翰森製藥(3692.HK):創新實力強勁,內在價值凸顯
據翰森製藥(3692.HK)業績財報顯示,翰森製藥持續推進創新轉型,產品管線廣泛包含抗腫瘤、抗感染、中樞神經系統類疾病、代謝疾病及自身免疫性疾病等具有重大未滿足臨牀需求的領域。
在產品商業化上,翰森製藥2021年新增兩款創新藥產品(含新增適應症)獲批上市,目前共擁有5款已上市創新藥產品,創新藥銷售收入42.02億元,同比增長168.9%,佔總收入比重躍升至42.3%,佔比近半。從治療領域看,當下最熱門的腫瘤業務已經佔據了翰森製藥營收的半壁江山,2021年收入達到54.81億元,比上年增長了近15億元,佔總營收比例超過55%。隨着肺癌創新藥阿美樂獲批一線治療適應症,以及慢粒白血病創新藥豪森昕福的持續放量,抗腫瘤創新藥有望持續保持高增長態勢;抗感染領域收入達約15.03億元,佔總收入約15.1%,隨着乙肝創新藥恆沐進入醫保,中國龐大的乙肝用藥市場將推動抗感染領域營收快速提升。
在創新研發上,翰森製藥2021年研發投入17.97億元,同比大增43.5%,佔營收比重達18.1%。2021年之前,翰森製藥的創新藥新項目申報速度保持在每年1到3個,但2021年公司的新項目申報出現爆發式增長,當年共申報了14個新藥項目——其中上半年5個,下半年高達9個。目前,翰森製藥共有超過25個創新藥進入臨牀階段,其中在研新藥中有5款創新藥處於II期及以上臨牀階段。目前態勢顯示,翰森製藥基本保持了每年2個創新藥(或適應症)獲批上市的高產出速度,創新藥研發即將進入密集收穫期。
翰森製藥在研發與BD上已經展現出更加活躍的運營思路,加之突出的商業化能力,有望在創新產品結構與銷售規模上實現持續擴充,加速成為一家以創新藥為主導業務的綜合性製藥企業。
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