After the market on August 31, Hong Kong stock China Biopharmaceuticals (01177) disclosed the 2021 interim results report. The financial report shows that China Biopharmaceuticals recorded revenue of approximately 14.354 billion yuan in the first half of the year, an increase of 13.5% year-on-year; the profit attributable to the holders of the parent company was approximately 8.48 billion yuan, an increase of 583.6% year-on-year, of which the attributable share of associates and joint ventures The profit reached 7.585 billion yuan. After deducting relevant taxes and fees, the associates and joint ventures contributed about 6.906 billion yuan in real profits to China Biopharmaceuticals, compared with a loss in the same period last year.
The profit growth of Sino Biopharmaceuticals associates and joint ventures was mainly due to the sales of Coxing Zhongwei's new crown vaccine. In December 2020, Sino Biopharmaceutical invested US$515 million in Kexing Zhongwei, holding 15.03% of its equity. Based on this calculation, Kexing Zhongwei's profit in the first half of the year was close to 50 billion yuan, exceeding market expectations of 30-40 billion yuan. .
As of now, Kexing's new crown, Kellyford, has been approved for emergency use or listed with conditions in more than 50 countries, and has entered the World Health Organization's emergency use list. According to China Biopharmaceuticals, Kexing Vaccine has now completed more than 1 billion doses of vaccination worldwide. Kexing Zhongwei has signed cooperation agreements with nearly 20 countries outside China this year for a total of about 900 million doses of vaccines.
In April of this year, the third phase of Kexing vaccine's original solution workshop was completed and put into production in China. The annual production capacity is expected to exceed 2 billion doses. In addition, Kexing vaccine has production workshops in Indonesia, Malaysia, Brazil, Turkey, Egypt and other countries. .
Top sales of domestic vaccines?
There is no doubt that the new crown vaccine is the best-selling vaccine product in the history of the world.
According to the previous calculation of Guotai Junan Securities, the net profit of a single inactivated vaccine is about 50 yuan, and the net interest rate is about 40%-50%. Based on this calculation, the sales revenue of Kexing Vaccine in the first half of the year was 100 billion yuan to 125 billion yuan, which even surpassed Pfizer vaccine and became the world's highest-selling new crown vaccine.
According to Pfizer’s previously announced second-quarter financial report, the second quarter sales revenue of the mRNA new crown vaccine BNT162b2 jointly developed by Pfizer and BioNTech was close to 7.9 billion U.S. dollars, and the total revenue for Pfizer in the first half of the year was more than 11.3 billion U.S. dollars. Pfizer expects its new crown vaccine revenue in 2021 to reach 33.5 billion U.S. dollars. Moderna's new crown vaccine revenue reached approximately US$4 billion in the second quarter, and sales revenue in the first half of the year was approximately US$5.93 billion.
In addition to the Kexing vaccine, the sales revenue of other domestic vaccines is also very impressive, even surpassing the sales revenue of the new crown vaccine of many international pharmaceutical giants.
Affected by factors such as safety and virus mutation, Johnson & Johnson's new crown vaccine sales grew slowly in the second quarter, with sales revenue of US$264 million in the first half of the year. AstraZeneca's new crown vaccine sales revenue in the first half of the year was 1.17 billion U.S. dollars.
The sales revenue of Cansino Bio-B (06185) vaccine in the first half of the year was about 2.061 billion yuan, and the net profit was about 937 million yuan, which turned losses into profits. The main reason for the increase was the sales of new crown vaccines. Zhifei's financial report shows that its subsidiary Longkoma's revenue is 5.313 billion yuan, which is estimated to be mainly contributed by the recombinant protein new crown vaccine.
China's vaccine export volume ranks first in the world
According to the latest report of the National Health Commission, as of August 31, a total of 2.05 billion doses of the new crown vaccine have been reported in China. According to Zeng Yixin, deputy director of the National Health Commission, previously disclosed that a total of 7 vaccines in my country have been used for emergency use or listed with conditions, and 21 vaccines have entered the clinical trial stage.
The first phase of the domestic vaccination plan is coming to an end. How much market space is there for the new crown vaccine that has not yet been approved for marketing?
On August 27th, Tibet Pharmaceuticals announced that it would give up the exclusive global commercialization rights of Sri Lanka's microbial mRNA new crown vaccine and tuberculosis vaccine. Losing the aura of the "new crown vaccine concept", Tibet Pharmaceuticals has fallen for two consecutive days, and its market value has evaporated by nearly 1.4 billion yuan.
Former FDA vaccine review supervisor and chairman of Sichuan Ankekang Biopharmaceutical Co., Ltd., Yu Li, said in an interview with Times Finance that it is currently difficult to obtain emergency use authorization for the new crown vaccine in China, and most of the unlisted new crown vaccines must be listed. Approval, but the new crown epidemic has not yet ended, and there are repeated epidemics in China from time to time, and the demand for vaccination will always exist. The follow-up new crown vaccine can consider the market in this area.
A pharmaceutical industry analyst told Times Finance and Economics: "The domestic market is already very limited, but the new crown vaccine looks at the global market."
Our World in Data shows that global COVID-19 vaccination has reached 5.29 billion doses, and about 39.4% of people in the world have received at least one dose of COVID-19 vaccine, but in low-income countries, only 1.7% of people have received at least one dose of COVID-19 vaccine.
The above-mentioned medical industry analysts pointed out that the new crown vaccine is a successful attempt to promote the internationalization of domestic vaccines, and since most of the clinical trials of the new crown vaccine are carried out abroad, at least the country where the trial is located pays more attention to the new crown vaccine. , So the export of new crown vaccine is not a big problem.
For example, the Phase 3 clinical trial of Kexing vaccine was conducted in Brazil, and Brazil was one of the first countries to approve the emergency use of Kexing vaccine.
According to the "Global New Coronary Vaccine Application Vision Report" issued by the Boao Forum for Asia, China has provided more than 500 million doses of vaccines and stock solutions to more than 100 international and international organizations, which is equivalent to one-sixth of the total global new crown vaccine production. As of May, China’s vaccine exports accounted for 227% of Europe’s vaccine exports and 84 times that of the United States.
Everbright Securities expressed optimism about the incremental space brought by the new crown vaccine export market. The total value of my country's human vaccine exports from January to July this year was 48.38 billion yuan, of which the value of exports in a single month in July reached 15.89 billion yuan, while the value of my country's vaccine exports in 2020 was only 1.88 billion yuan. According to statistics, my country’s exports of new crown vaccines this year will reach at least 2 billion doses. If calculated based on the export price of 70-80 yuan per dose, the export value of new crown vaccines in 2021 is expected to reach 140-160 billion yuan.