, which was questioned about underwriting performance, chose to issue an announcement to clarify "self-innocence".
On December 1, Microchip Bio issued an announcement stating that after investigation, the company did not have the situation that "the more radical R&D investment accounting treatment policies were adopted in 2021."
In this report released by the " Securities Market Weekly ", it pointed out that Microchip Bio has adopted a more radical R&D investment accounting treatment policy, and large-scale projects under construction are also suspected of delaying the conversion to solidification. It also said: "If there is no radical accounting policy, greater losses will occur in 2021. This move is suspected of whitewashing performance and escorting refinancing."
Microchip Bio was founded in Shenzhen by Lu Xianping in 2001. Unlike most domestic pharmaceutical companies that mainly develop generic drugs or me-too (tracking and imitation) new drugs, Microchip Bio focuses on the first-in-class (same first-in-class) level original drugs.
As an original pharmaceutical company that has been in China for 20 years, Microchip Biotech is one of the few biopharmaceutical companies that can make profits. From 2017 to 2020, its net profits were RMB 24.07 million, RMB 31.16 million, RMB 19.42 million and RMB 31.05 million, respectively. As of the first three quarters of 2021, Microchip Bio's revenue was 276 million yuan and a net loss of 38.74 million yuan.
(Source: Oriental Fortune Choice)
Currently, there are two drugs approved for sale in Microchip Bio, namely Cidalamide and Siglitazole. Both are national Class 1 original innovative drugs. The main indications of sidapinamine are lymphoma and breast cancer , while siglitazole is mainly used to improve blood sugar control in adult patients with type II diabetes .
Among them, Cida Benamine contributed more than 90% of its revenue to Microchip Biotechnology. According to the 2020 annual report, Microchip Bio achieved revenue of 269 million yuan, of which Sidabenamine's sales revenue reached 245 million yuan, accounting for 91% of the total revenue.
, but it is called the "Chinese original drug pioneer", and its performance is not as good as Junshi Biologics and Innovent Biologics , which was established later than it. According to the 2021 semi-annual report, the revenue of the three pharmaceutical companies, Junshi Biologics, Innovent Biologics and BeiGene , was 2.1 billion yuan, 1.9 billion yuan and 4.9 billion yuan respectively.
(Source: Oriental Fortune Choice)
In addition to its revenue scale, Microchip Bio's market value of 14.9 billion yuan is far less than the "small" of BeiGene's loss of nearly 30 billion yuan. As of the close of December 1, BeiGene's market value reached HK$259.4 billion.
itself is an industry with "high investment, high risk, long cycle but high return". Generally speaking, only one molecular structure in 10,000 compounds is suitable for new drug development. The R&D cycle of a new drug is as long as 10 to 15 years, requiring more than 1 billion US dollars in R&D expenses. In this sense, the success rate is only one in ten thousand. However, since original innovative drugs are protected by patents, once they are on the market, they can monopolize market sales, which will bring hundreds of millions of dollars in revenue to pharmaceutical companies every year.
But this "myth" has not been staged in microchip creatures. In 2019, Microchip Biotech, as the first biopharmaceutical company listed on the Science and Technology Innovation Board, is also known as the "first stock of innovative drugs", and its stock price has staged a trend of "listing is peak".
has soared to its highest point of 125 yuan per share from the first day of its listing on August 12, 2019, and then fluctuated and fell all the way. As of the closing price of 36.25 yuan per share on December 1, 2021, the stock price fell by more than 70%, and the market value evaporated by more than 36 billion yuan.
Why is it also a biological pharmaceutical company? Microchip Biotechnology, which is an original pharmaceutical company, receives completely different "treatment" in the capital market from other pharmaceutical companies. From the research report of Ping An Securities , we can see that the market of Microchip Bio is really "limited".
Ping An Securities pointed out that Microchip Bio's Cystabenamine is currently the only drug (PTCL) to treat peripheral T-cell lymphoma in China. In 2019, there were 23,200 new cases of PTCL, which belongs to the rare disease of .
This also means that its performance growth space is limited. According to the data given by Ping An Securities' research report, in the two indications of lymphoma and breast cancer microchip, the sales peaks that Cida Benamine can reach are 627 million yuan and 1.163 billion yuan respectively, with a total of no more than 2 billion yuan.
In addition, another drug for Microchip Biologics to treat diabetes people was approved for marketing in October 2021. Although diabetes is a major disease, microchip biologics' drugs are targeting 2 diabetes . The main current treatment drugs for this disease include insulin and its analogues, biguanides, etc. There are numerous drugs in this field and fierce competition.
Take sitagliptin, a classic anti-glycemic drug developed by Merck . After it was approved for marketing in 2006, it has been sold well for more than 10 years. In 2020, sitagliptin's global sales still reached US$3.3 billion, and it also has sales of 1.4 billion yuan in China. In terms of drug efficacy, sitagliptin can bring patients the same blood sugar regulation effect as sitagliptin. At the same time, the data on fasting blood sugar and 2 hours after meals are also better than sitagliptin. Although the medicine is better, whether it can gain a place in this field that is already a red ocean is not easy for Microchip Bio.
(Author丨Shijie Zeng Jiayi Editor丨Liao Ying)
