the number of quadrivalent hpv vaccine batches issued has dropped significantly! zhifei bio's net profit in the first half of the year has declined: the market promotion of some products has not met expectations
2024-09-01
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zhifei bio, the "vaccine giant" that relies on agency products, delivered a first-half performance with both revenue and net profit falling, and bluntly stated that the marketing promotion work in some regions and some products did not meet expectations.
on the evening of august 29, chongqing zhifei biological products co., ltd. (zhifei biological, 300122) announced its 2024 semi-annual report, with operating income of 18.258 billion yuan, a year-on-year decrease of 25.31%; net profit attributable to shareholders of the parent was 2.234 billion yuan, a year-on-year decrease of 47.55%; net profit attributable to shareholders excluding non-recurring items was 2.23 billion yuan, a year-on-year decrease of 47.04%.
huafu bio's first half performance
zhifei bio's performance decline is not surprising. this year's first quarter report shows that its first quarter operating income was 11.396 billion yuan, a year-on-year increase of 2%; net profit attributable to the parent was 1.458 billion yuan, a year-on-year decrease of 28.26%; net profit attributable to the parent after deducting non-recurring items was 1.455 billion yuan, a year-on-year decrease of 28.36%. combined with the semi-annual report, the second quarter revenue was 6.863 billion yuan, a year-on-year decrease of 48.29% and a month-on-month decrease of nearly 40%; net profit attributable to the parent was 777 million yuan, a year-on-year decrease of 65.14% and a month-on-month decrease of 46%.
as a leading domestic private vaccine company, zhifei bio's performance is supported by a number of star agent products. in the first half of the year, agent products accounted for 96% of total revenue, but the revenue of this segment fell by 25.40% year-on-year, and the gross profit margin fell by 9.91 percentage points year-on-year.
zhifei biotechnology's product batch release volume
the quadrivalent and nine-valent hpv vaccines of merck have been the growth point of zhifei bio for many years. according to merck's second quarter report, its nine-valent hpv vaccine revenue in the second quarter was us$2.478 billion, an increase of only 1% year-on-year. merck said that the growth was mainly driven by higher sales in the us market. at the same time, the decline in sales in the chinese market has largely offset this growth. now, zhifei bio's semi-annual report has also confirmed this.
in terms of batch issuance volume, zhifei biopharma issued 466,000 doses of quadrivalent hpv vaccine in the first half of the year, a decrease of 5.8 million doses compared with the same period last year, a year-on-year plunge of 92.56%; the batch issuance volume of nine-valent hpv vaccine increased by 3.5936 million doses, a year-on-year increase of 24.48%.
it is worth mentioning that on august 26, the official website of the drug evaluation center of the national medical products administration showed that the application for the marketing of the nine-valent human papillomavirus vaccine (escherichia coli) for preventive biological products of xiamen wantai canghai biotechnology co., ltd., a subsidiary of wantai biological (603392), was accepted. if the approval goes smoothly, the vaccine will become the first domestically produced nine-valent hpv vaccine. this means that zhifei bio may face pressure in the future on the nine-valent hpv vaccine.
zhifei bio did not directly explain the reason for the decline in net profit in the first quarter report. in the semi-annual report, zhifei bio said frankly that the marketing work of some regions and some products of the company did not meet expectations, and the sales volume of the company's main products decreased compared with the same period last year. however, zhifei bio also pointed out that the market share has maintained a high share and the product differentiation competitive advantage is obvious.
zhifei bio is increasing its investment in other agency vaccine varieties. in october 2023, the company reached a cooperation with glaxosmithkline of the united kingdom to jointly carry out the commercial promotion of recombinant shingles vaccine in the next three years. at the same time, the two parties reached a preliminary cooperation intention for rsv vaccine. shingles is considered to be the next star adult vaccine after the hpv vaccine. in the semi-annual report, zhifei bio mentioned that the newly added agency recombinant shingles vaccine obtained the first batch of batch release certificates in march this year and is currently in the initial stage of market promotion. the company has formed a promotion strategy that needs to be further implemented, and is gradually expanding its market share and brand influence. the product has huge market space and growth potential.
at the close of august 29, zhifei biopharma rose 2.8% to 22.77 yuan per share, with a market value of 54.51 billion yuan.
li xiaoxiao, reporter from the paper
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