As of the noon of March 24, a total of 10 enterprises in Hithink Royalflush Information Network Co.Ltd(300033) biological vaccine sector had released 2021 performance reports, and only Changchun Bcht Biotechnology Co(688276) 1 enterprises had both revenue and net profit declined. In terms of R & D investment, Walvax Biotechnology Co.Ltd(300142) investment is about 754 million yuan, accounting for the highest proportion of R & D investment in revenue among the 10 enterprises, reaching 21.77% Zhongtai Securities Co.Ltd(600918) research report pointed out that the coverage rate of covid-19 booster vaccination in China reached about 40%, and it is expected that booster vaccination will be completed in the first half of 2022. Since then, the batch issuance of conventional heavy varieties will achieve a high increase, and the terminal vaccination is expected to be improved.
global over 20 covid-19 vaccines approved
The occurrence of covid-19 epidemic has a great impact on the biological vaccine industry. The global vaccine market surged from about $40 billion to about $150 billion.
In 2021, under the continuous influence of covid-19 epidemic, new products and technologies focusing on covid-19 vaccine and covid-19 therapeutic drugs developed rapidly. Although China biopharmaceutical, which holds 15.03% of the shares of ZTE Zhongwei, has not released the annual report data of 2021, its positive profit forecast data released on March 15 shows that the profit attributable to the parent company is expected to increase to more than 14 billion yuan year-on-year during the reporting period, and the main driver of performance is the joint venture. The description of the financial performance of the affiliated company by China biology uses the word "strong". Kexing Zhongwei, which has covid-19 inactivated vaccine, provided more than 2.5 billion doses of covid-19 vaccine worldwide in 2021. It is speculated in the industry that the "associate" mentioned in China's biopharmaceutical industry is Kexing Zhongwei.
According to the data released by GAVI in January 2022, a total of 126 covid-19 candidate vaccines worldwide are in phase I, II and III clinical research, 194 are in preclinical research, and a total of 23 covid-19 vaccines have been approved for marketing.
After the covid-19 epidemic, China deployed vaccine R & D according to five technical routes, and Chinese vaccine enterprises actively invested resources in the R & D and industrialization of covid-19 vaccine. The R & D, clinical and industrialization of covid-19 vaccine has effectively accelerated the pace of China's vaccine industry to catch up with foreign vaccine giants in preclinical research, clinical research, industrialization capacity and internationalization. Chinese vaccine enterprises have gone to sea to carry out clinical research and registration of covid-19 vaccine, and sold in dozens of countries through finished product export, stock solution export and technology licensing, realizing a major breakthrough in China's vaccine industry going global.
In the process of coping with covid-19 epidemic, the overall production capacity and industrial chain supporting level of China's vaccine industry have also increased rapidly. According to the data released by the scientific research team of the joint prevention and control mechanism of the State Council, the annual production capacity of covid-19 vaccine in China has exceeded 5 billion doses. At the same time, the raw and auxiliary materials, production equipment, batch issuance capacity and talent team have been comprehensively improved. With the improvement of China's vaccine production capacity, China is providing more safe and effective vaccines to the world, especially to developing countries, so as to promote the equitable distribution and use of vaccines in the world.
multiple enterprises layout mRNA technology
It is in the process of coping with covid-19 epidemic that mRNA technology has attracted more attention of enterprises in the industry. Compared with other technologies, mRNA technology has significant advantages of higher delivery efficiency, short development cycle and low production cost. It is considered to have a promising prospect in the industry.
Up to now, drug research and development related to mRNA technology has mainly focused on the field of preventive and therapeutic vaccines. According to the article on mRNA drug market analysis published by nature reviews drug discovery, the mRNA pipelines of 31 companies were combed. Among the 76 preventive vaccines, 22 were used to prevent covid-19; Among the 32 therapeutic vaccines, 21 are related to cancer; Among the 72 therapeutic drugs, tumors (13), rare diseases (20) and respiratory diseases (17) rank first.
Among the 10 enterprises that released their performance in 2021, there are Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Walvax Biotechnology Co.Ltd(300142) , Tibet Rhodiola Pharmaceutical Holding Company(600211) layout mRNA vaccines.
Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) imported mRNA vaccine fubitai has been vaccinated in Hong Kong, Macao and Taiwan since March and September 2021. By the end of February 2022, fubitai has been vaccinated in Hong Kong, Macao and Taiwan in total. However, the progress of fubitai in the mainland is still in phase II clinical stage, and there is no more progress. Although Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) is to announce the specific sales of fubitai in 2021, fubitai does appear in the table of "sales scale exceeding 1 billion yuan".
For the R & D investment of mRNA vaccine, 600 invested about 117 million yuan in 1962021, accounting for about 0.3% of revenue. At the recent performance communication meeting, Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) chairman and CEO Wu Yifang made it clear that mRNA technology has broad prospects and may also be the technology field with the most achievements in the next stage, or even the core technology hotspot.
Walvax Biotechnology Co.Ltd(300142) also mentioned in the annual report that in addition to covid-19 mRNA vaccine, mRNA technology will have broad application space in the development of respiratory syncytial virus vaccine, influenza vaccine and other viral vaccines in the future. In the medium and long term, with the maturity of mRNA therapeutic cancer vaccines and new mRNA therapies, mRNA technology will bring a new round of technological changes to the biomedical industry. In August 2021, Walvax Biotechnology Co.Ltd(300142) signed two agreements with Shanghai Blue Magpie biomedical Co., Ltd. to cooperate in product development and commercialization of influenza virus mRNA vaccine and respiratory syncytial virus mRNA vaccine, layout cutting-edge technologies and expand product R & D pipeline.
Tibet Rhodiola Pharmaceutical Holding Company(600211) is the shareholder of Si microorganism through equity investment, which is developing covid-19 mRNA vaccine.
4 enterprises' net profit attributable to parent decreased
The epidemic has not only promoted the industry, but also brought some challenges to the product sales of some enterprises. Among the 10 enterprises, the net profit attributable to the parent decreased year on year, including Changchun Bcht Biotechnology Co(688276) , Tibet Rhodiola Pharmaceutical Holding Company(600211) , Walvax Biotechnology Co.Ltd(300142) , Jinlei Technology Co.Ltd(300443) ; Revenue and net profit both declined, only Changchun Bcht Biotechnology Co(688276) one; Enterprises with double increase in revenue and net profit include Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) and so on.
Changchun Bcht Biotechnology Co(688276) : freeze dried nasal spray influenza vaccine
Changchun Bcht Biotechnology Co(688276) 2021 achieved revenue of 1.202 billion yuan, a year-on-year decrease of 16.6%; The net profit attributable to the parent company was 244 million yuan, a year-on-year decrease of 41.77% Changchun Bcht Biotechnology Co(688276) said that the decline in performance was mainly due to the covid-19 epidemic and the centralized vaccination of covid-19 vaccine, and the decline in sales of some products. This is the first annual report released after Changchun Bcht Biotechnology Co(688276) listing.
Up to now, Changchun Bcht Biotechnology Co(688276) has three approved vaccine products: varicella vaccine, rabies vaccine (Vero cell) and nasal spray influenza vaccine. Among them, the core variety varicella vaccine achieved a sales revenue of 1.02 billion yuan in 2021, a year-on-year decrease of 7.86%, accounting for 84.86% of the company's total revenue. Lyophilized nasal spray influenza vaccine is the only live attenuated influenza vaccine vaccinated by nasal spray in China. It was approved for marketing in the first quarter of 2020 and was once regarded as a variety that is expected to change the dominance of Changchun Bcht Biotechnology Co(688276) single product.
Changchun Bcht Biotechnology Co(688276) in the annual report, it was mentioned that based on the national influenza vaccination rate in 2020 and the good market feedback and sales situation of the company's nasal spray influenza vaccine in the early stage of listing, the production and sales plan for 2021 was arranged positively and optimistically. Due to the covid-19 epidemic situation and the centralized vaccination of covid-19 vaccine, especially in the second half of 2021, covid-19 vaccination for people aged 3-17 has been launched all over the country, and the applicable population of nasal spray influenza vaccine is also aged 3-17, which has a great impact on the sales of this product. Some nasal spray influenza vaccines are gradually approaching the validity period, and it is expected that this part of the products will not be sold. In this regard, Changchun Bcht Biotechnology Co(688276) decided to withdraw an inventory impairment provision of 863897 million yuan for nasal spray influenza vaccine that is expected to fail to sell.
Walvax Biotechnology Co.Ltd(300142) : simultaneous research and development of multiple covid-19 vaccines
Walvax Biotechnology Co.Ltd(300142) 2021 achieved revenue of 3.463 billion yuan, with a year-on-year increase of 17.82%. During the reporting period, the sales of independent vaccine products continued to grow. In particular, with the in-depth promotion of the market sales of 13 valent pneumonia conjugate vaccine in various provinces, the product sales volume was large. During the reporting period, the batch issuance volume was about 4.9508 million doses, a year-on-year increase of 10.88%, and the sales revenue was 2.746 billion yuan, a year-on-year increase of 65.59%, accounting for 79.31% of the total revenue.
With the increase in the sales of 13 valent pneumonia conjugate vaccine, it also led to the decline in the sales of 23 valent pneumonia polysaccharide vaccine. Coupled with the impact of the epidemic in China, the vaccination volume of conventional vaccine products decreased. During the reporting period, the net profit of Walvax Biotechnology Co.Ltd(300142) attributable to the shareholders of the listed company was 428 million yuan, a year-on-year decrease of 57.36%.
At the same time, Walvax Biotechnology Co.Ltd(300142) new products and new projects increased R & D investment, and R & D investment increased to 754 million yuan, a year-on-year increase of 138.68%, accounting for 21.77% of revenue.
In terms of covid-19 vaccine research and development, Walvax Biotechnology Co.Ltd(300142) and the mRNA covid-19 vaccine cooperated by many parties has been in phase III clinical research stage, the recombinant covid-19 vaccine (chimpanzee adenovirus vector) is in phase II clinical research stage, and the recombinant covid-19 vaccine (CHO cell) independently developed by the holding subsidiary Shanghai Zerun is in phase II clinical research stage.
In terms of HPV vaccine, according to the insight database of dingxiangyuan, the bivalent HPV vaccine of Shanghai Zerun, a subsidiary of Walvax Biotechnology Co.Ltd(300142) holding company, was approved on March 24. In addition, Walvax Biotechnology Co.Ltd(300142) revealed that the nine valent HPV vaccine is preparing for phase III clinical research.
Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) : bivalent HPV vaccine contributes the most
Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) 2021 achieved revenue of 5.75 billion yuan, a year-on-year increase of 144.25%; The net profit attributable to the shareholders of the listed company was RMB 2.021 billion, with a year-on-year increase of 198.59%. It is the enterprise with the highest increase in revenue and net profit among the 10 biological vaccine enterprises that have issued the annual report of 2021.
Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) said that the performance growth was related to factors such as the continued booming production and marketing of bivalent cervical cancer vaccine and the rapid growth of export revenue of covid-19 overseas testing reagent. In terms of revenue, the vaccine sector contributed RMB 3.363 billion to Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) revenue, with a year-on-year increase of 288.49% and a gross profit margin of 92.55%. There are two products in this sector, namely bivalent HPV vaccine and recombinant hepatitis E vaccine.
In the annual report, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) did not disclose the specific sales data of bivalent HPV. However, according to the bid winning data released by it, during the reporting period, the actual procurement volume of medical institutions of bivalent HPV vaccine was about 1009918 million, and the bid winning price range was 329 yuan / bottle - 344 yuan / bottle. Even based on the lowest bid price of 329 yuan / bottle, the actual purchase amount of bivalent HPV vaccine has exceeded 3.3 billion yuan.
In terms of R & D, during the reporting period, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) R & D investment totaled 682 million yuan, accounting for 11.86% of revenue. The phase III clinical trial of nine valent HPV vaccine is under way, the freeze-dried live attenuated varicella vaccine has obtained the phase III clinical trial research report, and the overseas phase III clinical trial of nasal spray covid-19 vaccine is also progressing smoothly.
