We believe that at present, the overall clinical strategy of innovative drug companies to go to sea is to focus on the unmet clinical needs, adopt the mode of Sino US double report and international multi center clinical, and adopt the third phase of “head-to-head” with standard therapy in many clinical, with a high overall level. Legendary cilta cel was approved to open BIC and made a good start to the sea. In the follow-up, including Shanghai Junshi Biosciences Co.Ltd(688180) treprizumab application for recurrent and refractory nasopharyngeal carcinoma, it may be approved. The overseas listing of innovative drugs is progressing steadily, and high-quality innovative assets will eventually be found.
In 20182021, the number of innovative drug ind contractors CAGR was 33%, including chemical drug innovative drug CAGR 24%, biological drug innovative drug CAGR 41%. The application of innovative drug ind still maintained a rapid growth momentum. In 2021, the number of ind declarations of gene therapy and oncolytic virus was 5 and 7 respectively. As of February 2022, the number of ind declarations had been 4 and 3, close to the level of last year. The future research and development progress is worth looking forward to.
Investment suggestion: Based on the rapid promotion of the company’s overseas clinical and rapid growth of performance, focus on Kingsley, Shanghai Junshi Biosciences Co.Ltd(688180) , Rongchang biology, etc.
Risk tips: the risk of performance falling short of expectations, the risk of R & D progress, the risk of new business investment falling short of expectations, and the risk of overseas pharmaceutical policies
