In 4 months, the market value has evaporated by nearly 200 billion yuan.

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Regarding the sales of its blockbuster product PD-1 Karelizumab for injection, Hengrui did not disclose it directly in the financial report, but gave it-the realization of Karelizumab since the second half of 2019 On the basis of commercialization, the drug achieved a sales growth of 326.

Hengrui PD-1 was newly entered into the medical insurance catalog at the end of December 2020.

On the other hand, the sales expenses of Hengrui Pharmaceuticals have always attracted the attention of the industry.

Under the influence of factors such as the new crown epidemic, many industry insiders pointed out that Hengrui's 2020 financial report is basically in line with expectations.

Hengrui's 2021 quarterly report shows that the company's operating income from January to March 2021 was 6.

In addition, it was previously reported that the net sales of carrelizumab from January to February totaled 2 billion yuan, while only 290 million yuan in March.

The fifth batch of centralized procurement is coming, and Hengrui’s blockbuster products have not yet been reviewed

Hengrui's full-year 2020 performance and the financial report for the first quarter of 20121 have been clarified.

Recently, the industry has released a fifth batch of national organization drug procurement catalogs.

Several major varieties of Hengrui Pharmaceuticals, such as docetaxel, oxaliplatin, atracurium cisbesilate, and iodixanol, are in the fifth batch of centralized procurement catalogs, with sales totaling more than 4 billion.

What's more unfavorable is that Hengrui's iodixanol injection and oxaliplatin injection have not been reviewed, and they will undoubtedly bring some impact in the short term.

On April 16, a meeting minutes on Hengrui Pharmaceutical's exchanges flowed out of the industry.

National drug procurement will be normalized.

The status of "medical brother" is difficult to maintain, and the market value has evaporated by nearly 200 billion in 4 months

Just before Hengrui Medicine released its 2020 and 2021 Q1 financial reports, within five trading days from April 9th ​​to 15th, Hengrui’s stock price continued to fall from its closing price of 92.

This may be affected by the announcement by the Ministry of Finance on the quality inspection of accounting information for pharmaceutical companies on April 12.

On the evening of April 19, Hengrui successively disclosed relevant financial reports.
Even if the performance was basically in line with expectations, the stock price was still not very effective.
As of the afternoon of April 20, the price per share of Hengrui was 80.
31 yuan, down from the previous trading day.
2.
17%.
Behind the continued decline in stock prices, it seems that the market sees a trace of hidden worries in the development of its performance.

It is worth recalling that on December 25, 2020, affected by the good news such as the approval of related drugs in clinical trials, the share price of Hengrui Pharmaceuticals, known as the “medical brother”, rose for a while, setting a new record high price at 115.
35 yuan.
/Share, with a market value of over 610 billion yuan.
In January 2021, Hengrui's highest market value once approached 620 billion, and its stock price was around 116 yuan.

According to industry statistics, it took 16 years for Hengrui to go public and its market value exceeded 100 billion yuan, from 100 billion to 200 billion in 1 year, from 400 billion to 500 billion, and the time was shortened to less than 8 months, from 500 billion to 600 billion.
It only took 6 months.

However, it took only 4 months to fall from the 620 billion mark to the current 428.
2 billion.
And just this year, Mindray's market value surpassed Hengrui, becoming a new A-share "medicine brother", with its latest market value of more than 510 billion.

Anti-tumor drugs are still Hengrui's core competitiveness

With a large amount of investment in research and development, Hengrui’s financial report revealed that innovative drugs are irecoxib, apatinib mesylate, thiopefigrastim, pirotinib maleate, carrelizumab, toluenesulfonic acid Remazolam and fluzoparib are on the market.
At present, nearly 20 projects have been approved to carry out global multi-center or regional clinical research.
Among them, karelizumab combined with apatinib, fluzoparib and other products have carried out phase III clinical trials in international multi-centers.

The profit margin of generic drugs continues to narrow, and Hengrui continues to increase its investment in and promotion of innovative drugs.
According to its financial report, the company plans to build a R&D team with more than 4,700 people; it has established a professional academic team in the fields of anti-tumor drugs, contrast agents, infusion, cardiovascular and other fields, and has built a nationwide sales network and professionalization.
Marketing team; on the basis of maintaining the existing anti-tumor drugs and surgical drugs, further broaden the sales area, focusing on creating new growth points in areas such as immunotherapy, cardiovascular, metabolic diseases, and pain management.
.
.
To date, anti-tumor drugs, contrast agents and other fields are still important growth directions for its future performance.

Hengrui's financial report shows that in recent years, R&D investment accounted for more than 17% of sales revenue.
Compared with Livzon Group, Fosun Pharma, Changchun High-tech, etc.
, Hengrui's R&D investment is also relatively high among its peers.

Source of the picture in the article: Hengrui Pharmaceutical's 2020 financial report