Southwest Securities released a research report saying that with the continued expansion of Ridaxian and the gradual implementation of the pipeline in the later stages, Saisheng Pharmaceutical (06600) is expected to have operating income of 31, 35.3 and 4 billion yuan respectively, and net profit of 10.1 billion yuan, 11.7 billion yuan and 1.36 billion yuan, respectively. Company 1) Core Products] Relying on the GTP model, sales continue to rise; 2) Potential pipelines, including Elasqun, Vaborem, and RRX-001, are expected to gradually be implemented, injecting momentum for continuous development; 3) Expanding the product pipeline through the Licensein model.
The report's main points are as follows:
The GTP model promoted the continued release of Ridaxen, with revenue reaching 1.33 billion yuan in the first half of 2023.
Through the GTP model, Ridaxian continued to sell, with revenue of 2.17 billion yuan in 2022 and 1.33 billion yuan (+13.1%) in the first half of 2023. Ridaxian's continued sales volume stemmed from the GTP platform. By the end of December 2022, sales through the GTP model accounted for over 72% of Ridaxian's total sales.
Alasetran is an oral SERD FIC drug. The curative effect is significantly superior to fluvirizin in HR+/HER2 breast cancer with ESR1 mutations.
Alasitran is the only oral SERD drug approved for marketing in the world. On November 7, 2023, Sai Sheng Pharmaceutical and Menarini Group reached an exclusive license and cooperation agreement for Elasqun to obtain the right to develop and commercialize Elasqun in China. Alasitran is significantly superior to fluvirizin in HR+/HER2 breast cancer with ESR1 mutations. Saisheng Pharmaceutical is expected to submit a marketing application for Elastin in 2025.
Focusing on the big market, the pipeline is expected to gradually be implemented in the later stages.
CRE infection is a major global threat to public health, and treatment options are clearly lacking. Vaborem is expected to be the drug of choice for empirical treatment and is expected to be approved for marketing in 2025. rRx-001 is a small molecule drug with multiple anti-tumor mechanisms including immune response. It refers to terminal small cell lung cancer, and will be approved for marketing from 2025 to 2026 as soon as possible.