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There are broad prospects for drug sales in the EU market, and albumin paclitaxel is expected to become the second country in the world to enter the EU market.Mw2crashingps4Of the generic drug enterprises, the sales peak exceeded 700 million yuan. At the same time, the demand for drugs in emerging markets is growing, and the company's biosimilar drugs generate sales revenue in many countries, which has a broad market space. It is expected that the company's revenue and net profit will increase significantly from 2024 to 2026, maintaining the "recommended" rating, but pay attention to the progress of research and development, the progress of overseas commercialization and the risk of industry policy change.

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[ping an point of view: the company's white and purple EU sales peak is expected to exceed 700 million yuan]

According to the company's latest announcement, its introductionMw2crashingps4By the end of 2023, 12 products have signed contracts with customers in more than 40 countries and submitted registration applications. Among them, albumin paclitaxel, a key product, has passed the EU GMP inspection and is expected to be commercialized in the EU in the second half of 2024, becoming the second white purple imitation pharmaceutical company in the world to enter the EU market. Therefore, the company's white and purple sales in the EU market are expected to exceed 700 million yuan.

As a high-end complex preparation, albumin paclitaxel has a broad alternative space in the EU market. At present, the EU white-purple penetration rate is only 15%, which is much lower than that of China, the United States, Japan and other countries. With the participation of more generic drug companies, the EU white-purple penetration rate is expected to accelerate.

The company's sales in emerging markets are also growing rapidly. Its infliximab, bevacizumab, adamumab and other blockbuster biological analogues have completed on-site audits in Egypt, Brazil, Indonesia and other countries, and the factory inspection rhythm is in line with expectations. It is expected that the market space for related products is broad, and the net interest rate will be at a relatively high level.

Based on the fact that the company has more follow-up sea products, broad white and purple space and strong certainty, it is predicted that the company's revenue will reach 15% from 2024 to 2026.Mw2crashingps4. 68/20Mw2crashingps471 / 2.692 billion yuan, the net profit is 0.35 pounds 1.18 / 257 million yuan respectively. At the same time, considering that a number of products under research and introduction will continue to promote clinical and overseas commercialization, the company is expected to further improve its valuation and maintain its "recommended" rating.

However, it should be noted that there are many research projects in the company, the risk that the progress of research and development is lower than expected, the introduction of a large number of varieties, the risk that the progress of overseas listing is lower than expected, and the irregular adjustment of the national health insurance catalogue may affect the price of related products of the company.