单季度来看，2024Q3，公司实现营业收入4.85亿元，同比增长53.16% 环比增长19.71%；归属于上市公司股东的净利润-2.82亿元，同比增长 31.17%，环比增长22.13%；归属于上市公司股东的扣除非经常性损益的净利润-3.13亿元，同比增长19.44%，环比增长2.36%。逐季来看，公司亏损幅度逐渐收窄，主要系公司核心产品特瑞普利单抗快速放量，叠加公司加强费用管理所致。截至2024H，特瑞普利单抗有10项适应症于国内获批，6项适应症纳入国家医保目录。其余核心产品方面，氢漠酸允瑞米德韦片已获得NMPA附条件批准上市，并纳入我国医保目录；阿达木单抗自前我国有8项适应症获批，均已纳入我国医保目录。公司三个商业化产品均纳入我国医保目录，特瑞普利单抗销售快速增长，，且新适应症的获批进一步拓宽了产品使用范围，为后续公司产品销售增长提供了有力支撑和保障。 Third quarter 2024
In the first three quarters, the company achieved operating income of 1.271 billion yuan, an increase of 28.87% year on year; net profit attributable to shareholders of listed companies - -0.927 billion yuan, up 34.12% year on year; net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss of 0.94 billion yuan, an increase of 30.86% year on year; and basic earnings per share - 0.94 yuan.
The volume of core products is increasing, and losses continue to narrow
Looking at 2024Q3, the company achieved operating income of 0.485 billion yuan, a year-on-year increase of 19.71%; net profit attributable to shareholders of listed companies - -0.282 billion yuan, up 31.17% year on year, up 22.13% month on month; net profit attributable to shareholders of listed companies after deducting non-recurring profit and loss - -0.313 billion yuan, up 19.44% year on year and 2.36% month on month. On a quarterly basis, the company's losses gradually narrowed, mainly due to the rapid release of the company's core product, treprilizumab, combined with the company's strengthened cost management. As of 2024H, 10 indications of treprilizumab have been approved domestically, and 6 indications have been included in the national medical insurance catalogue. As for the rest of the core products, azalimidevir tablets have been conditionally approved for marketing by the NMPA and included in China's medical insurance catalogue; adalimumab has been approved for 8 indications in China since then, all of which have been included in China's medical insurance catalogue. The company's three commercial products are included in China's medical insurance catalogue. Sales of treprilizumab grew rapidly, and approval of the new indications further broadened the scope of product use, providing strong support and guarantee for the subsequent growth of the company's product sales.
Internationalization is progressing smoothly, and it is expected that it will continue to open up overseas markets. In terms of internationalization progress, treprilizumab was approved by the FDA for listing in the US in October 2023. At present, treprilizumab has been approved for marketing in the United States, the European Union, India and other countries and regions, and applications for listing in the UK, Canada, Singapore and other regions have been accepted. The commercialization of treprilizumab in the US is an important “overseas” milestone. It is also the company's R&D quality and production quality have been recognized by international regulators. As the international layout process progresses smoothly, the company's product sales have ushered in growth, focusing on potential R&D projects. In terms of well-funded R&D expenses, the company's R&D expenses reached 0.874 in the first three quarters billion yuan, down 31.19% from the same period last year. The company's R&D expenses have decreased year-on-year, mainly because the company invests R&D expenses in more promising projects. In terms of capital reserves, as of 2023Q3, the company had a total balance of 3.045 billion yuan in monetary capital and transactional financial assets. It is expected that it will continue to support the R&D pipeline of subsequent companies. In terms of other R&D projects that are progressing rapidly, the company's JS004 and JS005 have now entered the late-stage pipeline development and listing application, and it is expected that the company's product matrix will continue to be enriched in the future.
Investment advice:
We expect the company's 2024-2026 EPS to be -1.42 yuan, -0.74 yuan, and 0.15 yuan, respectively, with corresponding dynamic price-earnings ratios of -21.53 times, -41.41 times, and 203.06 times, respectively. As an innovation-driven biopharmaceutical company, the company has a rich R&D pipeline and is progressing smoothly. In the future, the company is expected to benefit from the implementation of diverse innovation achievements and maintain a “buy” rating.
Risk warning:
Drug development falls short of expected risks, sales volume falls short of expectations, drug delivery falls short of expectations
