Bank of America Securities released a research report stating that it reaffirmed the “buy” rating of China Biopharmaceuticals (01177) and raised its revenue forecast for the 2024-2026 fiscal year by 0.2%, respectively, based on the stable sales performance of key drugs under Zhongsheng Pharmaceuticals, and raised the target price from HK$3.6 to HK$3.8.
The company involved volume procurement (VBP) drug sales performance in March this year. Among them, flurbiprofen (flurbiprofen) fell 6% year on year, up 35.1% from quarter to quarter; calcitriol (calcitriol) fell 74.1% year on year, up 26.5% from quarter to quarter; budesonide (budesonide) rose 102.6% year on year, up 7.3% from quarter to quarter; and entecavir (entecavir) fell 11.5% year on year, up 16.2% year on year.
Sales performance of other drugs related to volume procurement (VBP), gemcitabine (gemcitabine) fell 16.8% year on year; alfacalcidol (alfacalcidol) rose 21.9% year on year; dabigatran (dabigatran)
(etexilate) fell 19.2% yoy; linezolid (linezolid) rose 25.5% yoy; bortezomib (bortezomib) rose 28.3% yoy; bendamustine (bendamustine) fell 10.7% yoy; tigecycline (tigecycline) fell 38.9% yoy; argatroban (argatroban) fell 66% yoy.
Sales performance of other key drugs, abiraterone acetate (abiraterone acetate)
acetate) fell 47.7% yoy, up 31.9% month-on-month; anlotinib (anlotinib) rose 3.2% yoy, up 23.6% month-on-month; dasatinib (dasatinib) rose 14.3% yoy and 20.7% month-on-month; penpulimab (penpulimab) fell 35% yoy and increased 35.2% month-on-month; glycyrrhizic acid (glycyrrhizic)
acid) increased 5.6% year over year and 41.5% month-on-month; isoglycyrrhizic acid (isoglycyrrhizic acid)
acid) fell 8.4% yoy, up 38.4% month-on-month; raltitrexed (raltitrexed) fell 1.2% yoy, up 22.6% month-on-month; tiotropium (tiotropium)
bromide) fell 24.1% year over year, up 3.3% month over month.