On the same day, the "Double Heroes" of NO.1 insulin disclosed their performance forecast: Ganli Pharmaceutical "turned over", and Tonghua Dongbao's net profit sharply decreased

On January 20th, Tonghua Dongbao released its performance forecast, expecting to achieve a net profit attributable to shareholders of the listed company of approximately 40.5277 million yuan in 2024, a decrease of approximately 1.127 billion yuan compared to the same period last year, a year-on-year decrease of approximately 96.53%. The main reason for the performance change is that during the reporting period, a new round of centralized insulin procurement began to be implemented in various provinces and cities across the country, and the bidding prices of the company's insulin products have decreased to varying degrees, resulting in a decline in sales revenue.

On the same day, Ganli Pharmaceutical also released its performance forecast, expecting to achieve a net profit attributable to the owners of the parent company of RMB 600 million to RMB 650 million in 2024, an increase of approximately RMB 260 million to RMB 310 million compared to the same period last year, a year-on-year increase of 76.44% to 91.14%. The main reason for the performance change is that in the domestic market, in the new round of centralized procurement, the company's six products achieved a certain degree of price correction on the basis of maintaining the first centralized procurement ranking, which promoted the sustained growth of the company's domestic revenue.

Comment: Against the backdrop of the continuous promotion of insulin procurement, Ganli Pharmaceutical and Tonghua Dongbao have shown different development trajectories. Ganli Pharmaceutical's net profit increased year-on-year in the first half of the year, demonstrating its ability to adapt to market changes. However, due to the price decline and inventory adjustment caused by insulin centralized procurement, Tonghua Dongbao's net profit sharply decreased, indicating that it has problems in responding to policy and market changes. In the capital market, investor sentiment may diverge due to the vastly different performance of two companies.

NO.2, with a maximum of 520 million US dollars, Kangnuo and Nuocheng Jianhua jointly announced an authorized licensing cooperation

On January 20th, Kangnuo and Nuocheng Jianhua jointly announced that the two companies and their joint venture have reached a licensing cooperation with Prolium Bioscience (hereinafter referred to as Prolium), authorizing Prolium to develop and commercialize the CD20 × CD3 bispecific antibody ICP-B02 (CM355).

According to the terms of the agreement, Prolium will have the right to develop, register, produce, and commercialize ICP-B02 in the global non oncology field as well as in the oncology field outside of Asia. Nuo Cheng Jianhua and Kang Nuoya will receive a total payment of up to $520 million, including down payments and recent payments, as well as additional payments to achieve clinical development, registration, and commercialization milestones, and both parties will acquire minority stakes in Prolium. At the same time, Nuocheng Jianhua and Kangnuo will also receive tiered royalty fees for future product net sales.

Comment: Kangnuo and Nuocheng Jianhua have teamed up to grant the global non tumor and non Asian tumor market development rights of CD20 × CD3 bispecific antibody ICP-B02 to American innovative pharmaceutical company Prolium. This cooperation further reflects the influence of domestic biopharmaceutical companies internationally, with a potential revenue of up to 520 million US dollars, which may stimulate optimism in the secondary market.

NO.3 Kelun Pharmaceutical: Subsidiary anti-PD-L1 Tagolizumab approved for market launch

On January 20th, Kelun Pharmaceutical announced that its controlling subsidiary Sichuan Kelun Botai Biopharmaceutical Co., Ltd. has developed an innovative humanized monoclonal antibody, Tagolizumab (formerly known as KL-A167), targeting programmed cell death ligand 1 (PD-L1), in combination with cisplatin and gemcitabine, for first-line treatment of recurrent or metastatic nasopharyngeal carcinoma (NPC) patients ®） It has been approved for marketing in China by the National Medical Products Administration (NMPA).

Comment: Kelun Pharmaceutical's subsidiary PD-L1 antibody new drug has been approved for market launch, enriching the company's tumor immunotherapy pipeline and having a positive impact on the domestic innovative drug market, which may boost the stock price. But the competition in the PD-L1 field is fierce, and the risk of homogenization cannot be ignored. Investors need to pay attention to the follow-up sales progress, production capacity layout, medical insurance negotiations, and patient recognition, and the long-term performance support for the company still needs to be verified.

NO.4 Baili Tianheng: Expected net profit of 3.6 billion yuan in 2024, will achieve a turnaround from losses to profits

On January 20th, Baili Tianheng announced that it expects to achieve operating revenue of around 5.8 billion yuan in 2024, an increase of about 932.27% year-on-year; It is expected to achieve a net profit of approximately 3.6 billion yuan attributable to the owners of the parent company, which will turn losses into profits. The main reason for the significant increase in operating revenue was the receipt of an irrevocable and non deductible down payment of $800 million from BMS, an overseas partner of the core product BL-B01D1, during the reporting period.

Comment: Baili Tianheng has achieved a large down payment and turned losses into profits by relying on the external authorization of its core product BL-B01D1, demonstrating the commercial potential of the company's R&D pipeline. The short-term surge in performance may bring positive sentiment in the capital market, but it should be noted that the $800 million down payment is a one-time payment, and investors should also pay attention to the company's subsequent product listing progress and global cooperation expansion.

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