On the evening of October 28, the pharmaceutical brother "Hengrui Pharmaceutical" disclosed the third quarterly report, the company achieved operating income of 15.
945 billion yuan in the first three quarters, down 21.
06% year-on-year, and the net profit attributable to shareholders of listed companies was 3.
173 billion yuan, down 24.
57%
year-on-year.
For the reasons for the change in performance, Hengrui Pharmaceutical has not disclosed
it in the third quarterly report.
In the 2022 half-year report, the company has stated that the centralized procurement of generic drugs, the price reduction of innovative drugs due to the implementation of new medical insurance negotiations, and the reduction of the daily diagnosis and treatment business volume of medical institutions due to the epidemic have all affected revenue, in addition, the increase in raw material prices, logistics costs, capacity utilization rates, and increased R&D investment have affected the profit
of the current period.
However, although the company's revenue and net profit both declined in the third quarter, it also attracted a lot of capital inflow
.
For example, Hengrui Pharmaceutical was increased by 29.
8033 million shares by the China Europe Medical and Health Hybrid Securities Investment Fund in the third quarter, and the fund under the management of the "goddess of medicine" Gülen also significantly increased its position in Hengrui Pharmaceutical, with its shareholding increasing from 33.
3829 million in the second quarter to 75.
5398 million, with a total increase of more than 1.
5 billion yuan
.
So, what signal is released behind the "pharmaceutical" brother being increased by the public fund?
Previously, Gülen said that overall, it is still optimistic about the medium and long-term investment opportunities in the pharmaceutical biotechnology sector, but short-term market fluctuations are inevitable
.
In this year's third quarterly report, it also made it clear that it will focus on the long-term optimistic direction
of core innovative drugs, innovative devices, innovative industrial chains, medical services and consumer medical care.
The fund is optimistic about the direction of innovation, believing that in the context of a large number of unmet clinical needs, innovative drugs and devices have broad room for
growth.
Up to now, the company has 11 innovative drugs approved for marketing in China, more than 60 innovative drugs are under clinical development, and more than 260 clinical trials have been carried out
at home and abroad.
From the perspective of the third quarterly report, under the influence of multiple factors, although Hengrui in the process of transformation has not reversed the year-on-year decline in performance, its quarter-on-quarter performance has improved, and its revenue and net profit attributable to the parent in the third quarter increased by 20.
38% and 19.
46%
respectively.
"The company's revenue has declined, but it has bottomed out, indicating that although the revenue of centralized drug collection has decreased, innovative drugs are gradually increasing, and the operating income in the third quarter is 5.
717 billion yuan, an increase of 20.
38% month-on-month, which can be confirmed
.
"
From the perspective of financial data, with the contraction of the company's revenue and profit, Hengrui's cash inflow and expenses have also contracted
to varying degrees.
In the first three quarters, Hengrui Pharmaceutical's sales expenses fell by 26.
22% year-on-year, slightly larger than the 21.
06% decrease in revenue, which was mainly due to the company's streamlining of sales personnel
.
The company has said in the semi-annual report that it will continue to reduce sales operating costs, and the number of sales personnel in the first half of
the year was reduced by more than 2,300.
In terms of cash flow, the net operating cash inflow of Hengrui Pharmaceutical in the first three quarters was 2.
188 billion yuan, a year-on-year decrease of 37.
47%, a decrease greater than the revenue of the same period; The net increase in cash was 2.
268 billion yuan, a year-on-year decrease of 31.
05%, which was greater than the net profit
in the same period.
In addition, R&D expenses are the lifeblood of innovative pharmaceutical companies, Hengrui's R&D expenses in the first three quarters were 4.
5 billion, and the annual R&D expenses were about 6 billion, and the industry believes that high-intensity investment will be the guarantee
of Hengrui Pharmaceutical's performance.
Collective procurement has also brought more opportunities
to Hengrui.
On October 31, the National Organization Joint Procurement Office of Drugs (hereinafter referred to as the "State Joint Procurement Office") issued an announcement that it decided to cancel GSK's qualification for the selection of dutasteride capsules, and at the same time put the company on the "violation list", suspending the company's 18-month application qualification
to participate in the centralized procurement of drugs organized by the state (hereinafter referred to as "national procurement").
According to the data, dutasteride softgel is an andrological drug, which was approved for marketing in China in 2011 and is the fifth batch of national varieties, which was won by GSK and Chengdu Shengdi at that time
.
Chengdu Shengdi is a holding subsidiary
of Hengrui Pharmaceutical.
The disqualification of GSK from the selection of dutasteride capsules means that Chengdu Shengdi will have a greater advantage
.
From the perspective of secondary market performance, Hengrui Pharmaceutical's stock price has basically maintained an upward trend since October 14 this year, and as of the close of November 4, Hengrui Pharmaceutical closed at 41.
80 yuan / share, with a total market value of 266.
6 billion yuan
.
The company's market value once fell below 200 billion yuan, evaporated 400 billion yuan, and now it has exceeded 200 billion yuan
again.
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