InnoCare Pharma, a company that specializes in developing and commercializing innovative drugs, has reported strong sales growth for its lead product,奥布替尼(Oibrutinib). In the fiscal year 2022, the company's total revenue reached RMB 6.25 billion, with奥布替尼 contributing RMB 5.66 billion in sales (an increase of 164% from RMB 2.15 billion in FY 2021). The quarterly sales for the fourth quarter were RMB 1.66 billion, slightly below the third quarter's RMB 1.83 billion due to disruptions caused by COVID-19. The significant sales growth can be attributed to the inclusion of奥布替尼 in the National Reimbursement Drug List (NRDL) in January 2022, which increased its market penetration.
In terms of cost efficiency, InnoCare Pharma has been able to improve its operational costs, with sales costs, research and development expenses, and management costs decreasing as a percentage of total revenue from 86%, 111%, and 32% in the first half of 2022 (2H22) to 72%, 96%, and 27% respectively. Excluding licensing fees, research and development costs rose 29% to RMB 6.39 billion in FY 2022 from RMB 4.96 billion in FY 2021.
The company recorded a net loss of RMB 8.94 billion for FY 2022. As of the end of 2022, InnoCare had cash reserves of RMB 9.1 billion, sufficient to fund its research investments.
InnoCare Pharma also highlighted positive Phase 2 clinical proof of concept (PoC) data for奥布替尼 in treating various autoimmune diseases. This includes promising results in relapsing-remitting multiple sclerosis (MS) and immune thrombocytopenia (ITP), where the drug showed superior efficacy compared to existing treatments like ibrutinib and acalabrutinib. The company plans to continue discussions with the FDA regarding regulatory approval for these indications.
Furthermore, InnoCare expects to receive approval for the use of奥布替尼 in relapsed/refractory marginal zone lymphoma (MZL) under the priority review pathway in China, making it the first BTK inhibitor approved for this indication in the country. In the US, the company is progressing with trials for relapsed/refractory mantle cell lymphoma (MCL) and has initiated a bridging study for tasfasitamab in China, aiming for approval in 2023 or 2024.
Based on these developments, the report maintains an "Buy" rating for InnoCare Pharma, projecting strong sales momentum for奥布替尼 and a target price of HKD 10.84, reflecting a WACC of 11.37% and a terminal growth rate of 3.0%.
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