"Investor Network" Cai Jun
Edited by Wu Yue
Beida Pharmaceutical Co., Ltd. (hereinafter referred to as " Beida Pharmaceutical ", company, 300558.SZ), is seeking new variables in performance growth.
This month, Beida Pharmaceutical released an announcement on the change of the 2020 private placement fundraising and investment projects, as well as the adjusted private placement plan this year. Among them, the change in the private placement fundraising and investment in 2020 involves drug research and development, that is, the development funds of three projects are adjusted to 2 new projects. This year's private placement plan will raise a maximum of 1 billion yuan, of which 700 million yuan will be used for innovative drug industrialization base projects and 300 million yuan will be used to supplement working capital. The company's actual controller Ding Liming subscribes all private placement shares in cash, with a price of 38.51 yuan per share. Behind the adjustment of
is the change in product revenue of Beida Pharmaceutical. In the first half of this year, the core product Kamina still contributed the most, but sales growth showed signs of weakening. Extra-large single products may enter a bottleneck period, while Bemina, who has implemented the medical insurance catalog for the first time, has undertaken the performance growth rate. One of the adjustments and changes is the development of the newly added indications of Bemina.
In terms of the capital market, Beida Pharmaceutical's market value has dropped from more than 60 billion yuan at its peak to more than 20 billion yuan at its current level. In addition to the collective performance of innovative pharmaceutical companies in the stock market, the company's performance growth rate is crucial.
core product sales declined
In the first half of this year, Beida Pharmaceutical's operating income was 1.253 billion yuan, an increase of 8.5% year-on-year, and the net profit attributable to shareholders of listed companies was 95 million yuan, a decrease of 55.96% year-on-year. However, if the impact of the company's 120 million yuan in stock incentive expenses implemented in the same period is excluding the company's net profit attributable to shareholders, will increase by 0.38% year-on-year.
According to the semi-annual report, Beida Pharmaceutical has three drugs that have been launched, including ecretinib hydrochloride, ensatinib hydrochloride, and bevacizumab. The product names are Camina, Bemina and Beanine. Among them, Camina has been listed for more than ten years, with sales of approximately RMB 2 billion in 2021, making it the company's core product.
However, Camina's sales growth may enter a bottleneck period.
Tianfeng Securities calculated in the research report that the sales of Camina and Bemina in the first half of this year were 922 million yuan and 253 million yuan respectively; during the same period, the sales of the two drugs increased by 37.4% and 1495.29% year-on-year. In the first half of 2021, the sales of the two drugs were 1.08 billion yuan and 55 million yuan respectively. Therefore, although sales of both drugs increased, Bemina drove the revenue growth of Bemina Pharmaceutical, while Camina's sales fell year-on-year.
Keminar's weakness and Beminar's strength are not unrelated to the inclusion of medical insurance. According to Tianfeng Securities statistics, after the medical insurance catalogue came into effect this year, the 125 mg Camina dropped from 64.05 yuan to 39.8 yuan, and the 25 mg Bemina dropped from 203.7 yuan to 58.82 yuan. Among them, Camina entered medical insurance by actively reducing the price by 54% in 2016. This round is a further price reduction, and the marginal effect may decrease; on the other hand, Bemina, which entered medical insurance for the first time, had a significant effect of supplementing the price by quantity.
On the surface, Kamina's weakness is related to the price reduction again. From a deeper perspective, Camina is being divided into markets by similar products.
data shows that Kamina belongs to the first generation of EGFR-TKI (epidermal growth factor receptor-psychosine kinase inhibitor). After Beida Pharmaceutical was successfully launched, its cumulative sales have exceeded 10 billion by expanding its indications and laying out sales channels. However, EGFR-TKI has developed to the third generation. Currently, the varieties on the market in China include AstraZeneca osimertinib ametinib, and vometinib from Elis (688578.SH). The product names are Teresa, Amelot, and Aversa.
In this article, Ameile will be included in medical insurance in 2020. Mine.com shows that the drug's annual sales exceeded 1.6 billion yuan. At the end of 2021, Alice's Avosa was included in medical insurance for the first time, and achieved sales of nearly 300 million yuan in the first half of this year.
Beda Pharmaceutical is currently developing the fourth generation EGFR-TKI drug, with the project code BPI-361175. As of the first half of this year, the drug has been approved for clinical trials in both China and the United States and is in its first phase.
Short, medium and long performance growth factors
Kamina's sales may enter a bottleneck period, and Beida Pharmaceutical needs to launch new drugs and expand indications to achieve increased revenue.
From the perspective of the investment direction of the adjustment of the private placement, Beida Pharmaceutical's direction is new drug research and development.Among them, the company has reduced the relevant indication projects for drugs such as X-396, CM082, and MIL60, and added indication projects such as BPI-16350, ensatinib hydrochloride. The total number of new projects was 188 million yuan, and all funds came from the reduction projects.
has increased and decreased, and Beida Pharmaceutical disclosed the specific reasons. On the one hand, X-396 and MIL60 are Bemena and Beantine, and are currently approved for marketing. CM082 may not have obvious advantages in the third phase of clinical clinical practice, which may not be able to gain commercial competitive advantages in the short term; the indication of this drug is melanin tumor, and the third phase of the drug is planned to invest 106 million yuan, with 664,500 yuan in investment, and development is now suspended.
On the other hand, BPI-16350 is a brand new drug with a total investment of 220 million yuan, and plans to use 128 million yuan to raise funds, and enter the third phase of clinical trial in June this year; ensatinib hydrochloride is beminer, and the added project is for the research and development of new indications, with a total investment of more than 100 million yuan, and plans to use 60 million yuan to raise funds.
Therefore, the performance growth rate of Beida Pharmaceutical, the short term, the sales of Beimina, the commercialization process of Beimining in the medium term, and the long term, the launch time of BPI-16350.
According to the data, Bemina is a second-generation ALK inhibitor, with similar products including Roche's Anshengsha and Novartis 's Zankeda. Minne.com data shows that the sales of sample hospitals of the two drugs in 2021 were 550 million yuan and 66 million yuan respectively. Beantin belongs to bevacizumab. In 2021, the total domestic sales of this type of product exceeded 6 billion yuan, and Qilu Pharmaceutical and Roche accounted for the majority of the shares, with the former having sales reaching 3.5 billion yuan. BPI-16350 is a CDK4/6 inhibitor. Currently, iRecon, which is only produced in China with , Hengrui Medicine, was approved for marketing at the end of last year.
speculates that based on Bemina's revenue exceeding 250 million yuan in the first half of this year, assuming that the annual revenue of the drug exceeds 500 million yuan and Camina maintains sales of about 2 billion yuan, Bemina's annual revenue will exceed 2.5 billion yuan this year.
In the first half of this year, Beida Pharmaceutical's administrative expenses were 309 million yuan, up 116.9% year-on-year. If equity incentive factors were excluded, it would increase by 39.3% year-on-year. During the same period, the company's R&D expenses increased by 30.65% year-on-year to 317 million yuan, and sales expenses decreased by 1.1% year-on-year to 440 million yuan.
As of October 18, Beida Pharmaceutical closed at 52.9 yuan per share, with a market value of 22.037 billion yuan, and the price-to-earnings ratio is about 56 times based on the semi-annual report performance. Previously, the company's market value once exceeded 60 billion yuan. (Produced by Siwei Finance) ■
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