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泰格醫藥 (300347 CH) 調研會議紀要

Friday, July 07, 2017 Views5544

泰格醫藥 (300347 CH) 調研會議紀要

調研對象:財務總監   20170614  14:00

 

泰格醫藥作為臨床試驗CRO領域龍頭,其中臨床業務主要分為進口藥再註冊、國內創新藥、國際多中心臨床試驗、國內仿製藥等。2016年一致性評價要求2018年底完成基藥化學口服固體製劑-289個品種,共17740個批准文號,假設20%批文做一致性評價,40%外包,行業空間接近70億,預計明顯有利於泰格醫藥等龍頭企業。

 

1、公司業務結構?

 

公司經營四大業務:臨床試驗技術,占比30%+;資料管理統計分析,20-30%;美國方達,生物分析服務+CMC,30%;其他,10-20%。

 

2、公司規模?

 

2016年底公司CRO員工2600人,目前增至3000人。

泰格目前于國內40餘城市佈局,系所有CRO企業最多。進口藥CRO對網點要求高,對時間要求緊,公司更有優勢。而且,網點多有利於員工業務穿插,可以提升員工工作量飽和度。

 

3、CRO行業演進?

 

外包比例將持續提升,CRO行業增速應超出藥品行業。行業份額將向大的CRO企業集中。

 

4、定價比較。

 

定價方面,外企CRO比公司高20-30%,而泰格報價則比國內其他企業高約30%。

 

5、一致性評價進展?

 

生物等效性(BE)試驗方面,截止4月公司合同量7500萬,一、二季度均完成約4000萬,2017年全年預計完成100個BE項目,可以確認收入(單個專案額300萬,其中50%歸屬公司,50%歸屬醫院),淨利率約15%。

2016年,公司BE實際是從四季度開始,當年合同量1.3億,當年確認收入約4000萬,剩餘9000萬遞延至2017年。

 

6、產能情況?

 

2016年,按10個中心計,每中心每年10個項目,年產能100個項目。目前已擴至15個中心,年底預計增至20個。

 

7、韓國子公司介紹。

 

公司收購韓國DRermCIS佈局國際多中心臨床,但人工成本較高。其為韓國前三大,員工規模200餘人。2016年虧損3200萬,2017一季度虧損360萬,預計全年虧損將減少。而且,公司正于國內培訓韓語統計分析員,將縮減韓國本地員工。

 

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