Epidemic related update
Global epidemic update: the epidemic situation in some Asian countries began to ease, and the number of new cases in Europe increased. The mortality rate of confirmed patients in the world is stable within 1%. Omicron subspecies ba 2. The proportion in the world continues to rise to 48%.
On March 21, the National Medical Insurance Bureau issued the notice on doing a good job in the current epidemic prevention and control medical security work, which included antigen detection and Pfizer oral drugs in the medical insurance payment. According to the news, the price of Pfizer oral medicine in China is 2300 yuan / box, and each person uses one box for each course of treatment.
On March 25, yanyeyi reached an agreement with the Japanese government. It is expected that after Japan is approved, the Japanese government will purchase 1 million courses of yanyeyi covid-19 oral drug ensitrelvir.
On March 25, FDA revised the EUA specification of GSK / vir neutralizing antibody sotrovimab. Based on the current data, FDA believes that sotrovimab has a significant effect on the Ba of Omicron 2 subspecies invalid.
In March 26th, the expert group on TCM treatment of COVID-19 pneumonia in Shanghai released the expert consensus on New Coronavirus infection in Shanghai (2022 Spring Edition). Combining the characteristics of seasonal and epidemic diseases, TCM experts provided a TCM scheme for the diagnosis and treatment of patients with mild and asymptomatic covid-19 pneumonia.
Zhou viewpoint update
Continue to be optimistic about pharmaceutical innovation: a number of innovative drugs were approved for listing this week. Legendary biological car-t therapy was approved to be listed in Europe, and China Fuhong Hanlin PD-1 Sullivan was approved to be listed as the 13th PD-1 / PD-L1 drug in China.
We are optimistic about the high performance of the first quarter of the annual report of CXO sector and the market of growth and fulfillment. In late March, the performance disclosure period was intensively entered. The performance of CXO sector grew rapidly in 2021, and the business momentum has been improving since 2022. Many companies disclosed the orders from January to February. It is expected that with the continuous disclosure of the annual report and the situation in the first quarter, the sentiment of the sector will continue to pick up.
Continue to be optimistic about the upstream API sector of the industrial chain and the upstream pharmaceutical supply chain: ① the dual path growth of industrial upgrading + industrial extension of the API sector is expected to continue to improve the profitability of the API sector in 2022. ② Focus on the investment opportunities in the supply chain during the 14th Five Year Plan period (industrial upgrading + domestic substitution), including subdivided fields such as equipment and equipment, scientific instruments, upstream reagent consumables for scientific research, upstream consumables for pharmaceutical industry and raw and auxiliary material packaging materials.
Investment advice
It is suggested to focus on the two main lines of high performance growth and epidemic prevention and control. Epidemic prevention and control mainly includes detection and killing, including detection and killing, vaccines and specific drugs and their R & D industrial chain, upstream supply chain, etc., with emphasis on vaccines, specific drugs (domestic and foreign) and their R & D industrial chain and the direction of traditional Chinese medicine anti epidemic.
It is suggested to pay attention to: Wuxi Apptec Co.Ltd(603259) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Yaoming biology, Zhejiang Hisun Pharmaceutical Co.Ltd(600267) , China Meheco Group Co.Ltd(600056) , etc.
Risk tips
Covid-19 epidemic development and change risk, product R & D data and progress are less than expected risk, product capacity and sales are less than expected risk, orders are less than expected risk, competition is intensified risk, and policy supervision risk. Exchange rate fluctuation risk, etc
