#万能生活指南#
At present, the main drug for the treatment of hepatitis B is tenofovir disoproxil (original manufacturer: Gilead, a U.S. stock company), which was listed in United States in 2001, and Gilead's global sales of tenofovir disoproxil in 2017 were US$1.046 billion
At present, the market size of hepatitis B treatment drugs in mainland China is 54.3 billion yuan, and the market size of tenofovir disoproxil is 14.2%
So, how much money was burned in this case in order to study these drugs?
From 2015 to 2017, the R&D expenses were 409 million yuan, 403 million yuan and 576 million yuan respectively; The ratios of R&D expenses to revenue were 8.11%, 7.42% and 9.31% respectively; The capitalization rate is 0; A total of 87 patents are issued
What is the level of this investment, let's compare it with companies in the same industry to see:
Hengrui Pharmaceutical - R&D expenses from 2015 to 2017 were 892 million yuan, 1.184 billion yuan and 1.789 billion yuan respectively; The ratios of R&D expenses to revenue were 9.57%, 10.67% and 12.93%, respectively, and the capitalization rate was 0; There are more than 500 invention patents, including 194 international patent applications.
Nhwa Pharmaceutical--R&D expenses from 2015 to 2017 were 55 million yuan, 73 million yuan, and 111 million yuan respectively; The ratios of R&D expenses to revenue were 1.99%, 2.42% and 3.27% respectively; The capitalization rates were 1.07%, 0.63% and 4.11%; The number of patents is not disclosed.
Humanwell Pharmaceutical - R&D expenses from 2015 to 2017 were 276 million yuan, 326 million yuan and 398 million yuan respectively; The ratios of R&D expenses to revenue were 1.99%, 2.42% and 3.27% respectively, and the capitalization rates were 2.75%, 2.64% and 2.58%; The number of patents is not disclosed
Xianju Pharmaceutical - R&D expenses from 2015 to 2017 were 86 million yuan, 87 million yuan and 88 million yuan respectively; The ratios of R&D expenses to revenue were 3.47%, 3.47% and 3.08% respectively; The capitalization rate is 0; The number of patents is not disclosed.
Eli Lilly (LLY) - R&D expenses from 2015 to 2017 were US$4.796 billion, US$5.244 billion, and US$5.282 billion respectively (equivalent to RMB 31.146 billion, 36.377 billion yuan, and 34.512 billion yuan); The ratios of R&D expenses to revenue were 24.03%, 24.71% and 23.09% respectively; The capitalization rates were 3.69%, 3.43% and 1.84%; The number of patents is not disclosed
Pfizer (PFE) - R&D expenses from 2015 to 2017 were US$7.69 billion, US$7.872 billion, and US$7.657 billion (equivalent to RMB 52.677 billion, 53.923 billion yuan, and 52.45 billion yuan), and the proportion of R&D expenses to revenue was 15.74%, 14.9%, and 14.57% respectively; undisclosed capitalization; The number of patents is not disclosed.
From the perspective of the ratio of R&D expenses to revenue, Eli Lilly is higher than other companies, followed by Pfizer, Hengrui Pharmaceutical, Hansoh, Nhwa Pharmaceutical, Renfu Pharmaceutical, and Xianju Pharmaceutical, while from the perspective of R&D expense capitalization, Hansoh, Hengrui, and Xianju Pharmaceuticals are more cautious, followed by Eli Lilly, Humanwell Pharmaceutical, and Nhwa Pharmaceutical
R&D investment is the core moat of any pharmaceutical company.
In addition, there is a financial subject to focus on for pharmaceutical companies.
Selling expenses, of course.
Predict the follow-up and listen to the next breakdown
It does not constitute any investment advice, the stock market is risky, and you need to be cautious when entering the market