chengda Biology and Dizhe Medicine-U At the end of the year, the closing decline reached about 30%
.
Entering 2022, there was also a new stock that broke out in the first trading week
.
On January 7th, Asieris Pharmaceuticals, a new stock listed on the Science and Technology Innovation Board, broke its offering at the opening and fell sharply by 12.
97%.
As of the close, Asieris Pharmaceuticals fell 23.
41%, becoming the first new stock to break at the opening in the new year, which attracted the attention of the industry
.
So, will the breakout of new pharmaceutical stocks become the norm? Does this mean that the biomedical track is "unscented"? From the perspective of the industry, behind the break of new shares, it shows that the high-premium financing of high-level repeated innovative products has begun to ebb, and capital has begun to move towards rationality
.
But this does not mean that the medical track will no longer be concerned
.
Market analysts believe that judging from the situation of new shares that have recently broken, the implementation of new regulations on inquiry and the over-priced new shares are all important reasons for the break
.
In September 2021, the China Securities Regulatory Commission issued the "Decision on Amending the Special Provisions on the Issuance and Underwriting of Securities for Initial Public Offerings on the Growth Enterprise Market".
The introduction of new regulations on inquiry, which refers to "institutions holding a group to lower prices", optimizes the pricing rules, making some new shares issue prices too high, causing an increase in the number of breakouts on the first day
.
In the pharmaceutical industry, the innovative strength of innovative drug companies has also become a factor that investors begin to consider
.
It can be seen that for unprofitable pharmaceutical companies that pass the fifth set of standards in 2021, how to realize the value promise through commercialization has become one of the core issues for investors.
.
Because if an innovative pharmaceutical company wants to achieve commercial success in the market, it needs to have three major elements: product pipeline, commercialization capability, and capacity building.
A single product pipeline can no longer be recognized by investors, but needs to have real strength and excellent performance.
's products
.
Taking BeiGene as an example, it has 11 self-developed drugs that have entered clinical trials or entered the commercialization stage, and 3 products, Baiyueze, Baizean and Baihuize, have been approved to be listed for the company.
At the same time, BeiGene is implementing 95 planned or ongoing clinical trials around the world, of which many research projects have the potential of "First in class"
.
However, the company has been losing money for 4 years in a row, and has burned nearly 40 billion yuan in 4 years, which has also made the voices of doubts continue
.
In addition, BeiGene's business returns have not been satisfactory
.
Taking PD-1 as an example, BeiGene's sales in the first three quarters of 2021 are 1.
28 billion yuan, which is far from the sales of Innovent's PD-1 products of 2.
18 billion yuan
.
In the first three quarters of 2021, the company's operating income has reached 6.
227 billion yuan, a year-on-year increase of 326.
88%
.
However, some analysts pointed out that despite the large increase, in the future, with the further expansion of the pipeline and the progress of the international business layout, the capital gap will further expand, and there is still a long way to go before BeiGene achieves profitability
.
Industry analysts believe that the market will gradually mature under the normal state of frequent new stock breakouts
.
In the future, with the continuous optimization of the pricing rules for IPOs, the frequency of breakouts will gradually stabilize, and investors will cool down when they hit new shares, which will help create a market environment that is regulated, orderly, and healthy
.
.
But at the same time, the IPO breakout has also become another phenomenon
.
According to statistics, in 2021, a total of 45 new shares in Shanghai and Shenzhen will fall below the issue price, and 10 of them will belong to the pharmaceutical and biological industries
.
As of the end of 2021, there are 7 new pharmaceutical stocks whose closing price has fallen by more than 10% from the issue price, including Chengda Biology, BeiGene, Hualan, and Dizhe Medicine, among which Chengda Biology and Dizhe Medicine-U At the end of the year, the closing decline reached about 30%
.
Entering 2022, there was also a new stock that broke out in the first trading week
.
On January 7th, Asieris Pharmaceuticals, a new stock listed on the Science and Technology Innovation Board, broke its offering at the opening and fell sharply by 12.
97%.
As of the close, Asieris Pharmaceuticals fell 23.
41%, becoming the first new stock to break at the opening in the new year, which attracted the attention of the industry
.
So, will the breakout of new pharmaceutical stocks become the norm? Does this mean that the biomedical track is "unscented"? From the perspective of the industry, behind the break of new shares, it shows that the high-premium financing of high-level repeated innovative products has begun to ebb, and capital has begun to move towards rationality
.
But this does not mean that the medical track will no longer be concerned
.
Market analysts believe that judging from the situation of new shares that have recently broken, the implementation of new regulations on inquiry and the over-priced new shares are all important reasons for the break
.
In September 2021, the China Securities Regulatory Commission issued the "Decision on Amending the Special Provisions on the Issuance and Underwriting of Securities for Initial Public Offerings on the Growth Enterprise Market".
The introduction of new regulations on inquiry, which refers to "institutions holding a group to lower prices", optimizes the pricing rules, making some new shares issue prices too high, causing an increase in the number of breakouts on the first day
.
In the pharmaceutical industry, the innovative strength of innovative drug companies has also become a factor that investors begin to consider
.
It can be seen that for unprofitable pharmaceutical companies that pass the fifth set of standards in 2021, how to realize the value promise through commercialization has become one of the core issues for investors.
.
Because if an innovative pharmaceutical company wants to achieve commercial success in the market, it needs to have three major elements: product pipeline, commercialization capability, and capacity building.
A single product pipeline can no longer be recognized by investors, but needs to have real strength and excellent performance.
's products
.
Taking BeiGene as an example, it has 11 self-developed drugs that have entered clinical trials or entered the commercialization stage, and 3 products, Baiyueze, Baizean and Baihuize, have been approved to be listed for the company.
At the same time, BeiGene is implementing 95 planned or ongoing clinical trials around the world, of which many research projects have the potential of "First in class"
.
However, the company has been losing money for 4 years in a row, and has burned nearly 40 billion yuan in 4 years, which has also made the voices of doubts continue
.
In addition, BeiGene's business returns have not been satisfactory
.
Taking PD-1 as an example, BeiGene's sales in the first three quarters of 2021 are 1.
28 billion yuan, which is far from the sales of Innovent's PD-1 products of 2.
18 billion yuan
.
In the first three quarters of 2021, the company's operating income has reached 6.
227 billion yuan, a year-on-year increase of 326.
88%
.
However, some analysts pointed out that despite the large increase, in the future, with the further expansion of the pipeline and the progress of the international business layout, the capital gap will further expand, and there is still a long way to go before BeiGene achieves profitability
.
Industry analysts believe that the market will gradually mature under the normal state of frequent new stock breakouts
.
In the future, with the continuous optimization of the pricing rules for IPOs, the frequency of breakouts will gradually stabilize, and investors will cool down when they hit new shares, which will help create a market environment that is regulated, orderly, and healthy
.
