Shanghai Allist Pharmaceuticals Co.Ltd(688578) (688578)
[matters]
Recently, The company’s product vometinib mesylate tablets (trade name “iversa”, vometinib) passed the medical insurance negotiation and was included in the national catalogue of drugs for basic medical insurance, industrial injury insurance and maternity insurance (2021) (national medical insurance catalogue) for the first time. The national medical insurance catalogue will be officially implemented from January 1, 2022, and the agreement is valid from January 1, 2022 to December 31, 2023.
[comment]
Vometinib was included in the national medical insurance catalogue, which reflects the recognition of the National Medical Insurance Bureau on the clinical value, patient benefit and innovation degree of the drug. Vometinib has the characteristics of “double activity, high selection, strong tumor shrinkage and good safety”. The results of the second-line treatment key registration clinical study (phase IIB study) showed that vometinib was effective in the treatment of egfrt790m mutation positive locally advanced or metastatic NSCLC with low incidence of side effects. The phase I-II dose expansion study of CNS The analysis results of (central nervous system) metastasis subgroup population are excellent. In addition, the first-line treatment of vometinib has recently been included in the proposed breakthrough treatment varieties by the drug evaluation center CDE (drug examination center) of the State Drug Administration. It is expected that its first-line treatment indications will be applied for new drugs on the market (NDA) will be declared at the end of 2021 and approved in 2022. At present, vometinib has been written into a number of latest authoritative guidelines, including clinical diagnosis and treatment guidelines for lung cancer of cancer branch of Chinese Medical Association (2021 Edition), Chinese treatment guidelines for stage IV primary lung cancer (2021 Edition), Chinese treatment guidelines for lung cancer brain metastasis (2021 Edition) and CSCO guidelines for non-small cell lung cancer (2021 Edition), etc., indicating that its differentiated clinical advantages have been widely recognized by experts in the industry.
The inclusion of medical insurance will improve the company’s operating performance. The inclusion of vometinib in the medical insurance catalogue will further improve the accessibility of the drug for Chinese lung cancer patients, effectively reduce the drug burden of patients, and expand the number of beneficiary groups of Chinese lung cancer patients; At the same time, it will also expand the sales scale of vometinib and improve the company’s business performance, which will have a positive impact on the company’s long-term business development.
The competition pattern of medical insurance companies is good. Vometinib is the third generation EGFR-TKI approved for listing in China. Compared with competing products, vometinib has distinct characteristics and competitive advantages, and its curative effect and safety are good. After entering the medical insurance, vometinib formed a “tripartite confrontation” with oshitinib of AstraZeneca and ametinib of hausen pharmaceutical. It is estimated that the annual treatment cost of vometinib is about 90000 yuan, which is higher than that of ositinib and lower than that of ametinib.
In addition, from March this year, volitinib second line treatment was approved to be listed for entry into health insurance, the time interval showed a shortened trend, showing the trend that medical insurance was accelerated into the urgent need of clinical medicine, and the negotiation results will also encourage the development of China’s local innovative pharmaceutical companies.
In 2021, 2022 and 2023, we maintained the company’s operating revenue of 609 / 1093 / 1828 million yuan respectively, the net profit attributable to the parent company of 120 / 277 / 493 million yuan respectively, the EPS of 0.27/0.61/1.10 yuan respectively, and the corresponding PE of 129 / 56 / 32 times respectively. Maintain the “overweight” rating.
[risk tips]
The growth of main products is uncertain;
Single product dependency risk;
Risk of intensified industry competition;
The expenses increase too fast;
