Kanghong Pharmaceutical (002773): DME indications approved for Compaqap volume increase

Compaq’s DME indications approved, the base of potential drug users significantly increased. Company announcement. A wholly-owned subsidiary, Kang Hong Biological, recently received the Compaq’s Ophthalmic Injection Supplement for Indications issued by the State Drug Administration.”Macular edema (DME)”.

At present, Compaqap has been approved for three indications: wAMD, pmCNV, and DME. Multiple indications have been approved. The number of potential drug users has continued to increase, and the market space has continued to expand.

According to an epidemiological survey, the previous population of DME patients was nearly 5 million.

According to the characteristics of large patient base and high per capita dosage, the market prospect of DME indications is broad. Compared with other neovascular fundus lesions, DME indications have a long treatment course and the probability of simultaneous onset of both eyes in patients is increased. The potential market space is relatively large.

Compared with aflibercept, the treatment course for patients with DME is the first 5 months / month and the follow-up 2 mg / 2 months. The earlier AMD indications are used more frequently, and if the patient’s blood glucose control is poor, the futureThe probability of DME recurrence converges, so the treatment course is replaced compared to other indications; 杭州桑拿 instead, according to clinical epidemiological statistics, more than 90% of DME patients have both eyes at the same time, and other neovascular fundus lesions are usually monocular, so everyone takes medication.Compared with other indication symptoms, the corresponding market prospects are also broader.

Compaqap DME indications meet the expected new round of medical insurance negotiations. Expansion is expected to speed up. After Complexap, after ranibizumab, Abexipp has also been approved to replace the medical insurance catalogue by negotiating supplementary indications.Improve access to clinical medication.

Considering that the DME indication is one of the largest indications for neovascular ocular fundus lesions to the market space, if the medical insurance negotiation list is successfully broken in the future, Compaqap strives to usher in a new round of rapid volume.

Earnings Forecast and Investment Suggestions As the company’s first-quarter report performance exceeded expectations, we lowered our earnings forecast and expect the company’s net profit attributable to the parent to be 9 in 2019-2021.

03 billion, 11.

31 ppm, 13.

Considering that the company is one of the domestic biopharmaceutical benchmarking companies, the company ‘s core product, Compaq, began to rapidly increase its volume after removing medical insurance. At the same time, overseas Phase 3 clinical trials began to accelerate the process of international innovation, and breakthroughs in future growth space were maintained to maintain reasonable value. 45.

27 yuan / share, give a buy rating.

Risks suggest that Compaq’s market and indications development are not up to expectations; Compaq’s overseas clinical phase 3 progress is not up to expectations; traditional business risks; medical insurance negotiations are uncertain