According to the company's 2023 annual report recently disclosed by Sinovac Pharmaceutical, the company achieved operating income of 1.259 billion yuan, a year-on-year decrease of 4.32%, a net profit loss attributable to listed shareholders of 190 million yuan, and a non-net profit loss attributable to shareholders of listed companies of 201 million yuan.
The loss in 2023 is also the second year that Sinovac Pharmaceutical has fallen into a loss since 2022, and the loss has intensified. The annual report disclosed by Sinovac Pharmaceutical also shows that the company will invest 345 million yuan in R&D in 2023, a new high since its listing. However, although R&D investment continued to increase, Sinovac Pharmaceutical not only failed to turn around its losses, but further increased its losses. Sinovac Pharmaceutical's turnover rate of scientific researchers is about 21.63%, and the company will lose half of its doctors in 2023.
Addition and subtraction of Ph.D. introduction and attrition
According to the data, the company will introduce 17 new doctors in 2023, and the number of doctors in the company in 2022 will be 25, but the number of doctors disclosed in the company's 2023 annual report is only 20. In other words, although 17 PhDs were introduced, 22 PhDs left the company in 2023, which means that half of the PhDs left Sinovac Pharmaceutical in 2023 after the introduction of 17 postdocs.
How can Sinovac, which relies on high-end talents for drug research and development, maintain innovation in R&D? What are the hidden dangers behind such an abnormally high turnover rate of high-end talents?
In addition to doctors, the number of Sinovac Pharmaceutical R&D personnel has shown a significant loss as a whole. According to the data, the number of master's students in the company in 2022 will be 87, and the number of master's students in 2023 has decreased to 79; In 2022, the number of R&D personnel with a bachelor's degree will be 72, and the number of R&D personnel with a bachelor's degree will be only 53 in 2023; In 2022, the number of R&D personnel with junior college and below will be 24, and it will be sharply reduced to 11 in 2023.
In 2022, the company will have a total of 208 R&D personnel, and in 2023, the number of R&D personnel has decreased to 163, a year-on-year decrease of 21.63%. In 2020 and 2021, the number of R&D personnel in the company was 170 and 194 respectively. In 2023, the number of R&D personnel of the company will also hit a new low since its listing.
R&D investment has reached a new high, but R&D personnel have lost sharply and net profit has suffered a large loss.
According to the R&D investment of listed companies in the same industry disclosed in the company's research report, the R&D investment of the five companies of Tebao Biotechnology, Sihuan Biological, Ternary Gene, Wanze Co., Ltd., and Kain Technology accounted for 13.33%, 14.42%, 20.65%, 16.68%, and 12.22% of operating income respectively, while Sinovac Pharmaceutical's R&D investment in 2023 accounted for 27.4% of operating income, which was nearly 7 percentage points more than the highest ternary gene among the above five companies. Among the above five listed companies, only Sihuan Biotech lost money, and the remaining four listed companies were profitable.
Overseas commercialization only listens to the shouting and has no practical effect
The annual report disclosed this time also exposed the embarrassing reality of the company's overseas commercialization strategy.
The annual report shows that the company's export revenue in 2023 will be 138 million yuan, and compared with 2022, the company's export revenue will not rise but decline. In 2022, the company achieved overseas sales revenue of 161 million yuan, an increase of 61% over the same period of the previous year and a record high.
Sinovac has regarded overseas commercialization as an important strategy, and the company said it is committed to building the most valuable overseas commercialization platform in China. However, in three years, the company's export revenue still only accounts for about 10% of the company's operating income.
As early as 2021, Sinovac Pharmaceutical introduced albumin paclitaxel and obtained the technology and commercialization rights of albumin paclitaxel in addition to the US market. However, nab-paclitaxel has only recently passed the EU GMP certification, and the drug still needs to be approved by the EU Marketing Authorization Application (MAA) if it is marketed.
Although the company has introduced a total of 12 products, signed contracts with customers in more than 40 countries and submitted registration applications for imported products, it still does not seem to have achieved sales in overseas markets. "A number of products such as infliximab, bevacizumab, and nab-paclitaxel have successively completed on-site audits in Egypt, Brazil, Indonesia, the European Union and other countries, and are expected to achieve overseas sales of the above products in 2024.
On the evening of May 24, Sinovac Pharmaceutical released the 2024 restricted stock incentive plan (draft), with 3.786 million restricted shares to be granted and a total of 147 people to be incentivized.
The assessment year of this incentive plan is two fiscal years from 2024 to 2025, and each fiscal year is assessed once. Based on the company's overseas sales revenue in 2023, the growth rate of overseas sales revenue in each assessment year compared with the performance base or the cumulative number of overseas registration approvals will be assessed. Based on overseas sales revenue in 2023, it is planned that the growth rate of overseas sales revenue will be 50%-100% in 2024 and 200%-400% in 2025.
In 2023, the company's export revenue will not rise but decline, but in 2025, the overseas sales revenue will need to increase by 2 to 4 times.
Source: Hangzhou Traffic 918, Yueniu News
Editor: Hu Yiyi
Editor-in-charge: Lai Ting
Review: Lu Hongmei
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