Without 400 billion yuan, Sun Piaosheng couldn't retire

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Without 400 billion yuan, Sun Piaosheng couldn't retire

2022-05-16 00:04:37 20 ℃

Hengrui Pharmaceutical, who had been worried about him for 30 years, was standing at a turning point.

In July 2021, Sun Piao returned to the front line and served as the chairman again, but Hengrui Medicine under his control has been constantly in the past year: the collection and losses have caused the performance to decline sharply, nearly 4,000 sales staff have been cut, chief of chiefs, and chiefs Medical officers have left, and their stock prices have fallen. As of May 13, Hengrui Pharmaceutical's market value was only 191.2 billion yuan, a shrinkage of more than 400 billion yuan from the highest point at the highest point at the beginning of last year.

Under the influence of collection, Hengrui Pharmaceutical's high -speed growth logic in the past has lost its imagination by relying on generic drugs. In 2021, Hengrui Pharmaceutical's revenue and net profit were 25.9 billion yuan and 4.53 billion yuan, respectively, a year -on -year decrease of 6.59%and 28.41%, respectively. This is the first net revenue of Hengrui Pharmaceutical's listing since its listing in 2000.

In order to reverse the trend, Sun Piao has made a lot of efforts this year, including large cutting sales teams, cooperating with peers, introducing new product pipelines, and overseas markets. Finding the next growth point for Hengrui Pharmaceuticals, betting on innovative medicines, becoming the focus of Sun Piaoyang's return.

However, it is not easy to let Hengrui Pharmaceutical's elephant running again.

01. Return to this year

The broad -scale reform is the main work done by Sun Piaosheng's return one year later.

"The first knife" is to cut the "10,000 people to sell iron troops". In 2021, Hengrui Pharmaceutical's total number of employees was 24,491, a decrease of 4,412 from 2020. Among them, nearly 90 % of them were soldiers. Compared with the 7,138 salesperson in 2020, only 13,208 people left at the end of 2021. At the end of 2021 , Reduced by 3930 people.

Hengrui Pharmaceutical's sales ability is famous in the industry. As early as 2017, Hengrui Pharmaceutical's sales covered 33 provinces, autonomous regions and municipalities, and nearly 300 prefecture -level cities. With its strong sales capabilities, its "star" product PD-1 monoclonal anti-Karelzab's sales sold 4.1 billion yuan in sales in 2021. It is also the Sida Bio, Baiji Shenzhou, and Junshi Biology, which are also four dragons. PD-1 monoclonal sales were only 2.8 billion yuan, 1.6 billion yuan, and 4.00 million yuan, respectively.

Like the extremely internal-curved PD-1 products, the pharmaceutical companies who once rely on generic drugs to make money can not lie flat after experiencing medical reform and collection. If the generic drug business has long played the role of nurturing Hengrui Pharmaceutical Innovation, then 10,000 people selling the iron army are the best executors. However, after the concentrated volume procurement, the moat of "selling the world" is gradually decreasing.

The second knife of Sun Piaosheng was to cut into generic drugs and increase innovation. Although Sun Piaogao had revealed as early as 2019, Hengrui Pharmaceutical had cut off a large number of imitations and drug -making projects, and he would turn to innovative medicines. At the investor exchange meeting of the 2021 Report in 2021, Sun Piaoyong reiterated again: Hengrui has two strategies that will never change. One is scientific and technological innovation, and the other is internationalization. A new technical platform is constantly established around this strategy.

As of 2021, Hengrui Pharmaceuticals had 10 innovative drugs on the market, and more than 60 innovative drugs were developing clinically. More than 250 clinical trials were carried out at home and abroad.

In the plan of Sun Piaoyang, it is an excellent route to support innovative drugs through generic drugs. After all, many pharmaceutical companies either have no money to do research and development. Essence

However, these measures to turn the tide after returning have not changed the impact of the collection of collection in a short time, and even in order to reduce the impact of the sharp decline in performance. In 2021, Hengrui Pharmaceutical will be rarely capitalized for the first time. In 2021, its capital will be. The investment in R & D investment was 260 million yuan, and the total investment in R & D has reached 6.203 billion yuan, accounting for 23.95%of the overall revenue.

It is worth mentioning that since the corporate accounting standards were promulgated in 2006, Hengrui's capitalized research and development investment amount has been 0, and it has never made research and development expenditure capital. The difference between the two is that if the cost is treated, that is, the actual R & D investment that year can be included in the current profit and loss. On the contrary, after capitalization, under certain conditions, the research and development cost can be included in the profit and loss of profit and loss in the form of amortization. Essence Simply put, after capitalization, financial statements can be "good -looking" to a certain extent.

However, even if such "careful thoughts" were moved, it still couldn't resist the sharp decline in Hengrui's pharmaceutical performance, especially the net profit fell by 28.41%to 4.53 billion yuan. This is also the first time that Hengrui Pharmaceutical's first revenue has dropped since its listing in 2000.

In addition to the performance of "stall", it is in sharp contrast to the strong return of Sun Piaogao's strong return.

On July 9, 2021, after Zhou Yunshu resigned as the chairman, Zhang Yuehong, the chief financial officer Zhou Song and deputy general manager Zhang Yuehong, also resigned; in April 2022, Zou Jianjun, chief medical officer of Hengrui Medicine, submitted a resignation report. It was announced that Zou Jianjun was the deputy general manager and president of global R & D. Zou Jianjun, who had said he had to do it in Hengrui Pharmaceutical for 15 years, joined in 2015, but did not escape the "seven -year itch".

In the capital market, the institution's sense of smell is very sensitive. According to Oriental Fortune Choice data, as of the end of 2021, Hengrui's fund holding the number of funds from 1465 at the end of 2020 was reduced to 834. While the stock price fell endlessly, the institution fled, but retail investors poured in on a large scale. The number of shareholders of Hengrui Pharmaceuticals had increased from 281,800 households at the end of 2020 to 805,200 at the end of the first quarter of 2022. The long situation of this agency and retail investors also appeared on Gree Electric, not a good news. Obviously, although Sun Piaoyong sat in person this year, in the face of huge challenges and pressure, Hengrui Medicine, who once rely on generic drugs+innovative drugs, under the impact of collecting medicines, he was lying on the impact of generic drugs. The growth logic of earnings was interrupted, and I lost my imagination.


In an interview at the end of 2021, Sun Piaosheng frankly said: "The collection of collection in the past few years also had an impact on Hengrui, but it did not hurt the bones and did not concentrate like this year."

As Sun Piaosheng said, it is not only the performance of Hengrui Pharmaceutical's impact, but the deeper is actually shaking the logic and imagination of Hengrui Pharmaceutical for so many years.

In the 2021 financial report released on April 23, Hengrui Medicine listed five factors that influenced performance, including centralized band procurement, significant reduction in the price reduction of national medical insurance negotiations, leading to a decline in gross profit margin.

Hengrui Pharmaceutical pointed out: The third batch of 6 drugs involved in the third batch of collection of mining in November 2020, with sales revenue of 19 billion yuan in 2020, 55%during the reporting period; the fifth batch of episodes that were implemented in September 2021 The 8 drugs involved in the 2020 sales revenue of 4.4 billion yuan, a decline of 37%during the reporting period; in addition, the price of domestic medical insurance negotiation products decreased significantly, such as the price of PD-1 monoclonal anti-Correrzone's anti-resistance price of 85 %.

You must know that Hengrui Pharmaceutical was originally relying on generic drugs, and Sun Piaoyong was the "soul promoter".

In 1990, Sun Piaoyang entered the Lianyungang Pharmaceutical Factory like a white knight in white, provoking the heavy responsibility of the factory director. At that time, the poor and white factory survived only by producing disinfection potions, and Sun Piaoyong, who graduated from China Pharmaceutical University and holds a master's degree in Nanjing University, has a pharmaceutical person's dream.

"Innovation" has become the foundation of Hengrui Pharmaceutical. In order to persuade the workers in the factory, Sun Piao shouted the deafening words: "If you have no technology, you can't grasp your destiny. We must hold our destiny in In your hand. "

The initial innovation of Hengrui Pharmaceutical, who started to make generic drugs, broke the boundary of "people without self", that is, grabbing the first imitation, the first in China, the so -called Me TOO (tracking imitation). This also coincides with the development strategy of the development strategy of "the big factory did not want to do the big factory (at the time), and the small factory could not do (the tumor medicine threshold).

As of the end of 2021, Hengrui Pharmaceutical had 10 innovative drugs, and the total number of medicines included in the national medical insurance directory had reached 85.

However, the current revenue of innovative drugs has not yet become its revenue pillar, and the market share and profits of "constantly eating" generic drugs are also why Hengrui Medicine dare not be too "radical" in the collection. Because regardless of the winning bid or the bid, Hengrui Medicine is "painful to cut meat."

For example, in the collection in 2021, Hengrui Medicine only selected 6 products and lost two "big standards", which is iodine gramol injection and grussium bromide injection. According to Hengrui Pharmaceutical Announcement, the total sales of iodinegol and grussium bromide injection in 2020 were 1.87 billion yuan.

At present, Hengrui Pharmaceutical's main revenue includes anti -tumor, anesthesia, contrast agent, and others. In 2021, the revenue of film creation agents reached 3.269 billion yuan, a decrease of nearly 10 percentage points from 3.63 billion yuan in 2020, accounting for 12.6%of the total revenue.

In the 2021 annual report, Hengrui Pharmaceutical did not give the specific income and proportion data of innovative drugs. In the context of the decline in the sales revenue of the core product PD-1 Karelizumab, the data may not be optimistic. As the anti -tumor business of Hengrui's pharmaceutical revenue, the revenue in 2021 was 13.071 billion yuan, a year -on -year decrease of 14.39%.

The impact of Jixi on Hengrui Medicine was not eliminated for a while and a half, and the establishment of the new growth logic was also a merit overnight. As a pharmaceutical investor said: "Although Hengrui Pharmaceutical has 90%of the possibility of realizing difficulties, it is probably not to reach the height of everyone's imagination, and the time to realize the re -reshuffle is available. It may be long. "

03. Standing at a new starting point

Before the endless innovative pharmaceutical companies landed on the capital market, Hengrui Medical has been regarded as a model of innovative drugs in the industry. The market once thought that as long as there were innovative drug species, there was no ceiling. But Hengrui Pharmaceutical was faced with reality.

Sun Piaoyang bluntly said: "In the past, we thought that there may be ten or more innovative medicines that could completely support our development. But it seems that the situation is not the case -more products are needed, and it is a product that is not repeated."

"Reject the inner roll, increase the innovation." After becoming Sun Piaoyang's re -helms, he sorted out the growth logic of Hengrui Medicine. However, this innovation may not only be reflected in the product or pipeline, but the "combined innovation" that Sun Piao said. In 2021, Hengrui Pharmaceutical's R & D investment was as high as 6.2 billion yuan, accounting for 23.95%of the overall revenue. R & D staff also increased from 3,400 in 2019 to 5,478 in 2021, an increase of 757 in 2021.

In addition to sending the next "explosive" innovative products such as Ericielb, PD-1 monoclonal anti-Karelzab, and Apatinib, the next unique Hengrui Medicine in R & D Breaking the barriers to "cooperation" with colleagues and broadening the research and development pipelines. Introduce the CTLA-4 monoclonal resistance of the cornerstone pharmaceutical industry.

In addition, overseas markets are also regarded as a new "growth point" by Sun Piao. You know, it takes a certain amount of strength to be able to eat in overseas markets. Half of the revenue of Baiji Shenzhou in 2021 comes from the technical authorization cooperation and R & D service revenue of the Rayleyzab cooperation agreement with Nuohua, with a amount of 3.5 billion yuan.

In contrast, Hengrui Pharmaceutical's revenue from overseas markets in 2021 was only 616 million yuan, accounting for 2.38%of the overall revenue. It can be seen from the internal volume of domestic PD-1 that it is the best choice to achieve the continuous high growth of a product, broaden sales channels, and enter overseas. In the annual report of 2021, Hengrui Pharmaceutical also listed the investment in research and development of overseas markets separately, totaling 1.236 billion yuan, accounting for 19.93%of the overall R & D investment.

From the product to the pipeline, from domestic to overseas, Sun Piaoyong, who has only focused on his own research and development and sales in the past, has also opened the "pattern". However, with the collection of national pharmaceutical collection, innovative drug players have continuously influxed the price low, and Hengrui's high -speed growth advantages are not so significant.

After handing over the transcript of 2021, Sun Piaoyong, who returned to the year, has not controlled Hengrui Pharmaceutical who is turning sharply. The former Hengrui Pharmaceutical showed how Sun Piaoyong "controlled his fate in his own hands. "The success of the world, but the time of the world, forgotten the glory of the past, Sun Piao and Hengrui Medicine both stood at a new starting point.

If you want this giant wheel to cross the storm steadily, Sun Piao, 64, cannot retire.