Ding Ding Pharmaceuticals to stop bleeding, some varieties are suspended

Ding Ding Pharmaceutical has entered a critical turning period.

On August 10th, Ding Ding Pharmaceutical's half -annual report: In the first half of 2022, revenue was 94.9 million US dollars, a year -on -year increase of 66.38%; operating losses were 220 million US dollars, a year -on -year narrowing of 44.39%. Rising revenue and narrowing losses are a good sign.

The narrowing loss of Ding Ding is the result of slowing R & D investment to a certain extent. In the first half of this year, ZL-2309's research and development of ZL-2309 was a self-developed CDC7 inhibitor. At the same time, Ding Ding Pharmaceutical reduced the internal development priority of ZL-1201.

Compared with the first half of 2021, the R & D expenses of Ding Ding Pharmaceuticals in the first half of this year decreased by 65.34%.

It is not difficult to understand the behavior of Ding Ding Pharmaceutical's "Broken Arms". In the current environment, the self -developed pipeline will also invest huge energy. Relatively speaking, the introduction of varieties may be more mature, and it has invested a certain amount of sinking costs.

Two major varieties revenue decline

In the 2022 Central Report, the revenue of Ding Ding Medicine mainly came from two aspects: product income and cooperation income.

Cooperation revenue is the beginning of this year, accounting for only 1.3%of the total revenue. Zaiding Pharmaceutical said to the Jianzhi Bureau that this part of the income comes from the market promotion cooperation income of related products.

The revenue is still on the product end. As of now, a total of 4 products have been approved to be listed in Ding Ding Pharmaceutical, namely PARP inhibitors Nila Pali, Tumor Electric Farm Treatment Product Eprae, tyrosine kinase switch to control inhibitors, and antibacterial toluene sulfona sulfona sulfur Sour Omal. Tactic sulfonate was just listed this year, with a total revenue of $ 2 million in the first half of the year.

Nira Pali is the main force of Ding Ding revenue. In the second quarter of this year, it reached a revenue of $ 34.1 million to maintain an increase. The increase in the increase in the increase in the treatment of products on the treatment of products on the tumor electric field began to slow down and decline.

The most obvious decline is Parreinib. Since the third quarter of 2021, Patinib has a peak of $ 4.3 million in quarterly revenue, and revenue will only be US $ 600,000 in the second quarter of 2022.

Zaiding Pharmaceutical said that this is mainly because the company reduces the terminal price and strives to squeeze into this year's medical insurance. Therefore, in the second quarterly report this year, the sales rebate of the dealer was 2.7 million US dollars as compensation made as a compensation for dealers. Essence

Patinib is currently approved in China and the United States: all patients with advanced gastrointestinal gastrointestinal tumors treated with three or more kinase inhibitors. Its clinical application is prioritized, and the patient's medicinal enthusiasm is naturally not the same as the previous level of medication.

Because of the active "preparation" medical insurance price negotiations, the revenue of Rypinib may continue to decline. According to the drug list of autonomous prices released by enterprises released by Heilongjiang Province in August, the current 30 specifications of Rypotinib fell from 33266 yuan to 13,315 yuan, a decrease of 60%. After entering the medical insurance in the future, the revenue of Rypininib may be affected.

The revenue of the "unique flock" Aippt Shield appeared to be tired, but it was unexpected.

The Aipu Shield is a wearable device that puts the electric field patch on the skin around the patient's tumor. It interferes with the wire division of tumor cells by frequency frequency of the electric field, thereby playing an anti -tumor effect. Since 2021, the quarterly revenue of Aipu Shield has risen all the way, from $ 7.1 million to $ 12.8 million, almost at the top. In the first half of 2022, the revenue of Aipu Shield failed to continue to increase, but declined.

The idea of ​​anti -tumor for wearable devices may not be fully accepted by the market. It is understood that the unit price of the Epun Shield Electric Farm is about 3,000 yuan, and it will be replaced once every 3-4 days. The overall monthly costs nearly 130,000 yuan. And when used, it is necessary to ensure that the treatment of tumor electrical fields should play a role. Patients must wear nearly 20 hours a day and wear continuously for more than half a year.

Since it has not yet been included in national medical insurance, and it continues to wear a lot of living restrictions on patients, whether it is a doctor or a patient, the acceptance of the treatment of Aipu Shield is relatively limited.

Performance resistance is PARP inhibitors Nira Pali. Since 2021, Ding Ding's sales have continued to rise. In the previous year of 2022, Nica Pali's sales reached $ 63.7 million, an increase of 76.94%year -on -year. At present, a total of four PARP inhibitors in China have been approved to be listed. Astraikon, Baiji Shenzhou, and Hengrui Medicine are strong opponents.

Self -research innovation "not fragrant"?

The Ding Ding Medicine established in 2014 has now realized the commercialization of 4 products.

However, in the first half of this year, the development of two products was suspended, and perhaps HOLD could not hold nearly 40 "burning money" speed on the research pipeline.

As of the semi -annual report, Ding Ding Pharmaceutical's book funds were US $ 681 million, a decrease of $ 283 million from the end of 2021. As follows, the money in the hands of Ding Ding Medicine is probably only "burned" for a year and a half. Therefore, in the first quarter, all the pipelines were also handed in handy, and the development of some self -developed varieties was suspended in the second quarter.

According to the semi-annual report, Ding Ding Pharmaceutical terminated its research and development progress in the research and development of the CDC7 inhibitor ZL-2309. In this regard, Zai Ding Pharmaceutical said to the Jianxian Bureau that the decision was based on the decision made after the full assessment of previous research data.

At the same time, Zaiding Pharmaceutical has also reduced its internal development priority in the research CD47 inhibitor ZL-1201. The drug has completed the first phase of clinical research and determined the recommended dose of the phase II phase II. "Based on the perspective of changing competition patterns, we have decided not to give priority to further internal development." Re -Ding Ding Pharmaceutical admits. When the market economy declines, it is more reflected in the desire to survive. Then Ding chose to press the self -developed product to press the suspension key. After all, there is a prepaid cost for the introduction of varieties, and at present, it can only be stiffly touched.

In the first half of this year, the R & D expenditure of Ding Ding Pharmaceutical was US $ 120 million, a year -on -year decrease of 65.34%. At the same time, the sales cost was US $ 33.051 million, an increase of 79.89%year -on -year. However, the active side is that sales, general and administrative expenses are 120 million US dollars, an increase of 33.4%year -on -year. Relatively speaking, these costs are significantly declined.

Like many Chinese stocks, Ding Ding is also facing the turmoil of the international capital market. At present, it has returned to the double listing of Hong Kong stocks.

The market calls for truly effective innovative drugs, which requires the time, energy and wisdom of many practitioners. Companies that are used to License-in shortcuts must return to innovation, and research and development ideas, commercial institutions, etc. need to be refurbished, which requires patience.

These patience requires the business funds of real gold and silver to pay.

Writing ｜ Nicotinamide

Edit ｜ Jiang Yun Jia Ting

Operation ｜ Twenty -thirty

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