Innovative drugs, vaccines, CDMO, and the IPOs of major new forces last Wednesday, who is stronger?

"Innovation", as the main driving force of the biomedical industry in recent years, has forced the industry to actively seek technological and model advancement
.

Last week (5.
24-5.
28), the pharmaceutical industry also ushered in the purchase of three pharmaceutical companies.
Although Sino Biotech and Haoyuan Pharmaceutical belong to the CDMO industry, there is a clear difference in their core businesses.
Olin Biotech is A biopharmaceutical company with human vaccines as its main business.
As for the three companies, who is better? Who can represent the rookies in medicine in the new era needs to be analyzed one by one
.

CDMO representative--SinoBio

Sino Bio is an innovative pharmaceutical company focusing on the field of peptides.
Its main business is "independent research and development, production and sales of some peptide raw materials and preparations", "polypeptide innovative drug CDMO services", "Levosimendan preparations and raw materials Production and export sales" three parts
.

According to the prospectus, Senobio currently has mastered the large-scale production technology of 15 varieties of APIs, of which 7 varieties have obtained domestic production approvals, 8 varieties have obtained the US DMF registration (activated state), and 8 peptides developed by extension The preparation varieties have obtained 12 production approvals in China, and the products cover multiple fields such as immune system diseases, tumors, cardiovascular, chronic hepatitis B, diabetes and obstetric diseases
.

As a late-starting field in China, the peptide field that Sino Biotech focuses on is characterized by a late start and rapid development.
Sales rose from 5.
6 billion yuan in 2009 to 29.
56 billion yuan in 2017, with an average annual compound growth rate.
The rate is as high as 23.
12%, which is much higher than the overall growth rate of the global peptide drug market
.

       And to judge whether an enterprise is excellent, the most basic element comes from the discussion of its "management" and "core competitiveness"
.

       In terms of company operations, the most condemned part of Shengnuo Bio is its high proportion of marketing expenses.
According to the prospectus, from 2018 to 2020, Shengnuo Bio's marketing expenses will be 109 million yuan, 160 million yuan, 176 million yuan, accounting for 95.
51%, 96.
2%, 96.
62% of sales expenses, accounting for more than 84% of operating income, leading the public to generally doubt its hidden operating risks
.

       However, Sinobio's excessive reliance on marketers for marketing has undoubtedly exposed major shortcomings in its operations.
Just imagine that no company is completely dependent on marketers for sales.
This undoubtedly means that The out-of-control of the product landing is equivalent to being choked by someone for a pharmaceutical company
.

       As for the latter's core competitiveness, it needs to be judged based on its comparison with competitors' products
.

       ①According to the prospectus of Sino Biotech, the market competition of its main products is not optimistic.
The overall performance of most of the varieties is insufficiently competitive, and the market share is at a relatively low level except for a few varieties, and even some products are competing manufacturers As many as dozens of homes
.

       ②According to Shengnuo Bio, based on pharmaceutical research and customized production services, the comparison companies are Kailaiying, Boten and Kanglong Chemical
.

       Perhaps the only advantage of Sinobio in the CDMO field is to focus more on the business structure of the peptide field.
In addition, compared to the comparison company, it is regarded as Boten and Kanglong Chemical, replaced by Jiuzhou Pharmaceutical and Prologue.
The pharmaceutical industry may be more appropriate
.

       Generally speaking, at least now, regardless of its operating ability or core competitiveness of the industry, Sinobio Bio is not excellent to some extent, and in terms of development potential, it is not as good as the companies listed before him.

.

CDMO representative--Haoyuan Pharmaceutical

       On May 19th, Haoyuan Pharmaceutical disclosed its prospectus and publicly issued 18.
6 million RMB ordinary shares (A shares)
.

       Haoyuan Pharmaceutical’s main business is molecular building blocks and tool compounds-product sales and API and intermediate development business-product sales, accounting for 49.
92% and 42.
91% of 2020 revenue respectively
.

       At the same time, it is worth noting that the end customers of Haoyuan Pharmaceutical's molecular building blocks and tool compound services cover most of the world's biomedical research institutions and pharmaceutical companies, including Pfizer, Lilly, MSD, Abbvie (Abbvie), Gilead (Gilead) and other multinational pharmaceutical giants and domestic research institutions such as Shanghai Institute of Pharmaceuticals, Shanghai Institute of Organic Chemistry, and universities such as Peking University and Tsinghua University
.

       As for competitors, Haoyuan Pharmaceutical's molecular building blocks and tool compounds are mainly Yaoshi Technology, Aladdin, and Titan Technology; raw materials and pharmaceutical intermediates are companies such as Borui Biology, Kailaiying, and Jiuzhou Pharmaceutical
.

       After the deliberation of Haoyuan Pharmaceutical was suspended on November 9th, the meeting was successfully passed
.

       However, before Haoyuan Pharmaceuticals, there was no domestic listed company with “tool compounds” as its main business, and there was no absolutely qualified corporate experience to learn from
.

Vaccine Representative--Olin Bio

       For the standards Kanghua Biology, Kangsino, Kangtai Biology, Watson Biology, Zhifei Biology, once listed, it means to fight against behemoths with a total market value of over 500 billion.
Olin Biology officially announced that it will officially start purchasing on May 27.
, The listing is coming soon
.

       According to the prospectus of Olin Biotechnology, it is a biopharmaceutical company focusing on the research and development, production and sales of human vaccines
.

       The new shares of Olin Bio-Bio intends to raise 763 million yuan, which will also be used for recombinant Staphylococcus aureus vaccine, AC-Hib combined vaccine and pneumonia vaccine industrialization projects, and vaccine clinical research projects
.

       According to the data, Olin Biotech’s “adsorbed tetanus vaccine” is the first product to open up the tetanus vaccine CDC market in China.
Its sales revenue has increased from 13 million yuan in 2017 to 290 million yuan in 2020.
The market share The rate reached 82.
64%
.
In 2020, the company’s absorption of tetanus vaccine sales accounted for 91.
28% of its revenue, and it is expected that relying on the market’s first-mover advantage, there will still be good growth prospects in the future
.

       Among the vaccine research projects, the “recombinant Staphylococcus aureus vaccine” jointly developed with the National Institute of Immunobiological Products Technology Research Center of Army Military Medical University is the "recombinant Staphylococcus aureus vaccine", which is the most important type 1 vaccine of Staphylococcus aureus, worldwide.
At present, no recombinant Staphylococcus aureus vaccine has been successfully tested in clinical trials and is on the market.
Olin Biosciences plans to complete Phase II clinical trials within 2021
.

       At the same time, Olin Bio’s AC-Hib combined vaccine product is currently in phase III clinical trials, and it is also one of only two companies.
It is expected to go on sale in 2023
.
The remaining products under research overlap with early listed companies such as Luo Yi, Kangtai, Watson, and Zhifei
.

       However, in terms of surface potential, Olin Bio is still the largest of the three pharmaceutical companies that have subscribed this week, and it is very likely to be widely recognized by the capital market
.

to sum up

       According to relevant reports, the development speed of China's pharmaceutical industry is expected to increase at an annualized rate of 4% in the next ten years.
Under the overall view of the slowdown in growth, the field of innovative drugs has undoubtedly become a carefully selected field, and the CXO field is relatively In the field of innovative drugs, the concept of risk reduction and equal returns has been realized.
Combined with the current CRO industry being on the eve of the outbreak, it will undoubtedly be an advantageous industry; as for the vaccine industry, it is currently benefiting from the new crown epidemic, and the degree of attention has been greatly increased, but its huge production Cost and management requirements have also become the disadvantages of most new entrants.
In the future, it may be possible to expect the combined development of the CDMO industry and the vaccine industry
.

       But in any case, at least the current vaccine potential is much higher than CXO, as for the next ten years, perhaps the throne will belong to the latter
.