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On the evening of August 22, Wantai Bio released its 2024 semi-annual report.The company achieved operating income of 1.366 billion yuan, a year-on-year decrease of 67.19%; the net profit attributable to shareholders of the listed company was 260 million yuan, a year-on-year decrease of 84.7%.

As for the decline in both revenue and net profit, Wantai Bio attributed the reasons to:The bivalent HPV vaccine continues to be affected by factors such as the expansion of the age of the nine-valent cervical cancer vaccine, market competition, and inventory reduction., sales revenue fell compared with the same period last year.

In the past two years, the competition for bivalent HPV vaccines has become increasingly fierce, and the price has been falling again and again. From Wantai Biotech's 86 yuan/dose winning bid for Jiangsu Province's procurement, to Watson Biotech's 63 yuan/dose winning bid for Hainan Province's procurement. Not long ago,The winning bid price of Watson Bio's bivalent HPV vaccine has dropped to 27.5 yuan per dose, reaching a historic low.

In April this year, Wantai Bio announced that the Phase III clinical study of the nine-valent HPV vaccine had been unblinded, and preliminary analysis results showed that the main results were in line with expectations. On August 12, the CDE website showed thatWantai Biological's application for the marketing approval of the nine-valent HPV vaccine is planned to be included in the priority review, which is expected to accelerate its market launch.

However, the competition for the nine-valent HPV vaccine is also fierce. Wantai Biotech, Kanglewei, Shanghai Bowei, Ruike Biotech, and Watson Biotech have all entered Phase III clinical trials. At present, with Merck's high-priced HPV vaccine increasing its supply to China, the nine-valent HPV vaccine, which was once hard to get, is no longer hard to get. In the first half of this year,Sales of Merck's HPV vaccine in China have even declined.

Under such circumstances, it remains to be seen how much incremental growth the nine-valent HPV vaccine can bring to Wantai Biological.

Written by Fang Taozhi

Editor: Jiang Yunjiating

Operation｜Han Jinrui