Caixin Finance News - On September 5th, benefiting from the price regression and increased market share of the company's insulin products in the follow-up centralized procurement of 2024, as well as the sale of stocks held, Gan & Lee Pharmaceuticals (603087.SH) achieved double growth in revenue and net profit in the first half of this year. At the mid-term performance meeting held in the morning of the 5th, the company once again emphasized the impact of the price regression of insulin products in the centralized procurement on the company's performance, and stated that the company's GLP-1 receptor agonist, GZR18 injection, has good competitiveness.

「The results of the 2024 follow-up procurement of insulin will be implemented in various provinces from May 2024 to December 31, 2027. In this follow-up procurement, all of the company's products were selected, and the company maintained the same selection category. The mainstream products in the market demand were all selected as A-class.」 In response to questions from investors about the sustainability of performance, Gan & Lee Pharmaceuticals' general manager Du Kai said.

According to public information, Gan & Lee Pharmaceuticals' insulin products include mainstream second-generation and third-generation insulin, covering the three sub-markets of long-acting, rapid-acting, and premixed. In the 2021 insulin special procurement, all six insulin products of Gan & Lee Pharmaceuticals were selected, but the selected prices were low, which led to a sharp 52.60% decrease in the company's revenue in 2022, and a shift from profit to loss in net profit attributable to mothers.

However, in the domestic procurement of insulin in April this year, all six insulin products of Gan & Lee Pharmaceuticals were still selected, and the winning prices of the products all increased. This may be one of the reasons for the double increase in revenue and net profit for Gan & Lee Pharmaceuticals in H1 2024.

In addition, as a leading domestic company in the field of insulin and diabetes treatment drugs, Gan & Lee Pharmaceuticals also has a layout of GLP-1 related pipeline. Its GLP-1 receptor agonist, GZR18 injection, is undergoing phase II clinical trials for the indications of type 2 diabetes (T2DM), obesity, and overweight weight management, while GZR18 tablets are undergoing phase I clinical trials.

In fact, many domestic companies have entered the field of GLP-1 pipeline, including Huadong Medicine (000963.SZ), Jiangsu Hengrui Pharmaceuticals (600276.SH), Livzon Pharmaceutical Group (000513.SZ), Tonghua Dongbao Pharmaceuticals (600867.SH), Xinda Biotechnology (01801.HK), and Shiyao Group (01093.HK). These listed companies are actively laying out GLP-1 drugs. Among them, Huadong Medicine's subsidiary Jiuyuan Gene and Livzon Pharmaceutical Group have already submitted applications for the listing of similar biological drugs to liraglutide, while Jiangsu Hengrui Pharmaceuticals has laid out Class 1 new drugs targeting GLP-1, GLP-1/GIP, GLP-1/INSR.

At the performance meeting, in response to the question raised by Caixin reporter, "Has the research and development progress of the company's weight loss drugs fallen behind and what is its competitiveness?", Du Kai said that after 35 weeks of treatment, the weight of the GZR18 once-a-week dosing group decreased by an average of 18.6% compared to the placebo group, and the weight of the GZR18 once-every-two-weeks dosing group decreased by an average of 13.5% compared to the placebo group. Compared with the study data of similar drugs with a similar dosing cycle in Phase III clinical trials, the weight loss effect of GZR18 injection exceeded that of 2.4mg liraglutide (9.8%) and 15mg semaglutide (17.5%) in the same comparable population.

恒瑞医药の説明によると、「これは、単一のターゲットであるGLP-1RA双週間注射剤が、肥満の治療において多数のターゲットを持つGLP-1RA薬と同等の効果を発揮することを示しています。また、GZR18注射液は、週一回および二週に一回の投与頻度で多数のターゲットを持つGLP-1RA薬よりも優れた減量効果を示す可能性を持っています。さらに、GZR18注射液は、第IIb相臨床試験で30週間で17.29％の減量効果を示しました。」と都凯は財聯社の記者に説明しました。

財務報告によると、甘李薬業は2024年上半期に収益13.15億元を実現し、前年同期比6.92％増加しました。その内訳は、国内売上高が11.88億元で、前年同期比10.70％増加しました。純利益は2.99億元で、前年同期比122.80％増加しました。