Medical network on December 16 - some people say that the pharmaceutical industry development, but there are so many companies feel cool. 2016 policy to not too gentle, considerable stimulus and intense, thus make the whole pharmaceutical industry environment, the great changes in her coat to deal with, the downturn has hit. Adjuvant seemingly is a directory, but those with adjuvant in enterprises have deeply felt the bluffs type; Intention and transformation of enterprise is in the pit around, were filled with, even fell into a black hole.
Wind statistics, as of December 13, 77 listed pharmaceutical companies to disclose earnings forecast in 2016. Among 65 companies net profit rose, nine decline, three uncertain.
Entrepreneurs in the eighth China medicine annual meeting, deputy director general of department of ministry of industry and consumer goods industry hai-dong wu said at the meeting, in the first three quarters of the pharmaceutical industry grew by 10.4%, higher than that of all industrial 4.4%; Pharmaceutical industry achieved a profit of RMB 227.6 billion, up 15.6%, 7.2% above all industry. But from already earnings forecast, 77 pharmaceutical companies operating income is only about 8%, year-on-year increase in net profit growth of about 11%.
From the point of whole industry big data display, pharmaceutical industry show signs of recovery, according to the hai-dong wu, "the first year of this year is much starker choices-and graver consequences-in start, got off to a good start." But why the nine companies profit margins so serious?
Adjuvant early show directory
Step pharmaceutical just listed, with the title "the most expensive new" hind is announcement said the company expects 2016 annual operating profit and net profit a year is likely to decline by more than 50%." In its earnings forecast disclosure, said its net profit in 1.4 billion yuan - 1.7 billion yuan between, down by 60% ~ 50% compared with last year's 3.537 billion yuan. Another with step as prescription drugs market after years of double heron pharmaceutical warning that its 2016 net profit in 400 million yuan - 500 million yuan between, from 575 million yuan in 2015 fell 30% ~ 10%.
Among the two sides are shown declines in, step length, said the main GuGong pharmaceutical department in July 2015, the company achieved tonghua, jilin step control of pharmaceutical identified the non-recurring gains and losses of 1.707 billion yuan; While in a word, double heron medicine short-term industry policy influence part products of the company growth is slowing.
But specifically, the two companies are in the same policy limit the impact of "adjuvant directory", and this effect is emerging. This year on January 4, the anhui province issued "about the printing of anhui province at the county level public hospital clinical path management promote the work plan notice, request, 75 at the county level public hospital implementation of clinical pathway management, double heron pharmaceutical industry's main product for injection of compound coenzyme, step 21 of main product Dan red injection drug cannot be incorporated into the clinical pathway in the form. And these two products had been successively in Beijing, Inner Mongolia, yunnan, suzhou etc were included in the adjuvant or monitored directory.
Double heron pharmaceutical compound coenzyme and step Dan red injection are its take charge of great variety, all the year round in prescription drugs with China's 20. Data show that compound coenzyme for double heron pharmaceutical revenue contribute around 70%, while Dan red injection for step pharmaceutical contribute more than 35% of the revenue each year.
Although there are no data showed that Dan red injection on the revenue of this year, but previous reports on the double heron medicine, according to a Beijing 3 armour hospital from May 2015 to use information system to limit compound coenzyme after use, compound coenzyme length of stay in the hospital auxiliary medicine amount to about 20 monthly rank 4 before plummeting, a precipice type to fall.
And the other a well-known pharmaceutical companies of a certain product has been a prescription drug sales great products, but close to the enterprise managers told E medicine, a hospital before the monthly usage is 8, box, is now a 23000 box, decline is very serious. Zhongheng group's data also showed that its revenue and profit decline, the first three quarters, according to revenue fell 13.29%, while profits fell 27.66%, the reason is to take charge of varieties thrombosis was placed on the auxiliary medicine directory, limited sales.
Actually, prescription drugs in 2015 top ten data is ShenJie, thrombosis, and Dan red injection, gold and other auxiliary medicine in the world, but can predict that as the auxiliary medicine directory vigorously advancing, the future prescription seating there will be a bigger change in the top 10. And rely on such as step pharmaceutical, double heron pharmaceutical adjuvant item farmland listed companies, the future performance will gradually be affected.
Mergers and acquisitions into a loss of a black hole
Domestic medical field has experienced too much round merger integration, many enterprises involved in the earlier rounds prescient sweeps money, in the beginning of the year will be the eye on overseas, fosun medicine, f medicine enterprise. Without a big spoiler, a group of small and medium-sized listed companies started in accordance with the "big fish eat small fish" the logical start of the "rule" mergers and acquisitions in China. But he would get into grappling with targets.
Another is used for thickening performance of mergers and acquisitions, but double into pharmaceutical and xiang pharmaceutical sea is used to form a negative growth of profits. Released in August, double into pharmaceutical half annals, is expected in the third quarter belong to the profits of listed companies for losses of 28 million ~ 28 million yuan, but after two months, double into pharmaceutical said in the first three quarters of net losses will reach 210 million yuan to 230 million yuan. Investigate its reason, is its acquisition last year in hangzhou, the creature far less than expected earnings, lead to impairment loss company equity investment. In double into drug purchase, the biology, the revenue of 229 million yuan, net profit of 1.03 yuan, and profit projections show the company revenue to reach 598 million yuan in 2015, net profit of 158 million yuan. Instead, the 2015 injections do not allow the processing that its lost its main business, results of Waterloo.
And hai xiang pharmaceutical is signed with zhejiang ruyi career on December 12, "equity transfer agreement", in 123 million yuan to buy the best industrial holdings of jiangsu sea broadly biomedical 100% stake, the agreement from the sea is vast creatures owed about $239 million debt. If the transaction is completed, is expected to reduce belonging to shareholders of listed companies in 2016 net profit of 210 million yuan to 250 million yuan.
Due to acquisition, double into a net profit of RMB 230 million to - 260 million yuan, is losing money. While hai xiang pharmaceutical net profit of 200 million yuan to 300 million yuan, 517 million yuan from 2015 fell 61.28% ~ 41.93%.
In fact, today's medical circle of mergers and acquisitions has not as before to casually, both advantages and disadvantages of m&a target, or industrial policy has been changed, an auxiliary drug use is not m&a will be able to make money. This year the typical example is the famous scale buder pharmaceutical pharmaceutical mergers and acquisitions, and its sale. Have to say is, therefore, mergers and acquisitions have risks, deal carefully, after all, the pharmaceutical industry development up to now, already after several rounds of carpet of mergers and acquisitions, good mark has been "the early bird ate".
Difficult transition
Speaking of mergers and acquisitions, xiangxue pharmacy is a fanatic of mergers and acquisitions this year, has scored Johnson pharmaceutical, create beauty pharmaceutical day, Chinese traditional medicine, yuan hall, lugu qiaocheng pharmaceutical seven companies, such as the transformation from traditional Chinese medicine yinpian, learn from sig pharmaceutical industry, create a new career. But he is very difficult in this period of transition, as his instructions in falling profits, first, the medical insurance fee, medicine circulation field change, a new round of drug bidding procurement, public hospitals accounted for factors, such as competition in the market especially OTC channels increasingly intensified competition, have an impact on business performance in 2016. Second, mergers and acquisitions need to integrate, for its day to adjust the Chinese medicine yinpian, hubei business appear steep decline from last year.
Actually, for a large number of proprietary Chinese medicine companies are like xiangxue pharmacy, on the one hand, in a variety of policy, marketing strength of the company began to squeeze the market down, and the lack of competitiveness of proprietary Chinese medicine first to be affected; On the other hand, for most of the traditional enterprise, research and development was a fable. So as a listed company, holding a heavy gold, and not to other field transformation, but at this stage is the main business itself has been falling, too little time for enterprise undulate.
But not transformation will become a frog in the warm water, jia should pharmaceutical is that there is no new direction transition, but chose to adjust internal medicine medicine circulation business, but the main trade class drug revenue decline, its main proprietary Chinese medicine platform sands pharmaceutical sales also fell. The resulting net profit fell by more than 20%.
In terms of present medical environment, China's API is one of the sunset xishan area. So there are a lot of companies seek to transform, the old batch of such as shiyao group, huahai pharmaceutical industry transformation started ten years ago, has been successful. But many are started in recent years, such as sea pury, in July 2015, with the Canadian Resverlogix companies BET (br) terminal area structure and special inhibitors license agreement, start from the heparin sodium API provides to the transformation of innovative drug developers. Outside also think it should be "through the industrial chain expansion, can find a safe, long-term business transformation is the only way out." But the transition is not achieved overnight, but need large investment, take a long time to realize. So in the early stage of the transition phase, the suggested budgeting, profit margins are normal, and the normal phenomenon will continue. According to the forecast, 2016 sea pury profits will decline 35% ~ 65%.
Of course, there are no transition, still weather. With falling profits when it appeared, and then a statement is market continues to weaken and so on. Such as tianma elaboration is such, its net profit in 2016 is expected to 15.21 million yuan to 25.35 million yuan between, 2015 net profit fell 40% from 2015. Description is shown, and macroeconomic growth is slowing, company locates the creature industry downstream demand remains weak, the market competition is intense; Traditional rigid rising production costs, product profitability declined.
In this era of industry changes, inescapably, regardless of the enterprise in any link in the entire industry, make adjustment has become an inevitable, but the transformation will often bring turmoil, as DE man biological medicine, because of the company sales channels and sales policy adjustment, advocate business wu income fell, profits fell 50% ~ 70%.
Annual "used to say" policy, but in 2016 the policy to not too gentle, considerable stimulus and violent, already is not a small refinements, and start from the top design, to the reform of each link, this may cause great changes in the pharmaceutical industry as a whole environment, deep in the environment of each embrace change, or to adapt to the new environment, or to wait for the final ruling.
The pharmaceutical industry has never been "with changeless should change", because a company did not dare to say China's pharmaceutical market without their own products. Either to adapt to the new environment, or to change the environment, the former is alive, the latter become heroes. But now or in the stage to adapt to the environment, so need transformation, but the transformation is the need to pay the price. The profit margins will see more businesses. |
