The license of Tozumab thickens the revenue, and the sales volume of Gloria. 2021H1 achieved revenue of 330 million yuan, up 573.7% from the same period last year; net profit from home increased by 101.1% to 2.616 million yuan; and non-net profit was-15.058 million yuan, up 94.1% from the same period last year. The company's Q2 achieved revenue of 270 million yuan, up 823.5% from the same period last year and 345% from the previous year. The net profit of single-quarter homing rose 183.2% to 110 million yuan from the same period last year, up 202.4% from the previous year. Revenue growth was mainly due to licensing revenue from tozumab and sales revenue from Gelele products.
The global III phase of tozumab reached the clinical end point, and the income was confirmed by the down payment of Biogen. During the reporting period, trozumab BAT1806 reached the main clinical end point. In patients with moderate to severe rheumatoid arthritis who progressed after methotrexate treatment, the drug was equivalent to Amelol and reached the down payment milestone condition, and the company recognized a down payment income of US $28.59 million. In addition, the commercial agreement with Biogen includes cumulative milestone payments of up to $90 million and double-digit tiered royalties for net sales.
The R & D pipeline is rich, and two products have been submitted for listing. At present, the company has 20 main products under research, of which 2 products have been submitted for listing. BAT1706 (bevacizumab) is the first Avetine candidate bioanalogue drug developed and conducted by a Chinese company in a global multicenter clinical trial. It is in the application stage of listing in China, the United States and the European Union and is expected to be approved this year.
BAT2094 (Batifiban) is in the stage of domestic listing application.
The effect of fee control is better, expand market sales. During the reporting period, the company's gross profit margin was 96.3%, up 10.09pct from the same period last year; the net profit rate was 0.8%, up 500.47pct from the same period last year; in terms of expenses, 21Q2's sales expense rate, management expense rate, financial expense rate and R & D expense rate were 16.5%, 3.5%, 1.4%, 34.3% and-34.48pct/-33.03pct/-2.79pct/-447.44pct, respectively. The sales expense rate, management expense rate, financial expense rate and R & D expense rate of 21H1 are 24.4%, 5.5%, 1.7% and 69.4%, respectively, and the YOY is-30.2pct/-49.85pct/-0.21pct/-431.93pct, respectively. The decrease in R & D expense rate is mainly due to the substantial increase in operating income. With the increase in sales expenses compared with the same period last year, the company has actively expanded the market, and the company has set up a sales team of more than 240 people. Generally speaking, the effect of company cost management is remarkable.
[investment advice]
The company focuses on the research and development of innovative drugs and biosimilar drugs, and the product research and development pipeline is rich, mainly covering the field of autoimmune diseases and tumors. The first product Gloria sales volume, the two products entered the listing application stage, gradually into the harvest period. The company has a foothold at home, strengthen international cooperation, and layout the global market. The company's performance is basically in line with expectations. We maintain that the company's 2021, 2022, 2022, 2023 operating income of 508, 1546, and 2.622 million respectively, net profit of-7.61 million, and EPS of-1.84, 0.94, 0.08, respectively, maintaining the "overweight" rating.
[risk Tip]
Uncertainty risk of drug research and development
The progress of drug marketing is not as expected.
Competition aggravates risk
