Tonghua Dongbao (600867): Aspartame injection is approved for production and gradually increases insulin product pipeline

Tonghua Dongbao (600867): Aspartame injection is approved for production and gradually increases insulin product pipeline
Key points of the report Description of the incident Recently, the company obtained the substitution notification of the State Drug Administration for the declaration and production of asparagus injections, with the replacement numbers of CXSS1900018 and CXSS1900019. Event Comment Insulin aspart analog products include insulin aspart injection, insulin aspart 50 injection, insulin aspart 30武汉夜生活网 injection.The original research Novo Nordisk A / S company first applied for registration of aspart injection in August 2002 in accordance with the relevant regulations on import registration, and subsequently registered aspart 30 injection in October 2004. At present, Mennon insulin products are sold in the domestic market. The imported products are insulin aspart (raw drug), insulin aspart, insulin aspart 30 and insulin aspart produced by Novo Nordisk A / S.50 injections.The domestic products are still insulin aspart injection and insulin aspart 30 injection produced by Novo Nordisk (China) Pharmaceutical Co., Ltd. At present, global aspart insulin analog series products are invested about 5 billion US dollars, domestic aspart insulin analog series is invested about 4 billion US dollars.Aspartame series of insulin analogs are mainly distributed in tertiary hospitals and some secondary hospitals in large and medium cities. In the phase Ⅲ clinical trial, the company’s insulin aspart injection can be cured through the results of its main efficacy indicators and secondary efficacy indicators after continuous treatment for 24 weeks. The test drug is used for the treatment of patients with type 1 and type 2 diabetes, and for patients with type 1 and type 2 diabetes.The treatment of type 2 diabetes patients in a single population has a good effect, which can effectively control their diabetes; the results of the efficacy show that the test drug is not inferior to the control drugs Nuoherui.Adverse events between the company’s insulin aspart and the control drugs Nuo and Sharp were similar, indicating that their safety was similar.The results of clinical trials show that the aspartic insulin injection produced by Tonghua Dongbao is consistent with the original control Nuo and Sharpness in terms of safety and effectiveness. We are optimistic about the company’s long-term development and maintain a “Buy” rating.We estimate that the company’s net profit attributable to its parent from 2018 to 2020 will be 8.64, 10.42, 13.08 million yuan, an increase of 3 each 苏州桑拿网year.23%, 20.67% and 25.49%, the corresponding EPS is 0.42, 0.51, 0.64 yuan; the current sustainable corresponding PE for 2018-2020 is 42X, 35X, 28X.Maintain “Buy” rating. Risk Warning: 1. The company’s financial sales were worse than expected; 2. The company’s research and development progress was less than expected.

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