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药明巨诺-B(02126.HK):销售额增长373% 毛利率提升至40%

Pharmaceutical MingJunuo-B (02126.HK): Sales increased 373%, gross margin increased to 40%

國金證券 ·  Mar 28, 2023 16:00  · Researches

occurrences

On March 29, 2023, the company announced its full-year results for 2022, achieving revenue of 146 million yuan, an increase of 373% over the previous year; net loss returned to the mother after deduction of 846 million yuan. The performance was in line with expectations.

reviews

In 2022, Benoda returned 141 patients, increasing gross margin to 40%. (1) The company's first commercialized product, Benoda, achieved 141 patient returns in the first complete commercialization year, with annual revenue of 146 million yuan, an increase of 373.1% over the previous year. (2) Gross margin increased markedly, 21 percentage points higher than in 2021. The company formulated early, medium, and long-term cost reduction plans. Thanks to the implementation of a short-term cost reduction plan (through techniques and procedures to reduce raw material waste and waste) and the scale effect after release, the company achieved a 21% reduction in cost per batch.

It is expected that as the cost reduction plan continues to advance, the company's gross margin will continue to increase. (3) In terms of production, Benoda still maintains a high level of production success rate (98%) and 100% delivery level. In terms of production capacity, the company obtained multiple approvals in the fourth quarter of 2022 and the first quarter of 2023, and production capacity was expanded. (4) Cooperate with commercial insurance, and the proportion of patients receiving insurance compensation reached 24%. As a self-funded product with a unit price of over one million yuan, Benoda increases its penetration rate among patients through commercial insurance and local government supplementary medical insurance plans. As of 2022, Benoda has covered 56 commercial insurances and 75 welfare programs, with an insurance coverage ratio of 38-100%.

Benoda's indications continue to expand, and solid tumor pipelines are diversified. (1) Following Benoda's approval for third-line large B-cell lymphoma (LBCL) in September 2021, the indications for follicular lymphoma were successfully approved in 2022. In terms of expanding indications, the company is promoting early treatment for LBCL with Benoda. The clinical trial of 2L LBCL showed 75% ORR and 100% OS for 12 months; patients treated in clinical JW029-011 of Benoda's first-line treatment are being enrolled. Furthermore, the company is trying to expand Benoda into the field of self-relief to explore treatment potential for systemic lupus erythematosus. (2) The solid tumor pipeline focuses on major types of cancer such as liver cancer and lung cancer. The targets include GPC3, AFP, DLL3, and MAGE-A4. In terms of solid tumor research and development, the company collaborated with partners to accelerate the advancement of solid tumor projects.

Profit Forecasts, Valuations, and Ratings

Considering that Benoda is currently in a stage of rapid increase in penetration, we expect revenue of 3.5/6.3/10.08 yuan in 2023/24/25, an increase of 140%/80%/60% over the previous year.

Maintain a “buy” rating.

Risk warning

The commercialization process, the domestic substitution process of raw materials, and the risk that the product structure is too uniform; the risk of disruptive breakthroughs and iterations in new technology; the competitive pattern intensifies the risk of affecting profitability.

The translation is provided by third-party software.


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