It has been more than a month since the multinational Pharmaceutical companies began to publish their semi-annual reports. With the recent announcement of the semi-annual reports of Novo Nordisk, Amgen and other companies, the top 20 companies in net profit income last year have basically been announced.
Compared with last year's revenue ranking, the overall revenue ranking of multinational pharmaceutical companies in the first half of 2021 has changed dramatically. Pfizer and AbbVie have the largest increase in rankings, while GSK and Sanofi have the largest decline; however, the pharmaceutical sector has the highest revenue. It is not Johnson & Johnson and Roche. The top three are Pfizer, AbbVie and Novartis. From the perspective of R&D investment in the first half of the year, Roche, which invested the most, had the fastest growth rate of Merck.
Pfizer: Take advantage of the "vaccine" to return to the top of the list
Last month, Pfizer was the first to announce its results for the second quarter of 2021. With a total revenue of 33.5 billion U.S. dollars in the first half of the year, it ranked third in the total revenue list, and the pharmaceutical sector revenue ranked first.
Due to the continuous fermentation of the new crown epidemic, the sales of the new crown vaccine BNT162b2 that Pfizer cooperated with BioNTech have soared. In the second quarter alone, the sales revenue reached 7.8 billion US dollars. The cumulative sales in the first half of the year exceeded 10 billion US dollars, reaching 11.3 billion US dollars. Realize about 33.5 billion U.S. dollars in revenue. There is a high probability that it will surpass Xiumile as the highest-selling drug in history.
However, on August 11, the European Medicines Agency suddenly stated that it is currently investigating 3 new side effects that may be caused by Pfizer and Moderna's new crown vaccines, including erythema multiforme, glomerulonephritis and nephrotic syndrome. And asked Pfizer and Moderna to provide more data. As soon as the news came out, anti-epidemic stocks generally fell sharply. Moderna fell 15.64%, and its market value evaporated by US$28.836 billion, or about 186.8 billion yuan; BioNTech fell 13.76%, and its market value evaporated by US$13.9 billion, or about 90 billion yuan; Pfizer fell 3.90% , The market value has evaporated by 10.5 billion U.S. dollars, or about 68 billion yuan. The total market value of the three vaccine companies lost RMB 344.8 billion. However, in terms of performance, even if the revenue from the new crown vaccine in the first half of the year is excluded, Pfizer's remaining product revenue will also be 22.2 billion US dollars, which is not a small increase compared to last year's 19.947 billion revenue. Apixaban, piperazil and enzalutamide and other new drugs have become the main growth points of Pfizer's performance in the first half of the year. Since the divestiture of the health business in 2017 and focusing on innovative drug R&D projects, the innovative drug segment and biosimilar drugs have grown significantly, and the latter successfully achieved US$560 million in revenue in the first half of this year.
However, at the current key point of Pfizer's transformation, relative to the side effects of vaccines, the slowdown in the growth of existing products and the increasing resistance to innovative products are gradually emerging, and more attention should be paid. Currently, three CDK inhibitors approved globally Under the circumstances, Pfizer's blockbuster product, piperacillil, is gradually losing its first-launch advantage. With the approval of new CDK4/6 inhibitors, it is clear that piperacillil’s market share will be divided. Although in order to deal with such situations, we have chosen to step up the expansion of the combined indications of piperazil, but in a real sense, a successor of piperazil is needed to win the confidence of consumers. I hope that after experiencing this epidemic, Pfizer can promote the implementation of the new strategy more quickly and discover another blockbuster new drug.
AbbVie: With strong mergers and acquisitions, the volume of diversified blessings has grown rapidly
Since the successful acquisition of Allergan in May last year, AbbVie's body mass has increased significantly. With more diversified income, the total revenue in the first half of 2021 was US$26.969 billion, an increase of 46.61% year-on-year; the revenue of the pharmaceutical sector was only After Pfizer, it has become the world's second-largest pharmaceutical company in terms of revenue, even behind many giants such as Novartis, Johnson & Johnson and Roche. As far as business organizations are concerned, the income from the immune disease business is US$11.864 billion, accounting for 44%, the blood tumor business is US$3.489 billion, the neurological disease business is US$2.707 billion, the medical beauty business is US$2.575 billion, and the ophthalmology business is US$1.736 billion.
In terms of products, after the completion of the acquisition, its pillar segment is still the original immune disease business. In the first half of 2021, it achieved revenue of 11.864 billion U.S. dollars. In the immune segment, "adalimumab" accounted for $9.935 billion in single product revenue. With 37% of AbbVie's income, it is still the king of real medicine.
In addition, the autoimmune disease IL-23 monoclonal antibody Skyrizi (risankizumab) has been approved for 4 indications in just over a year, and its sales will double in 2020 to reach 1.248 billion U.S. dollars; BTK inhibitor Imbruvica (Ibuti Nepal) remained stable with revenue of US$2.649 billion; BCL-2 inhibitor Venclexta (Venclexta) rapidly increased its volume, +31.2% year-on-year, reaching US$840 million. On the whole, AbbVie’s main line strategy is relatively simple. Relying on strong cash flow, while acquiring blue ocean industries, it has completed its own business diversification and expanded its own R&D line to create a new "pharmaceutical king." It seems to be clearly different from Novartis's strategy, but it may be AbbVie's last insistence that he has been deeply involved in the immune system.
Regeneron: Although the new crown vaccine is good, the growth of self-employment income is the key
Last week, Regeneron announced its performance for the first half of 2020, with an overall operating income of US$7.667 billion, a year-on-year increase of 102.83%. Among them, the largest contribution was undoubtedly the new crown neutralizing antibody REGEN-COV developed in cooperation with Roche. Revenue in the second quarter alone reached US$2.76 billion, accounting for 54% of Regeneron’s revenue in the quarter. At the same time, Regeneron’s overall strategy is significantly different from Pfizer and AbbVie. As a rising star among multinational pharmaceutical companies, at the beginning of its establishment, in order to reduce risk factors in the development of new drugs, most of its products are compared with other multinational pharmaceutical companies. Joint research and development, in the process, gradually rely on its strong research and development strength and technology platform to strengthen itself.
Among them, the PCSK9 monoclonal antibody Praluen, IL-4Rα monoclonal antibody Dupixent, IL-6 monoclonal antibody Kevzara and PD-1 monoclonal antibody Libtayo, which are successively marketed, are all carried out in cooperation with Sanofi. The anti-VEGF fusion protein Eylea cooperated with Bayer and Roche's new crown neutralizing antibody cocktail therapy REGEN-COV has obtained the right to sell in the United States. In addition, in the course of years of cooperative development and operation, Regeneron’s self-operated net value has also increased year by year. In 2021Q2, Regeneron’s self-operated net sales in the U.S. market is about 4.14 billion U.S. dollars, an increase of 237.3% year-on-year; it looks like a new crown antibody. It has made this year's regeneration yuan, but in fact, the rapid increase in revenue from self-operated products may be its real focus in the first half of the year. I think at the beginning, cooperation with other large multinational pharmaceutical companies may be just a choice based on local conditions, which is the best way to satisfy the survival of the company. But today, the purpose of Regenerating Yuan is not limited to "surviving". Faster and higher quality development and growth may be the current requirement of Regenerating Yuan. Gradually increasing the net self-employment income may be the second step of the overall strategy. The first step to take off.
Summarize
To sum up, due to space limitations, we can only choose the company analysis of multinational pharmaceutical companies in the first half of the year that I think is more meaningful. However, the overall change in the ranking of multinational pharmaceutical companies may reflect that the larger pharmaceutical companies are under a harmonious development atmosphere. In the private fight (the direction of research and development), the efforts put into it may be more ignored. However, perhaps it is precisely this kind of competitive atmosphere that can fundamentally promote the development and progress of the pharmaceutical industry and bring about breakthroughs in the listing of new drugs in recent years. It is hoped that more innovative pharmaceutical companies can appear on the list in the future. , Push the industry to a broader blue ocean.
August 13, 2021
