Innovative drug hematopoiesis is accelerating the transformation of traditional pharmaceutical companies!

【Pharmaceutical Network Industry News】With the disclosure of the listed pharmaceutical companies' interim reports, the business revenue of each enterprise has also surfaced
.

Judging from the publicly disclosed data, the hematopoiesis of innovative drugs is accelerating the transformation of traditional pharmaceutical companies, such as Simcere Pharmaceuticals and Hansen Pharmaceutical, etc.
, and the proportion of innovative drug revenue has exceeded 50% of the company's total revenue
.

Hansen Pharmaceutical has gone through many years, from imitation to imitation and innovation, and then transformed to be based on innovative drugs, and now innovative drugs are driving the company's performance growth
.

According to the semi-annual report of 2022, in the first half of the year, the company's innovative drug revenue was about 2.
321 billion yuan, an increase of about 84.
8% year-on-year, and the proportion of innovative drugs in revenue increased significantly to about 52.
3%, a new high, 28.
5%
in the same period last year.

Judging from the data of Hansen Pharmaceutical in the past three years, its innovative drug revenue has increased from 752 million yuan in H1 in 2020 to 2.
321 billion yuan in H1 in 2022, with a compound annual growth rate of 75.
68% during the period; The proportion of innovative drug revenue also increased from 18.
9% to 52.
3%.
Behind such a considerable growth rate, the company's innovative drug products have been approved for listing and contributed to performance
.

According to statistics, since 2019, Hansen has a total of 5 innovative drugs approved, of which 4 are self-developed, namely polyethylene glycol lothenatide, flumartinib, ametinib, empirinofovir, and 1 is an imported drug, namely ineralizumab
.

Four self-developed innovative drugs and the company's listed sodium morphinazole in 2014 have brought a strong driving force
to the growth of Hansen's performance at this stage.

Simcere Pharmaceuticals' innovative drug revenue also accounts for more than
50%.

According to the interim report, the company achieved a total operating income of about RMB2.
700 billion, an increase of 27.
3%
over the same period last year.

Among them, the revenue of innovative drugs was 1.
767 billion yuan, an increase of 44.
8% year-on-year, accounting for 65.
4% of the total revenue, a record high
.

According to the interim financial report, the company has a total of 6 innovative drug products
that have been listed.

Among them, the stroke innovation drug Xianbixin ® (encyclopathenol injection concentrated solution) has benefited 860,000 patients in the past two years since its launch, driving the revenue of products in the nervous system field to increase by 74.
7%
year-on-year.

At the same time, the revenue contribution of products such as subcutaneous injection PD-(L)1 Envida ® (Envolizumab injection) further validates Simce's commercialization capabilities
.

In addition, pharmaceutical companies that adhere to innovation and transformation and have relatively high revenue from innovative drugs include Hengrui Pharmaceutical, Zhongsheng Pharmaceutical, CSPC Pharmaceutical Group, etc.
The industry expects that the innovative drug revenue of these three pharmaceutical companies will cross the 10 billion mark
in two or three years.

Soochow Securities said in a recent research report that innovative drugs are still a good track, the structural opportunities are obvious, and the main points of view are the following three points: First, from 2017 to 2021, the number of domestic innovative drugs listed is 1, 9, 10, 20, 25, a total of 65, assuming that the sales of each innovative drug is 1 billion yuan, the terminal market is 65 billion yuan, the reimbursement ratio is 60%, and the payment amount of medical insurance for domestic innovative drugs is 39 billion yuan
.

Second, the medical insurance fund has changed cages for birds, and the proportion of innovative drugs has gradually increased
.

In 2021, medical insurance will raise 2.
87 trillion yuan, provincial platforms will purchase 1.
03 trillion yuan of drugs, and medical insurance drugs will be 8.
30 billion yuan (2860 kinds, accounting for 80%)
.

The proportion of medical insurance funds that collect generic drugs has gradually decreased, and 1-7 batches of procurement with volume have been included in 294 varieties, saving 2.
6 billion yuan in
costs.

In addition, according to the data of the Intranet, the sales of pharmaceutical terminals in China exceeded 2 trillion yuan
.

According to RDPAC data, innovative drugs (including imported innovative drugs) account for a relatively low proportion of China's pharmaceutical market, while developed countries are much higher than domestic
ones.

Assuming that the market share of domestic innovative drug sales reaches 35%, the corresponding terminal market sales are 700 billion yuan, and there is still nearly 10x room for growth
.

Disclaimer: Under no circumstances does the information herein or the opinions expressed in this article constitute investment advice
to any person.