Drug stocks collapsed, 16% of the most invasive, and the mainland’s centralized procurement price is up to 90%

Drug stocks collapsed, 16% of the most invasive, and the mainland’s centralized procurement price is up to 90%.

In the second half of the year, the pharmaceutical stocks sent bad news. Yesterday, the mainland media quoted the news that the results of the government’s centralized procurement tenders were released. The price reduction of drugs far exceeded the expected 30% to 40%. Among them, the hepatitis B drug “Entecavir" produced by Zhongsheng Pharmaceutical (01177) is a large hepatitis B drug. The film won the bid of 0.62 yuan, which was more than 90% of the previous price of 6.72 yuan, which triggered the Chinese and Hong Kong pharmaceutical stocks to plunge across the board.

AH pharmaceutical companies evaporate more than 100 billion people

Zhongsheng Pharmaceutical has rushed to insert 17.8% at the most, and closed at 5.84 yuan, still falling nearly 16%, hitting a new low of 13 months. Shijiazhuang Group (01093) also plunged 14.5% to 13.82 yuan; Fosun Pharma H shares (02196) closed at 26.45 yuan, down 10.5%; Kingsray (01548) fell 11.4% to close at 12.3 yuan. The pharmaceutical stocks listed on the mainland were also paralyzed. Among them, Lepu Medical (300003.SZ) and ProLogo (000739.SZ) both fell to the limit; Fosun Pharma A shares (600196.SH) fell 8.6%, with mainland media According to statistics, the total market value of AH drug stocks has exceeded 100 billion yuan.

After the market closed, Shijiazhuang announced that it had repurchased 2 million shares of RMB 27.839 million, ranging from 13.68 to 14.06 yuan per share. Stone medicine has repurchased a total of 6.68 million shares this year.

Experts call on buyers to wait for opportunities to reduce pounds

11 cities including Beijing, Shanghai, Tianjin, Chongqing, and Guangzhou conducted pilot projects for centralized drug procurement by the state. After the negotiations, the government lowered the price of the drug. The industry originally expected to reduce the price by only 30% to 40%. In exchange for the medical insurance reimbursement list, the demand increased greatly to offset the effect of price reduction. Other drugs that have significantly reduced prices include “Irbesartan" (price reduction of 60%), and Jingxin Pharmaceutical’s “Hydrochlorothiazide" is only eligible for the election of 0.14 yuan. Among the international pharmaceutical companies, only AstraZeneca and Bristol-Myers Squibb were shortlisted for purchase.

“Entecavir" is sold under the brand name “Runzhong". In the first nine months of this year, the sales amounted to RMB 2.573 billion, accounting for 16.4% of the Group’s total revenue. Yao Yaohui, director of the Research Department of Yaocai Securities, believes that the price cuts for centralized purchases are out of market expectations. Because of the proportion of liver medicines, the news has a significant impact on Zhongsheng Pharmaceutical. It is also worried that other drug purchases will follow the footsteps of “Entecavir”. He believes that the decline in pharmaceutical stocks will not stop, and will even retreat from this year’s increase, urging those holding pharmaceutical stocks to wait for opportunities to lose weight.

The JPMorgan Chase report pointed out that the centralized procurement of pharmaceuticals should account for less than 5% of the sales of Zhongsheng Pharmaceuticals. However, the market is worried that the purchase price reduction will spread to other drugs and cities. However, the bank believes that there is a lack of quality and capacity in the market, so it is believed that The procurement pilot program will not expand rapidly.