And behind this report card, what kind of growth logic and future strategic signals of Cinda Biotech are behind? In order to explore the answer, Sina Pharmaceuticals had a special dialogue with Xi Hao, the executive director, and chief financial officer of Cinda Bio.
Xi Hao, Executive Director and Chief Financial Officer of Cinda
Red sea or blue sea, how can the PD-1 battle be better?
In the past year, in the PD-1 track that is the most concerned and the most intense in the industry, Sintilimab (Daboshu®), as the only Cinda Biologics that enters the high-volume growth of medical insurance in 2020, has The annual revenue of 2.29 billion yuan has become one of the products with strong performance and the upper hand.
PD-1 is a rare super target in the history of innovative drugs for decades. Countless capital and companies are rushing into the Nuggets, and the competition has heated up.
Has this track been a red sea or a blue sea all the time? How much space is there in the future market? The parties argued differently. As the main force of domestically produced PD-1, how Cinda Biotech treats this issue has become the focus of attention.
In this regard, Xi Hao said: “Despite the fierce competition, from the perspective of global PD-1 sales performance, it will be as high as about 30 billion U.S. dollars in 2020, showing a double-digit growth rate, which is a very important trend. In China, The sales performance of domestic PD-1 in 2020 has approached the scale of tens of billions. Among them, the sales performance of Daboshu® has more than doubled, and due to the price reduction, the sales volume has actually increased more, which proves that the market is actually full of potential. ."
Xi Hao continued to add: "In addition, the current research results of PD-1 single-drug and combination drugs are still being released. There are still many cancer patients and potential patients at home and abroad that need to be covered by more affordable means. Therefore, the entire PD-1 The market space of -1 is far from saturated."
However, the cruel competition is also an indisputable fact. Xi Hao emphasized: "In the future PD-1 market pattern, domestic PD-1 products will occupy 80% of the market. This will allow three or four leading companies with good curative effects, excellent products, and preemptive opportunities to occupy 80% of this market. -85% of the market. Capital will also be more cautious, and the industry will surely survive the fittest. Therefore, leading companies that seize the opportunity should seize the opportunity to grow."
In the face of more and more domestic PD-1 entering the medical insurance and direct competition with Daboshu®, Xi Hao said: “First of all, we are confident in the quality of the product and the affordable price for patients, and we believe that Daboshu® is still It has a certain first-mover advantage. In the past year, Daboshu® has greatly reduced the price of medical insurance, allowing many patients to achieve access to the drug and fully understand its efficacy, which has laid a good market foundation."
At the same time, in order to cover more patients, Daboshu® is still speeding up the race for indications. In February this year, Daboshu® combined with chemotherapy has been approved for the first-line non-squamous non-small cell lung cancer (NSCLC) indications. In addition, there are also three new indications for marketing applications that have been accepted and are under review by the NMPA.
In addition, Xi Hao’s confidence not only stems from the continuous expansion of Daboshu® in terms of indications but also from Cinda Bio’s transformation of the once high-priced “magic drug” of PD-1 inhibitors into Patients who are determined to be truly affordable and high-quality biological drugs.
Beginning on January 1, 2021, in response to the Beijing Kangmeng Foundation’s call to provide medical aid to cancer patients who are impoverished due to illness, Daboshu participated in the "Shuxinkeyi-Tumor Immunotherapy Patient Rescue Project":
The first round of "2+2" means buying 2 cycles (4 bottles) to get 2 cycles (4 bottles) of drug assistance, the first four cycles only pay 11,000 yuan; the subsequent "5+N" means buying 5 cycles (10 bottles) It can be rescued until the disease progresses. The total treatment cost is capped at 39,800 yuan, which once again greatly reduces the economic burden of patients and brings hope of survival. (Source: Beijing Kangmeng Foundation)
According to Xi Hao, from the market feedback in the first quarter of 2021, Daboshu® sales continue to maintain good momentum.
High-quality platform incubation, the product enters the harvest period
In addition to PD-1, there is another bright spot in Cinda's 2020 report card: hematopoietic ability has been further enhanced.
In 2020, Cinda Bio will welcome Dayoutong® (bevacizumab biosimilar), Surixin® (adalimumab biosimilar), and Daboshu® (rituximab biosimilar) The launch of three new drugs makes Cinda the only Chinese biopharmaceutical company that has launched four antibody biopharmaceuticals within nine years of its establishment.
How will these three new products develop in the future?
Judging from the financial report data for 2020, Daboshu® accounted for nearly 60% of the company's revenue that year, and these three newly listed products contributed relatively little to the revenue.
Regarding this disparity, Xi Hao said: “In terms of Cinda Bio’s product strategy, Daboshu®, as Cinda’s first product to be marketed and put on the market, has seized the opportunity in the PD-1 track. The future is still the focus of the company’s development and is the company’s flagship product."
"The reason why the three new drugs contribute less in 2020 is due to the late approval last year; on the other hand, the high cost of using one-off production lines for these three products in the past, and will gradually replace them with stainless steel in the future. Production line, so as to achieve the effect of reducing costs and increasing efficiency".
In addition, Xi Hao emphasized: “In 2021, Cinda Bio will put more efforts to promote these three biological drugs, especially the two key products, Dabohua and Dayotong, so as to realize the full bloom of the company’s products. "
It is reported that in order to accelerate the company's commercial development, Cinda's current production capacity has been successfully expanded from 5,000 liters to 24,000 liters, which has made a strong production reserve for the company's future technological achievements conversion. At the same time, 36,000 liters of stainless steel bioreactors are under construction, and the total production capacity is expected to reach 60,000 liters by the end of this year.
It can be seen that as more and more new drugs enter the harvest period, as a representative of local innovative pharmaceutical companies, "Cinda Speed" has become increasingly prominent.
And behind this rapid pace, Xi Hao believes that it benefits from the high-quality "platform" advantage of Cinda Biotech.
According to Xi Hao, Cinda Bio is now one of the few innovative pharmaceutical companies in China that have built a full-cycle technology platform for bio-innovative drug development, including platforms for R&D, pharmaceutical development and industrialization, clinical research, and marketing. The efficient operation system has laid a solid foundation for Cinda Bio to continuously produce innovative drugs.
Currently, on this platform, Cinda Bio has 23 products in clinical practice, among which, CD47, LAG-3, TIGIT, and other high-potential and globally popular tumor immune drugs are progressing rapidly, and they are expected to become Cinda Bio at home and abroad in the future. New PowerPoint.
In the next decade, the journey of internationalization will accelerate
The international vision is the genes of the new generation of innovative pharmaceutical companies, and Cinda Bio is the same. 2021 is the tenth year of Cinda Bio's establishment. Xi Hao said that in the next ten years, global innovation and business globalization will be the company's most important strategic direction.
For this reason, Cinda Bio will play a few beautiful moves in 2020:
In June 2020, Cinda Bio and Roche Pharmaceuticals reached cooperation of more than US$2 billion in the field of double antibodies and immune cell therapy. It is one of the largest international technical cooperations in the field of biopharmaceuticals in my country so far, and it is also the first time Roche Pharmaceuticals and China Biopharmaceuticals Enterprises carry out platform-based cooperation.
In August 2020, Cinda Biotech and Eli Lilly entered into a strategic expansion licensing agreement for the exclusive rights of Daboshu® outside of China. This is one of the largest overseas licensing cooperations in the history of China’s biomedicine, and it is also the first time in China. The self-developed and marketed macromolecular drugs successfully transferred overseas markets to the cooperation of the world's top 500 pharmaceutical companies.
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In terms of international cooperation, how to select excellent multinational pharmaceutical companies to "group together to fight the world", Xi Hao emphasized: "It must be based on the recognition of the quality and efficacy of the products and the high degree of market demand between the two parties. Good cooperation can accelerate Promote good products to a larger market, benefit patients faster, and boost the company's development."
Xi Hao said: “Multinational cooperation has opened a new chapter in Cinda Bio’s overseas expansion. In the future, Cinda Bio will continue to improve its own independent capabilities while working with more partners to open up the future; it must move from walking to running on the road of internationalization. , From R&D to sales, we will become a truly global company as soon as possible."
Talents are the key to whether the globalization strategy can be implemented.
It is reported that in order to help upgrade global R&D and innovation, Cinda has continuously introduced global talents in recent years, and the company's team size has increased from about 2,000 employees (stated at the end of 2019) to 3,200 (stated at the end of 2020). In addition, the company also focused on the introduction of world-renowned scientist Dr. Liu Yongjun as its president, leading the company to develop its global R&D business.
It can be seen that, from strategy to manpower, Cinda Bio is fully prepared for the promotion of an international company.
A successful capital market
It is worth mentioning that, as an outstanding representative of an unprofitable biopharmaceutical company entering the Hong Kong stock market, Cinda Bio's performance in the capital market has always been remarkable——
As of today, the market value of Cinda Bio has reached 107.4 billion Hong Kong dollars, which is nearly 7 times higher than the market value of 15.6 billion Hong Kong dollars at the time of the initial public offering.
In addition, in 2020, Cinda Biotech successfully picked "B" in the Hong Kong stock market, and was successfully included in the Hang Seng Composite Index and Southbound Stock Connect, further expanding the investment base.
In addition, in terms of stock price trends, according to statistics from Sina Pharmaceuticals at the end of 2020, Cinda Biologics ranked second among newly listed pharmaceutical companies after the Hong Kong Stocks New Deal with an increase of about 487% from the issue price, and the results are far ahead.
Regarding the relationship between innovative pharmaceutical companies and capital, Xi Hao analyzed: "I believe that everyone has more and more understanding of biopharmaceuticals. The characteristics of biopharmaceuticals are long investment periods and large investments, but once they succeed, the returns are very substantial. Cinda Bio's stock price trend reflects the recognition of investors. This is due to the company's constant emphasis on the capital input-output ratio and the high success rate of products under research."
At the same time, he added: “As a commercial company, Cinda Bio will better create reasonable returns in the future while fulfilling its mission of benefiting the people, so that people all over the world can truly afford high-quality biological medicines.”
Today, Cinda Bio is growing from a Biotech company to Biopharma. In this growth process, Cinda Bio continues to show its own brand new look with vigorous "evolution".
The law of "evolution" is embodied in the two aspects of the company's "decision-making power" and "feedback power". In Xi Hao's view, the key factor for Cinda's rapid growth is precisely the combination of "strategic vision" and "effective execution".
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