Beijing Konruns Pharmaceutical Co.Ltd(603590) (603590)
On the evening of December 2, the company issued the announcement on the subsidiary’s obtaining the notice of acceptance of clinical trials of drugs produced abroad. Kangchen biology, the holding subsidiary of the company, received the notice of acceptance of clinical trials of teriparatide injection issued by the State Food and drug administration.
Layout the orthopedic field and enrich the product pipeline. On April 21, 2020, Beijing Konruns Pharmaceutical Co.Ltd(603590) signed the agreement on paying cash to purchase assets and the agreement on the transfer of business operation right of teriparatide with pfenex and tailing pharmaceutical, and Beijing Konruns Pharmaceutical Co.Ltd(603590) subsidiary Kangchen biological paid cash to acquire 100% equity of tailing international held by BVI after business restructuring, completing the acquisition of secret interest covered assets, Obtain the relevant marketing licenses of migaixi nasal injection and nasal spray in many countries and regions, including China, Hong Kong, Switzerland and so on; Meanwhile, Beijing Konruns Pharmaceutical Co.Ltd(603590) has obtained the exclusive exclusive right to operate the Chinese mainland, China Hongkong, Malaysia, Singapore and Thailand for a payment of no more than 25 million 500 thousand US dollars. Miguel and teriparatide help the company complete its layout in the field of orthopedics.
The clinical trial of teriparatide was carried out smoothly, and the field of orthopedics was accelerated. Teriparatide is one of the key projects in the orthopaedic field of the company. With the acceptance of clinical trial application, teriparatide is expected to accelerate the approval and listing of later products, and enrich the orthopaedic business layout of the company in coordination with mycalcic. According to the current pace of clinical trial application approval in China, it is expected that the company may obtain the approval of teriparatide clinical trial by the end of February 2022 to accelerate the layout of orthopedics.
Teriparatide has a good competition pattern and large growth space. The original research enterprise of teriparatide is Lilly. Lilly realized sales revenue of $1.405 billion in 2019. In contrast, teriparatide is still in its infancy in the Chinese market, and the sales of sample hospitals in 2019 was about 21 million yuan. At present, there are only three enterprises on sale in China’s teriparatide Market: unisell, Shenzhen Salubris Pharmaceuticals Co.Ltd(002294) and Lilly. The teriparatide water injection form of the company is consistent with the original research of Lilly. Compared with the powder injection form of other enterprises, it has dosage form advantages in clinical application. On the whole, the market competition pattern of teriparatide is relatively relaxed and the market space is broad. After the products are listed in the future, the company is expected to continue to increase its own performance.
Investment suggestion: we estimate that the company’s diluted EPS from 2021 to 2023 will be 1.38 yuan 1.63 yuan and 1.91 yuan (according to the performance commitment of the subsidiary Kangchen biology from 2021 to 2023, the corresponding net profits in the consolidated statements are 48 million yuan, 60 million yuan and 72 million yuan respectively), and the corresponding dynamic P / E ratios are 24.84 times, 21.03 times and 17.95 times respectively. Beijing Konruns Pharmaceutical Co.Ltd(603590) As a leading enterprise in the subdivided field of China’s hemagglutinase preparation industry, benefiting from the recovery and growth of surgical personnel in medical institutions, the company’s R & D projects are smoothly promoted through continuous R & D innovation and product introduction, and the company is expected to usher in diversified cash out of innovative achievements and maintain the buy rating in the future.
Risk tips: policy risk, R & D risk and risk of intensified market competition.
