Jinwu Finance | According to a research report issued by zhongtai, the number of biosimilars launched by Boan Biotechnology (06955) is continuously accumulating and growing, with revenues reaching 0.16, 0.52, and 0.62 billion yuan in 2021, 2022, and 2023 respectively. In the first half of 2024, revenue reached 0.36 billion yuan, showing initial signs of scale effect. The sales expense ratio, management expense ratio, and research and development expense ratio in the first half of 2024 were 40.4%, 6.7%, and 23.6% respectively, significantly optimized compared to 2023. As a result, the company achieved its first profit in the first half of 2024.
The bank continues to state that according to the Pharmacy Cube, in the chinese market, the company's bevacizumab, adalimumab, abicipar, dulaglutide, and nivolumab rank 3rd, 1st, 2nd, 1st, and 1st respectively among similar biosimilars in terms of development progress. In the usa market, the company's adalimumab and dulaglutide rank 4th and 1st respectively among similar biosimilars. The company's deployed biosimilars are leading among similar products and are expected to capture the critical market window after the original research patent expires, with promising commercial prospects. The company's international multi-center phase III clinical study of adalimumab is simultaneously conducted in europe, the usa, and japan, completing the enrollment of all subjects in January 2024. The company has a strong industrialization system that aligns with international standards, with a commercial production capacity of 9000L and 6000L of commercial capacity under construction. The company's production system meets the GMP and other quality standards set by relevant regulatory authorities in china, europe, and the usa. The company has the capability to push adalimumab biosimilars to the core markets of europe and the usa in terms of R&D and production, and plans to conduct authorized cooperation in developed markets of europe, the usa, and japan upon completion of the international phase III trials for adalimumab, with the expectation that the company's business will expand to overseas markets in the near future.
The bank expects that from 2024 to 2026, the company will achieve revenues of 0.72, 1.02, and 1.49 billion yuan, and net income of 0.07, 0.12, and 0.24 billion yuan respectively. Considering that the company is backed by excellent resources from luye pharma, the domestic market for biosimilars continues to diversify and expand, and with the entry into the late stage of clinical research in the europe and usa markets, the innovative drugs sector possesses several differentiated products, with multiple authorized cooperation already established demonstrating the company's BD capabilities. The average PS for comparable companies in 2024 is 21 times, while the company's 2024 PS is 7 times. Initial coverage gives a 'shareholding' rating.
