Innovax Biological announced that its operating revenue for the first three quarters reached 1.948 billion yuan, a year-on-year decline of 60.79%. The net profit attributable to shareholders of the listed company for the same period was 267 million yuan, down 85.25% compared to last year. In the third quarter alone, the company generated revenue of 582 million yuan, down 27.72%, and reported a net profit of 6.1686 million yuan, a staggering decline of 94.18%.

The company attributed the decline in performance to several market adjustments during the reporting period, including government-led centralized procurement and the extended age range for the nine-valent HPV vaccine, which have collectively led to reduced sales revenue and profits compared to the same period last year.

At the market opening today, Innovax Biological's stock price fell over 2%.

In August 2022, Merck China announced an expansion of the target age group for its nine-valent HPV vaccine from 16-26 years to 9-45 years. Following this, sales of domestic bivalent HPV vaccines declined, impacting the performance of related companies. In addition to the effects of age range expansion for imported vaccines, the price of bivalent HPV vaccines has continued to decrease after entering centralized procurement, further squeezing the profits of relevant listed companies.

However, on August 26 of this year, Innovax Biological announced that its application for marketing authorization for the nine-valent HPV vaccine has been accepted. To accelerate the industrialization of this vaccine, the company has increased its investments in this project by more than 40 million yuan compared to the same period last year.

According to relevant regulations, once the marketing authorization application for the nine-valent HPV vaccine is accepted, the National Medical Products Administration (NMPA) will conduct a technical review of the safety, efficacy, and quality control of the accepted medication. During this process, on-site inspections for production and compliance checks for drug manufacturing quality management standards will also be conducted. If the comprehensive review concludes positively, the drug will be approved for marketing, and a drug registration certificate will be issued.

From a procedural standpoint, the period from the acceptance of the marketing authorization application to approval for the nine-valent HPV vaccine can be relatively lengthy. The company indicated that successful approval of the nine-valent HPV vaccine will benefit the promotion and use of HPV vaccines, enrich the company's product lineup, and further enhance its core competitiveness, laying a solid foundation for sustained and stable development.

In a recent investor relations activity, when asked about the company's plans for market expansion of its vaccine products, the company stated that it complies with domestic vaccine sales models and regulations, looking for suitable sales strategies to accelerate penetration and advance products deeper into the market. As brand awareness gradually increases, the company continues to strengthen its sales team, establish stable cooperative relationships with quality promotional service partners, and enhance its marketing network.

In terms of the international market, the company is actively pursuing international registration for its products and promoting entry into government procurement standards in approved countries, while also building education and promotion channels for out-of-pocket markets. Multiple approaches and channels are being utilized to drive international market sales. The company is also collaborating with various international organizations and actively participating in GAVI's procurement plans, providing new growth points.

In its Q3 report, the company highlighted that, in light of the competitive landscape in the current market environment, it is actively adjusting its operational strategies. The focus is on leveraging product advantages in technical innovation, economic value, and product quality, while continuously enhancing market share through differentiated competitive strategies. The company is also working to solidify stable win-win relationships with quality channel partners, fortifying its marketing network and building a healthy, long-term business system, all while accelerating the pursuit of new growth points in international markets.

https://finance.eastmoney.com/a/202410253217510842.html