On the afternoon of February 18, Changchun Bcht Biotechnology Co(688276) (688276. SH) released the performance express for 2021, and both operating revenue and net profit fell.
According to the announcement, the total operating revenue of the company in 2021 was 1.202 billion yuan, a year-on-year decrease of 16.60%; The net profit attributable to the owners of the parent company was 244 million yuan, a decrease of 41.77%.
Changchun Bcht Biotechnology Co(688276) is an enterprise separated from Changchun High And New Technology Industries (Group) Inc(000661) and listed on the science and Innovation Board on June 25, 2021. In 2021, the company’s operating revenue mainly came from the sales of varicella vaccine and influenza vaccine.
The decline of the company’s performance is mainly restricted by two factors: first, the epidemic situation and covid-19 vaccine centralized vaccination affect the non immunization planning vaccination; Second, the market competition of influenza vaccine is becoming increasingly fierce.
Changchun Bcht Biotechnology Co(688276) said that the vaccination of covid-19 vaccine had a certain impact on the vaccination rate of other vaccine products. Especially in the second half of 2021, based on the continuous vaccination of people over the age of 18, covid-19 virus vaccination for people over the age of 3-17 was launched throughout the country, As a result, the promotion and vaccination of the company’s main products varicella live attenuated vaccine (i.e. “varicella vaccine”) and freeze-dried nasal spray influenza live attenuated vaccine (i.e. “nasal spray influenza vaccine”) have been greatly impacted. The more prominent impact is the promotion and vaccination of influenza vaccine. The vaccination of influenza vaccine has strong seasonality, and the applicable population of the company’s nasal spray influenza vaccine is 3-17 years old, As a result, the focus of co19 vaccination is highly overlapped with that of the whole influenza vaccination population in the same season.
Affected by covid-19 epidemic situation and covid-19 vaccine centralized vaccination and other factors, Changchun Bcht Biotechnology Co(688276) also decided to withdraw asset impairment reserves for nasal spray influenza vaccine and expired materials that are expected to fail to sell, totaling 87.6866 million yuan, which also reduced the company’s net profit to a certain extent.
As the only approved live attenuated influenza vaccine in China, the freeze-dried nasal spray influenza vaccine of Changchun Bcht Biotechnology Co(688276) was put on the market in the second half of 2020. At present, in addition to Changchun Bcht Biotechnology Co(688276) , there are Hualan Biological Engineering Inc(002007) , Kexing biology and Jiangsu Gdk Biological Technology Co.Ltd(688670) enterprises competing for China’s influenza vaccine market.
At the investor exchange meeting in January this year, Changchun Bcht Biotechnology Co(688276) once said that the advantage of the company’s freeze-dried nasal spray influenza vaccine is that it can induce cellular immunity and local mucosal immunity, provide all antigens and have cross protection, but the biggest challenge is the applicable population. Now the approved applicable population is 3-17 years old, but nasal spray vaccination is not only effective for this kind of population, However, the company’s current clinical trials have only done this kind of people, resulting in pressure on the company’s sales. In addition, the company’s products now on the market are freeze-dried varieties, with re dissolution steps, and the vaccination process is more troublesome. The company is also doing clinical research on influenza vaccine (liquid dosage form), which can effectively increase the convenience of application and expand the applicable population.
“The epidemic situation and short-term centralized vaccination have a negative impact on influenza vaccine sales. 2021 is the year with the greatest impact, and sales are expected to recover in 2022.” Changchun Bcht Biotechnology Co(688276) said the same.
