Recently, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) ( Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , SH; previous closing price of 275.99 yuan) disclosed that in the annual report of 2021, listed companies achieved a revenue of 5.75 billion yuan, a year-on-year increase of 144.25%; The net profit attributable to the parent company was RMB 2.021 billion, with a year-on-year increase of 198.59%.
Bivalent HPV vaccine is the core product of Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) at present. At the end of 2019, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) the bivalent HPV vaccine Xinkening obtained the drug registration approval from the State Food and Drug Administration and was officially put into the market in May 2020, becoming the first vaccine product for cervical cancer prevention in China and the fourth vaccine product in the world. At present, the HPV vaccine R & D track has long been a red sea. How much room for the growth of Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) bivalent HPV vaccine?
net profit attributable to parent company increased significantly
On March 17, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) disclosed the annual report of 2021. The listed company achieved a revenue of 5.75 billion yuan, a year-on-year increase of 144.25%; The net profit attributable to the parent company was RMB 2.021 billion, with a year-on-year increase of 198.59%. In addition, the net cash flow from operating activities of listed companies was 1.682 billion yuan, a year-on-year increase of 259.23%.
In terms of products, the revenue of vaccine products of listed companies was 3.278 billion yuan, with a year-on-year increase of 360.75% and a gross profit margin of 92.78%; Reagent products achieved a revenue of 1.705 billion yuan, a year-on-year increase of 45.46% and a gross profit margin of 77.81%; The revenue of active raw materials was 377 million yuan, with a year-on-year increase of 428.18% and a gross profit margin of 97.14%. In terms of domestic and foreign income, the domestic income of listed companies is 5.261 billion yuan and the overseas income is 441 million yuan. At present, the domestic income still occupies an absolute advantage.
The reporter of the daily economic news learned that for the growth of performance, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) said that it was mainly due to the increase in the income of bivalent cervical cancer vaccine, reagent and active raw materials, as well as the significant increase in overseas testing demand due to the ineffective control of covid-19 pneumonia, and the rapid growth in the sales of covid-19 raw materials and the export income of overseas testing reagents.
2021 marks the 30th anniversary of Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) establishment. At present, the company has two business segments: vaccine and in vitro diagnosis (IVD).
In the field of vaccine, bivalent HPV vaccine is the core product of Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) and has passed the WHO pre certification. In addition, the company said that the phase III clinical trial of bivalent HPV vaccine is progressing smoothly, and the main clinical trial has completed the enrollment and vaccination Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) the traditional freeze-dried live attenuated varicella vaccine, the new freeze-dried live attenuated varicella vaccine (vzv-7d), nasal covid-19 vaccine and other vaccine products are in phase III or phase II clinical trials.
In the field of in vitro diagnosis, IVD business is the company’s traditional strong business. After the outbreak of covid-19 epidemic, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) quickly launched detection reagents with different detection methods such as enzyme-linked immunosorbent assay, POCT detection, chemiluminescence and nucleic acid diagnosis Zheshang Securities Co.Ltd(601878) a research report pointed out that according to the approved data issued by the China Central Inspection Commission, the market share of hepatitis C virus, syphilis, hepatitis B virus, HIV and other diagnostic kits is always in the lead.
vaccine race track is highly competitive
The penetration rate of HPV vaccine is increasing in China. On November 17, 2020, the World Health Organization issued the global strategy for accelerating the elimination of cervical cancer. 194 Member States, including China, jointly committed to the elimination of cervical cancer. Since last year, Inner Mongolia Eerduosi Resources Co.Ltd(600295) , Xiamen, Jinan and other places have successively piloted free HPV vaccination. Guangdong Province has also decided to vaccinate domestic bivalent HPV vaccine for school-age girls free of charge from September this year. It can be predicted that more cities will implement government procurement of HPV vaccine projects in the future.
At present, the market scale of HPV vaccine in China is far from reaching the peak, and there is still much room to improve the penetration rate Huaxi Securities Co.Ltd(002926) a research report pointed out that by the end of 2021, the penetration rate of HPV vaccination among school-age women in China was only about 7%, based on the number of HPV vaccine batches issued by the Central People’s Procuratorate and the number of school-age women in China; According to the penetration rate of 30% / 45% / 60%, China still needs 280 / 4.5 / 620 million HPV vaccines, which is far from reaching the peak.
Under the huge market demand, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) is also stepping up the expansion of production capacity. According to the company’s annual report, the annual production capacity of bivalent HPV vaccine was increased to 30 million by adding a new pre potting syringe production line and expanding the scale of vials twice, and the company’s annual cumulative sales of bivalent HPV vaccine exceeded 10 million in 2021.
There are not a few companies interested in the big cake of HPV vaccine market. Under the huge supply and demand gap, Chinese pharmaceutical enterprises are also stepping up the research and development of high-priced vaccines. The HPV vaccine research and development track has long been a red sea. At present, the bivalent HPV vaccine of Walvax Biotechnology Co.Ltd(300142) ( Walvax Biotechnology Co.Ltd(300142) . SZ) has been approved and is expected to be put into operation this year. Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) will usher in important competitors in the bivalent HPV vaccine market. For the high priced HPV vaccine with better protection effect, the nine valent HPV vaccine of several enterprises including Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) has been in phase III clinical stage. After more and more players flock to the HPV vaccine track, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) will also face more fierce market competition.
