This week’s focus: combing the key points of the 2021 annual reports of Alberto and AstraZeneca
Multinational pharmaceutical companies Alberta and AstraZeneca successively released the performance summary report of fiscal year 2021. In this week’s weekly report, we combed in detail the performance and R & D Progress of the two companies in 2021, and reviewed the growth path of the pharmaceutical giant in a year when the global epidemic spread and the medical and health pattern continued to change.
Alberta: Humira has exceeded US $20 billion and has a wide range of R & D in various fields. In 2021, the total net revenue was USD 56.197 billion, with a year-on-year increase of 22.7%; The adjusted net profit was US $22.696 billion, a year-on-year increase of 27.6%; The corresponding adjusted EPS is $12.70. Star product Humira (adalimumab, TNF)- α） In 2021, it achieved a small growth of 3.5%, with a total revenue of US $20.694 billion, becoming the first single drug with annual sales exceeding US $20 billion except vaccines. Two key products rinvoq (upadacitinib, Jak1) and skyrizi (risankizumab, IL-23) are arranged in the self exemption sector to ensure the position of Alberto in the self exemption field. In 2021, the performance is bright, with a total revenue of $4.6 billion.
AstraZeneca: Q4 has a brilliant performance, and the performance of China leads MNC. In 2021, the total revenue was USD 37.417 billion (+ 41%), and the adjusted net profit was USD 7.572 billion (+ 44%), corresponding to EPS of USD 5.29; After deducting covid-19 vaccine (vaxzevria revenue of US $3.981 billion), the annual revenue was US $33.436 billion (+ 26%). In 2021q4, the revenue was USD 12.011 billion (+ 62%), and the adjusted net profit was USD 2.588 billion (+ 85%), corresponding to EPS of USD 1.67. The Chinese market is one of the important sources of AstraZeneca’s revenue, with a revenue of US $6.011 billion in 2021, a year-on-year increase of 12%, ranking first among multinational pharmaceutical companies in China.
Market review of innovative medicine stocks in the pharmaceutical sector:
The top 5 gainers and losers in Shanghai and Shenzhen pharmaceutical innovative drug sector this week are Guangdong Zhongsheng Pharmaceutical Co.Ltd(002317) , Staidson(Beijing) Biopharmaceuticals Co.Ltd(300204) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Chengdu Easton Bio Pharmaceuticals Co.Ltd(688513) , Luoxin Pharmaceuticals Group Stock Co.Ltd(002793) . The last five are Suzhou Zelgen Biopharmaceuticals Co.Ltd(688266) -u, Hunan Nucien Pharmaceutical Co.Ltd(688189) , Shan Dong Kexing Bioproducts Co.Ltd(688136) , Shanghai Allist Pharmaceuticals Co.Ltd(688578) -u, Shenzhen Salubris Pharmaceuticals Co.Ltd(002294) . The top 5 gainers and losers in the pharmaceutical innovative drug sector of Hong Kong stocks this week are kangnoah-b, Geli pharmaceutical-b, Deqi pharmaceutical-b, Xiansheng pharmaceutical, Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) . The last five are jiakesi-b, Baiji Shenzhou, Guangdonghectechnologyholdingco.Ltd(600673) medicine, Corning Jerry pharmaceutical-b and China biopharmaceutical.
Medium and long term perspective of innovative pharmaceutical industry:
In recent years, with the influx of capital stimulated by policies, China has ushered in a gale of innovation. China’s innovation market has strong policy attributes. On October 8, 2017, the two offices jointly issued the opinions on deepening the reform of the review and approval system and encouraging the innovation of drugs and medical devices, which opened the first wave of innovation. With the revision of the administrative measures for drug registration, drug negotiation and the introduction of the dynamic adjustment mechanism of medical insurance, the top-level design of the policy has completely solved the problem of insufficient innovation power caused by Limited R & D resources, non-standard Review & slow progress, low bidding efficiency, high difficulty in admission and difficult connection of medical insurance in history. Under the stimulation of Programmatic Policies, combined with the promotion of the science and innovation board and the registration system in recent years, the capital of innovative medicine racetrack swarmed, and the financing of innovative medicine enterprises accelerated, which also led China’s innovative medicine investment into the gale mouth era. Driven by a good policy environment and capital, China’s innovation rise has accelerated. Domestic innovative drugs have entered the harvest period one after another, and more heavy innovative products will be approved and listed in China in the next few years.
What cannot be ignored is that the time window for “general innovation” given by the policy is becoming shorter and shorter, the cost control of medical insurance is becoming stricter, and the track is becoming more and more crowded. We have slowly entered the moment of “selected high-quality innovation”. At present, the homogenization of innovative drug research and development in China is more serious, and the homogenization of targeted drugs is the most serious. The era that innovative drugs are listed as blockbusters is slowly passing, and the time window period of “general innovation” given by the policy is becoming shorter and shorter. We believe that China’s innovative drug market has slowly entered the moment of “selected high-quality innovation” from “general innovation”. In the future, the homogenization competition of McAb popular targets will continue to be intense, and the homogenized products will gradually lose their competitiveness. New technologies, scarce technology platforms, differentiated treatment fields and innovative drug delivery methods may bring a better competitive pattern to enterprises, and companies with technology precipitation are expected to stand out.
Risk tips: 1) negative policies continue to exceed expectations; 2) The growth rate of the industry was lower than expected.
