Article|AI Finance and Economics Zhang Yongqin
Edit | Yang Jie
“Yao Mao” Hengrui Medicine (600276.SH) recently disclosed its three-quarter results, and its net profit in the first three quarters of this year has dropped sharply.
On the evening of October 19, Hengrui Pharmaceuticals announced that in the first three quarters, listed companies achieved operating income of 20.199 billion yuan, a year-on-year increase of 4.05%; net profit attributable to the parent company was 4.207 billion yuan, a year-on-year decrease of 1.21%.
According to Hengrui Pharmaceutical’s semi-annual report, in the first half of this year, the company achieved revenue of 13.298 billion yuan and net profit of 2.668 billion yuan, a year-on-year increase of 0.21%. In the second quarter, the company’s net profit even saw its first single-quarter net profit growth decline in nearly 10 years. In August of this year, Sun Piaoyang, the “Pharmaceutical King” who has retired from the chairmanship of Hengrui Pharmaceuticals, once again came out of the hands of Hengrui Pharmaceuticals.
However, the decline of Hengrui Medicine has not been reversed so far. In the third quarter of this year, Hengrui Pharmaceuticals achieved revenue of 6.901 billion yuan, a year-on-year decrease of 14.84%; net profit attributable to shareholders of listed companies was 1.54 billion yuan, a year-on-year decrease of 3.57%.
The performance of this big water skiing, the concentration of pharmaceutical procurement on Hengrui Pharmaceuticals can not be said to be insignificant. Among the 8 generic drugs involved in the fifth batch of centralized procurement, Hengrui Medicine won the bid for 6 products, and there are two unsuccessful products, namely Dxanol injection and glycopyrrolate injection. And Dxanol injection produced by Hengrui Medicine has more than half of the domestic market share.
Starting in October, the fifth batch of centralized procurement will be implemented. Essence Securities believes that due to the impact of the fifth batch of centralized procurement, Hengrui Medicine’s shipment volume in the third quarter of this year will be affected, which may further affect the company’s performance. In addition, in the first half of 2021, the sales revenue of the six drugs involved in the third batch of centralized procurement (implemented from November 2020) fell 57% from the previous month. It is expected that this part of the business will still have an impact on the company’s third-quarter performance.
It is worth noting that since March 2021, Hengrui Medicine’s independent original research product-the PD-1 inhibitor carrelizumab anticancer drug carrelizumab has been implemented in accordance with the medical insurance catalog price, and the single price has not been 2928. RMB/200mg, the price has dropped by 85% compared to before. It is understood that Carrelizumab was launched in May 2019. In 2020 alone, this product will bring 18% of total revenue.
In addition, Hengrui Medicine’s research and development expenses are constantly increasing. From January to September, Hengrui Pharmaceutical’s R&D expenses reached 4.142 billion yuan, an increase of 23.86% from 3.344 billion yuan in the same period in 2020.
Despite the performance pressure, Hengrui Pharmaceutical’s secondary market still closed up today. On October 20, Hengrui Pharmaceuticals oscillated upward in late trading, and finally rose 3.97% to close at 51.58 yuan per share, with a total market value of 330 billion yuan.Return to Sohu to see more
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