Incident: Recently, the company released its 2024 semi-annual report. 2024H1, the company's total revenue was 0.241 billion yuan, up 9.44% year on year, and net profit to mother was 66.5361 million yuan, which drastically reduced losses and increased 41.75% year on year.
Later products progressed steadily. The company is actively and steadily promoting the marketing of new drugs for high-risk myelofibrosis indications in the treatment of gikaxitinib tablets. At the same time, the company is recruiting new talents who are good at marketing, medicine, and sales promotion in the field of hematology. Injectable recombinant human thyroid-stimulating hormone (rhTSH) BLA2024 was accepted in June for radioactive iodine (131I) whole-body imaging (WBS) tests and serum thyroglobulin (Tg) tests when following up patients with differentiated thyroid cancer who had previously undergone thyroidectomy. In August 2024, the company received a notice of drug registration verification (pharmacy, clinical) issued by the Drug Evaluation Center (CDE) of the State Drug Administration.
Clinical research on new drugs has achieved many milestones. In June 2024, the main phase III clinical trial of gikaxitinib tablets to treat severe alopecia areata reached the main efficacy end point, and the safety and tolerability were good. At the same time, the company released clinical research data and latest developments on ZG005 and ZGGS18 at the 2024 ASCO annual meeting. The company also has several products approved for clinical trials, including the approval of gikaxitinib tablets and gikaxitinib cream to conduct phase II/III clinical trials for the treatment of non-segmental vitiligo patients aged 12 years and above, clinical trials of injectable ZG005 in combination with injectable ZGGS18 for advanced solid tumors, and clinical trials of injectable ZG005 in combination with bevacizumab for advanced hepatocellular carcinoma.
Investment advice: Zejing Pharmaceutical is an innovative pharmaceutical company focusing on various treatment fields such as tumors, hemorrhagic and hematologic diseases, immunoinflammatory diseases, and hepatobiliary diseases. We expect the company to achieve revenue of 0.679/1.124/1.799 billion in 2024-2026 and maintain the “gain” rating.
Risk warning: risk of changes in industry policies, risk of new drug development, risk of uncertain marketing of products under development, risk of poor progress in internationalization, risk of market competition, etc.