Insight into the TOP10 of China's Biotech R&D investment in 2021, who can survive the cold winter?

Beginning in the second half of 2021, the fall in stock prices and the breakout of new shares have become high-frequency words for Chinese Biotech listed companies

In this situation, only companies with continuous hematopoietic capacity can survive with a large cash reserve

Today, let's take a look at the top 10 Chinese Biotechs that invest in R&D in 2021.

0 1.

In 2021, the total R&D expenditure of China's Biotech TOP10 R&D investment is 26.

(Data source: Annual reports of each company, Note: R&D investment unit: RMB 100 million, the ranking does not include A-share large comprehensive pharmaceutical companies, medical device, pharmaceutical outsourcing companies, etc.

BeiGene, which ranks first, will spend 9.

0 2.

In terms of operating income alone, the top three in terms of revenue are BeiGene, Cinda Bio and Junshi Bio

From the perspective of net profit, none of these 10 Biotechs has yet achieved profitability, of which BeiGene lost the most, with a net loss of 9.

(Data source: Annual reports of each company)

0 3.

In terms of cash reserves, BeiGene is the richest, with 28.

Generally speaking, companies with large volume, rapid expansion and high expenditure have higher requirements for cash reserves

(Data source: Annual reports of various companies, Note: Only cash reserves and R&D expenditures are considered, describing the length of time the company maintains healthy operations, for reference only, the analysis of the table is one-sided)

Among these 10 Biotechs, Zai Ding, Clover and Jun realized that the gold reserves are only enough for more than one year of research and development.
It can be said that the capital needs are more urgent, and they have reached the stage of being stretched
.

0 4.
Commercial product performance

From the pursuit of capital to the cold winter of financing, from the diversification of targets to the homogenization of the track, from the high market value to the breakout trend, Biotech, which is now returning to rationality, has entered the deep water area in an all-round way, and products and innovation are the underlying logic of all results
.

At present, Innovent Bio has the most commercialized varieties, with 7 products, and the core product PD-1 sintilimab will sell 2.
8 billion yuan in 2021, and its performance is very bright.
The other 6 products also have 1.
2 billion yuan in revenue.

.
Although sintilimab failed to pass the FDA at the end of last year, relying on the strong hematopoietic ability of the listed products, the future of Cinda is still bright in the next few years
.

Others, such as BeiGene and Zai Lab, have annual revenue of more than 1 billion yuan from commercialized products
.
There are also some commercial products that have not been released in volume yet, but they are promising in the future
.
For example, the FDA approval of Legend Bio's BCMA CAR-T therapy Sidaji Orenza Injection is an affirmation of China's local Biotech R&D capabilities, and sales will not be bad in the next few years
.

(Data source: Annual reports of each company)

0 5.
Sustained hematopoietic capacity

In addition to the commercial products already on the market, in the next few years, whether these 10 Biotechs have continuous hematopoietic ability and whether they can launch blockbuster drugs will be the key to their development
.

Each of these 10 companies has a blockbuster product in the late stage of clinical development and is about to submit a marketing application
.

In the cold winter, hard-core technology companies are still hard to hide
.
In the future, Biotech, which takes the path of differentiated competition, can go further
.

Take Legend Bio, although in the next few years, the product pipeline will still focus on the development of other indications for Sidaji Orenza injection, but due to the super strength of the product itself, there is no homogenization of the track, so There is no need to worry about the continuous hematopoietic ability of legendary creatures for a period of time in the future
.
Clover, on the other hand, focuses on the research and development of the new crown vaccine.
If it is successfully approved for marketing, it can also bring good income
.

Kangfang Bio, which has strong self-research capabilities, is also not afraid.
Cardonili is expected to become the world's first approved PD-1 dual antibody.
Combination drugs are also being developed.
period, and most of them are the first varieties in China
.

(Data source: Annual reports of each company)

As an industry insider said, people always predict the future with a more optimistic scale when they are optimistic, and predict the future with a more pessimistic scale when they are pessimistic.
The reality of innovative drugs is not so bad
.

China is the second largest and fastest growing pharmaceutical market in the world
.
China's population accounts for nearly one-fifth of the world's population, and the ageing trend is accelerating
.
In China, the need for innovative treatments in areas with unmet needs has never been greater
.

Breaking the involution, taking the path of differentiated competition, and reducing expenditure are all paths that Biotech can take
.
It is believed that those Biotechs who have passed through the cold winter will eventually become real Pharma and become the backbone of China's pharmaceutical industry
.