1. Income grew rapidly last year.
The company's revenue from selling medical products in 2013 was 411 million yuan (99% of total revenue), an increase of 82% over the same period in 2012. The company's main products, Ella (aminolevulinic acid) and Ribodo (doxorubicin hydrochloride liposomes), contributed 43% and 52% of the sales, respectively. The income from the franchise is 5 million yuan.
2. Helmbofen is expected to be put into production in 2015:
Helmpofen is the world's first photodynamic drug for port wine stains and is expected to go on sale in 2015. At present, the installation of production equipment has been completed. The time is later than the market expected, mainly because the equipment import is late. At present, there are production approval documents, but also need process audit, GMP audit. It is estimated that the market capacity is 800000 people, the therapeutic effect of Helmpofen is very ideal, and there is more space after the launch. The price of the product is still under discussion.
3. Ella is expected to continue to grow rapidly:
Ella is the world's first photodynamic drug for condyloma acuminatum, which went on sale in 2007 and sold 320000 units in 2013. The cost of treatment was 6000-10000 yuan per person, at least 3 times of treatment. The terminal selling price is more than 700 yuan. The recurrence rate of Ella treatment is less than 10%, which is much lower than the 50% recurrence rate of other treatments. Through their own sales team, a team of 200 people, from top to bottom to cover hospitals, mainly third-class hospitals, covering more than 800 hospitals, the future goal is to cover 2000. The incidence of condyloma acuminatum is more than 1 million per year. There are no competitors at present, and it is expected to continue to grow rapidly in the future.
4. The clinical study of Ribodo FDA was carried out in an orderly manner.
Ribodo, which treats tumors, went on sale in August 2009. This is the first drug for the company to realize industrialization of this kind of drug. The drug is used in the treatment of Kaposi's sarcoma, breast cancer and ovarian cancer. Breast cancer has become the first disease of female tumors, and there is a large market space. The Ribodo FDA equivalence test will be carried out in China. 30 ovarian cancer cases will be tested, which is expected to be completed in one year and listed on the market by the end of 15 years. At present, the control sample has not come in, and the experiment has not been carried out yet. There is a shortage of such drugs in the United States, and the market prospect is very promising, with global sales of this kind reaching 2 billion US dollars. Ribodo and Johnson & Johnson's Gloria have the same indications. The terminal price of the company's products is 6000 yuan, while Gloria is more than 8000 yuan. The product is transported by liposome with little side effect.
5. The sales agent of Ribodo is not expected to change:
When Tai Ling Pharmaceutical cooperated, it was given an agency fee of 20 million for 4 years, and a special team was used to do it. At present, the sales cooperation between the two sides will not be terminated. At present, stone medicine has been approved for production and is in the period of market development. A small number of areas are covered by health insurance.
6. Outstanding R & D ability and strong cost control ability:
The company attaches great importance to research and development, with obvious technical advantages and outstanding R & D capabilities. Dotipofen is expected to enter Ⅱ phase clinical trial in July this year. Some results of lt lymphotoxin Ⅱ clinical trial are not very satisfactory, and the scheme is being designed according to the results. The company has strong cost control ability, with 68 million R & D expenses in 2013 and less than 100 R & D personnel. There are project incentives and equity incentives. Equity incentive has been implemented for 71 million shares, and the exercise price is the same as the fair value evaluated at that time, so there is no expense.
7. Summary and suggestions:
The competitive advantage of the company's products is obvious, far more than domestic competitors, the management team attaches great importance to innovation in the field of biomedicine, and the technological advantage is very obvious. the company is a rare excellent pharmaceutical innovation company in China, and we are optimistic about the development prospects of the company. however, considering that sales of Ribao may slow down, new products can not contribute profits this year, and the company is valued at more than 50 times, it is recommended to track the changes of the company. Step in when the valuation is reasonable.
