Baiji Shenzhou (688235), which returned to a through the science and innovation board in December last year, is likely to continue to face a loss of nearly 10 billion yuan in 2021.
On February 25, Baiji Shenzhou released its performance express. Last year, the company achieved a total operating revenue of 7.59 billion yuan, a year-on-year increase of 257.9%, and a net profit loss of 9.75 billion yuan, compared with 11.38 billion yuan in the previous year.
Baiji Shenzhou Huia has always been a hot spot in the market, but the abandonment and breaking of the company's listing are also concerned by the market. Due to the continuous high R & D investment, the company has not been able to make a profit. In the performance express, the company also gave tips on the situation that drug products are vulnerable to uncertain factors in the process of R & D.
continued loss of nearly 10 billion yuan
According to the business situation disclosed by Baiji Shenzhou, in 2021, the company's product revenue was 4.09 billion yuan, compared with 2.12 billion yuan in the same period of last year. The growth of product revenue was mainly due to the sales growth of self-developed products and authorized products.
The cooperation income was 3.499 billion yuan, mainly from the recognition of part of the income from the cooperation advance payment of US $650 million for PD-1 antibody drug baizean obtained with Novartis in the first quarter of 2021 and the cooperation advance payment of US $300 million for tigit inhibitor ociperlimab in the fourth quarter of 2021.
By product, in 2021, the global sales of BTK inhibitor Hyatt (zebutinib capsule) totaled 1.406 billion yuan, compared with 286 million yuan in the same period of last year.
Among them, the U.S. market sales totaled 746 million yuan, compared with 126 million yuan in the same period last year, mainly from the increasing market demand in the fields of mantle cell lymphoma (MCL), Fahrenheit macroglobulinemia (WM) and marginal zone lymphoma (MZL), which continued to accelerate the growth of sales in the United States in 2021.
In China, the sales volume of Hyatt China totaled 652 million yuan, compared with 160 million yuan in the same period of last year. The growth of sales volume in the Chinese market was mainly due to the sales growth in many approved indications, including chronic lymphoblastic leukemia (CLL), MCL and WM.
Another drug, baizean (tirelizumab injection), had a total sales of 1.647 billion yuan in China in 2021, and a total sales of 1.118 billion yuan in the Chinese market in the same period last year. Baiji Shenzhou said that the demand for new patients brought by the expansion of the scope of medical insurance reimbursement, the further expansion of the sales team and the increase in the number of drugs entering the hospital continued to promote the expansion of baizean's market penetration and market share.
Baiji Shenzhou emphasized its ability of commercialization. For example, baihuize (pamipali capsule), a newly launched self-developed product, has been included in the national medical insurance catalogue (2021); In 2021, four authorized products including belintoximab for injection were newly launched. At present, the company commercializes a total of 11 products in China, of which 8 are authorized products.
In addition, last year, Baiji continued to promote the globalization of independently developed drugs and improve drug accessibility; At the same time, accelerate the development of diversified and innovative drug pipelines by strengthening independent R & D capabilities and cooperation. Baiji Shenzhou said that affected by the growth of the above product revenue and cooperation revenue, the total loss of the company in 2021 decreased compared with the same period of the previous year.
prompt product R & D risk
In 2016, Baiji Shenzhou was listed on the US stock market and then on the Hong Kong stock market in 2018. Since the launch of the listing on the science and innovation board, the company has also been the focus of the market. However, before and after Baiji Shenzhou returned to a, it also experienced foot voting in the market.
On the one hand, the issuance results of Baiji Shenzhou in early December last year showed that the number of online investors giving up subscription was 1032500 shares, the amount of online investors giving up subscription was about 199 million yuan, and the abandonment rate was 0.78%; On the other hand, the company ushered in the opening break on the first day of listing on December 15. The call auction opened 8.12% lower and closed down 16.42% on the same day.
It is worth mentioning that the "green shoe" mechanism has been introduced in the issuance of Baiji Shenzhou A shares. However, as of the closing on February 25, the company's share price was 123.58 yuan / share, with a cumulative decline of 35.8% compared with the issuance price of 192.6 yuan / share. At present, the total market value of the company's A-Shares is 164.6 billion yuan.
Baiji Shenzhou is expected to raise a total of 20.578 billion yuan from the IPO, and the final actual raised funds are 25.484 billion yuan. According to the company's plan, the raised funds are used for R & D expenditures such as drug clinical trial R & D projects, R & D center construction projects, production base R & D and industrialization projects. As the performance express shows, under the high R & D investment, the company still failed to make a profit.
In the announcement on the evening of the 25th, Baiji Shenzhou also mentioned that because the biomedical industry has the characteristics of long R & D cycle, large investment and high risk, the company's drug products need to complete many links such as early drug discovery, preclinical research, clinical development, regulatory review, production and commercialization promotion, which are vulnerable to some uncertain factors.
Baiji Shenzhou said that based on the above factors, the company's business operation, financial condition and operating performance may be affected by the above uncertain factors and other factors that cannot be predicted at present. The company's future business plan, actual performance, financial status or operating results may be significantly different from the company's expectations.
In the recently released research report, China International Capital Corporation Limited(601995) pointed out that Baiji Shenzhou has an end-to-end international new drug development and commercialization platform, the core varieties have entered the harvest period, and the reserves of early technology platforms are rich. It believes that the company's global end-to-end drug development and commercialization platform will have advantages in the future international competition, giving Baiji Shenzhou A shares, Hong Kong shares US stocks are rated as "outperforming the industry".
