How much money does the new crown vaccine make?

Under the situation that "the new crown vaccine is vaccinated for free by all people, the medical insurance fund and the finance are jointly burdened, and the price may be depressed", the performance of the domestic new crown vaccine has not been optimistic
.

However, because there are too many unknowns in the huge overseas market, many people still have some expectations for the commercial prospects of the domestic new crown vaccine
.

In doubt and wait and see, on the 24th, the mystery revealed in the quarterly report of China Biopharmaceutical (01177.
HK) immediately ignited the market
.

The financial report shows that in the first quarter of 2021, Zhongsheng Pharmaceutical’s net profit was approximately RMB 1.
914 billion, an increase of approximately 118.
5% over the same period last year.
Among them, the share of the profit of associates and a joint venture reached approximately RMB 1.
476 billion (last year).
During the same period, it was only about 2.
493 million yuan)
.

Immediately after the release of the results of Zhongsheng Pharmaceutical, the company referred to by the "attributable associate company and a joint venture"-Kexing Zhongwei was quickly "picked out"
.

       According to data, in December 2020, Zhongsheng Pharmaceutical invested US$515 million in Kexing Zhongwei, holding 15.
03% of its equity
.

       Based on this calculation, the profit of 15.
03% equity of Zhongsheng Pharmaceutical is 1.
476 billion yuan, and the overall profit of Kexing Zhongwei in the first quarter is approaching 10 billion yuan! There is no doubt that this will set a record
.

       According to statistics, the three pharmaceutical companies with the highest A-share net profit in 2020 are Ingram Medical 7 billion yuan, Mindray Medical 6.
67 billion yuan, Hengrui Medicine 6.
33 billion yuan, and Kexing Zhongwei's overall profit in the first quarter was 10 billion yuan!

       Although Zhongsheng Pharmaceutical reminded that the profit of Kexing Zhongwei would also consider tax deductions, but the performance still exceeded market expectations
.

       In fact, in addition to Kexing Zhongwei, the performance of other domestic new crown vaccines will soon follow the disclosure of financial reports.
In addition, the performance of new crown vaccines of major companies in overseas markets is also much more optimistic than expected
.

       01.
What is the price of domestic new crown vaccine?

       At present, there have been 6 research and development parties of new coronavirus vaccines that are conditionally listed or approved for emergency use in mainland my country, including:

       Inactivated vaccine (2 injections required): Kexing Zhongwei, Sinopharm Beisheng Institute, Sinopharm Wuhan Institute, Kangtai Biological

       Adenovirus vector vaccine (1 injection required): Can Sino

       Recombinant protein vaccine (3 injections required): Zhifei Bio

       In terms of cost, the domestic policy clarifies that the new crown vaccine is free for all people, and the cost is shared by the rollover balance of the medical insurance fund and the finances
.

       In terms of pricing, the relevant departments stated that they will make corresponding pricing based on the attributes of the new crown vaccine public product, combined with the costs of the company in the development, production, storage, and transportation of the vaccine
.

       The public purchase price that can be found now is: On December 15, 2020, the winning bids for the new crown vaccines of Kexing Zhongwei and Sinopharm Beisheng Institute displayed on the Jiangsu Pharmaceutical Sunshine Purchasing Network were both 200 yuan/dose.
Prior to this, Jiaxing City, Zhejiang Province, levied a price of 200 yuan per dose from Kexing Zhongwei
.

       From this calculation, the domestic price of the new crown inactivated vaccines of Kexing Zhongwei, Sinopharm Beisheng Institute and Wuhan Institute is almost anchored at 200 yuan/dose
.

       However, according to the Times New Drug Observation Report, the current price of the inactivated Covid-19 vaccine has dropped from 200 yuan per dose to 180 yuan per person
.

       The price of the newly approved Kangtai Bio-New Crown Inactivated Vaccine has not been clearly announced
.

       Regarding the pricing of Zhifei Biorecombinant Protein Vaccine, the public procurement catalog of Anhui Province did not disclose the price, but that the price was set by the Medical Insurance Bureau
.

       In addition, the price of Cansino adenovirus vector vaccine that requires only a single dose has not been announced
.

       02.
What is the sales volume and production capacity of the domestic new crown vaccine?

       Kexing Zhongwei:

       Sales: According to the audit materials submitted by Kexing Zhongwei to the WHO, as of April 22, 2021, the cumulative shipment of its new crown inactivated vaccine to 27 countries around the world exceeded 270 million doses, and it should be around 200 million doses in the first quarter
.

       Production capacity: At present, the Coxing New Crown Vaccine Stock Solution Workshop (Phase III) has been put into production, with an annual production capacity of 2 billion doses.
More than 300 million doses were shipped on April 28 (approximately 100 million doses per month).
The dose is on the market, and the production capacity is expected to accelerate the release
.

       Sinopharm Beisheng Institute and Sinopharm Wuhan Institute:

       Sales: In early May, WHO announced that a new crown vaccine of Sinopharm Group was included in the WHO emergency use list, and this vaccine became the sixth vaccine included in the WHO emergency use list
.

       However, the specific global sales could not be found
.

       Production capacity: Sinopharm Zhongsheng completed the construction of the third phase of the new crown vaccine workshop on May 6, 2021.
After the project is completed and put into use, its annual production capacity of new crown vaccine will reach 3 billion doses
.
It can be seen that Sinopharm currently occupies a leading edge in terms of production capacity and sales scope
.

       Cansino:

       Sales: Cansino adenovirus vector vaccines will be launched in Beijing, Shanghai, Tianjin, Zhejiang, Henan, Anhui and other places from mid to late May
.
(The time is short and the sales volume cannot be counted
.
)

       Production capacity: According to the latest certification from Sina Pharmaceuticals, its production capacity can reach 500-700 million doses in 2021
.

       Zhifei Biology:

       Sales: Zhifei Bio-Recombinant New Coronavirus Vaccine has been launched in the past two months, and sales statistics are not yet available
.

       Production capacity: According to a report released by Hefei High-tech, Zhifei has produced more than 100 million doses of new crown vaccine.
If all goes well, the annual production capacity is expected to reach 500 million doses
.
It is worth mentioning that if Zhifei Biotechnology achieves the annual sales of 500 million doses of the new crown vaccine, based on the minimum price of a single dose of 50 yuan, its revenue from the vaccine in 2021 will reach 30 billion yuan, exceeding its full-year 2020 15.
19 billion in total company revenue
.

       Kangtai Bio:

       Sales: Kangtai Bio-inactivated vaccines have been approved for emergency use in China a few days ago, and sales statistics are not yet available
.

       Production capacity: It is reported that this vaccine is already in production, and the designed annual production capacity is 200 million doses.
According to the Soochow Securities Research Report, it is estimated that its actual production capacity will far exceed the designed production capacity
.

       It is foreseeable that with the further spread of domestic new crown vaccination, with the blessing of production capacity, the performance of domestic new crown vaccine manufacturers will be further realized
.
In addition, the mRNA COVID-19 vaccine agented by Fosun Pharma will be approved soon in China.
This vaccine is represented by Pfizer in markets other than China.
It is currently the best-selling COVID-19 vaccine in the world.
Fosun Pharma is also accelerating its production capacity construction.
Catch up on progress"
.

       03.
What is the overseas performance of the new crown vaccine?

       At present, in the domestic market, only Coxing Zhongwei's new crown vaccine performance has revealed its clues, but in the overseas market, as the performance of major related companies in the first quarter of 2021 has been unveiled one after another, we have seen a string of bright data
.

       According to statistics from Sina Pharmaceuticals, the main new coronavirus vaccines currently on the global market are:

       mRNA vaccines: Pfizer, Moderna, (Fosun Pharma is urgently used in Hong Kong)

       Adenovirus vector vaccine: Russian Satellite V, AstraZeneca/Oxford, Johnson & Johnson, Can Sino

       Inactivated vaccines: Kexing, Beisheng Institute of Sinopharm, Wuhan Institute of Sinopharm, Kangtai Biological

       Among them, the outstanding performance of multinational pharmaceutical companies are:

       Pfizer: The financial report shows that Pfizer’s revenue in the first quarter reached US$14.
6 billion, an increase of 42% year-on-year.
The results mainly came from the contribution of the new crown vaccine BNT162b2 that cooperated with BioNTech.
The vaccine’s sales revenue reached US$3.
462 billion in the first quarter
.
In addition, Pfizer has also substantially raised its annual sales guidance for the new crown vaccine from US$15 billion to US$26 billion, corresponding to the delivery of 1.
6 billion doses during the year
.

       Moderna: In the first quarter, the new crown vaccine mRNA-1273 achieved sales of US$1.
733 billion, profit of US$1.
2 billion, and product gross profit margin of about 80%.
In the first quarter, it shipped 102 million doses, of which 88 million doses were supplied in the United States and 1,400 were supplied in other regions.
Ten thousand doses
.
It is estimated that the supply of 2-250 million doses in the second quarter; the supply of 800 million-1 billion doses in 2021 is expected to exceed 19.
2 billion US dollars for the whole year
.
3 billion doses can be supplied in 2022
.

       AstraZeneca: Its new crown vaccine sales reached 275 million US dollars in the first quarter, of which sales in the European market were 224 million US dollars
.
It is reported that AstraZeneca delivered about 68 million doses of the new crown vaccine during the quarter, which is equivalent to about US$4 per dose.

       Johnson & Johnson: The new crown vaccine sales in the first quarter were 100 million U.
S.
dollars
.
It is worth mentioning that Johnson & Johnson previously reached a $1 billion vaccine purchase agreement with the US government.
According to Johnson & Johnson’s previous forecast, 1 billion doses of vaccine will be produced for global distribution by the end of 2021, which will bring it $10 billion.
Income
.
But all this seems to have encountered obstacles.
Johnson & Johnson said in the financial report that the company's new crown vaccine is still on hold in the United States, and the federal health regulator is investigating rare blood clotting problems that may be related to it
.

       Overall, the new crown vaccine has brought considerable income to major domestic and foreign production, research and development and sales companies.
However, some investors said that the role of the new crown vaccine on the long-term performance of the company has not yet been recognized by the market, although the performance of the new crown vaccine has exceeded expectations.
And this trend is likely to continue into 2022, but these data are unlikely to remain at today's high levels for a long time
.