财说| 舒泰神一周内市值涨五成，创新药业务离商业化还有多远？

Core Viewpoint - The collaboration between Sihuan Pharmaceutical and Pfizer for the overseas commercialization rights of SSGJ-707 has set a record for the upfront payment of 1.25 billion USD for a domestic innovative drug, significantly boosting the A-share innovative drug sector [1] Group 1: Stock Performance and Market Reaction - Following the announcement, Sihuan Pharmaceutical's stock surged, with a cumulative increase of 49.2% from May 18 to May 23, and a trading volume of 3.18 billion CNY [1] - The stock's performance is attributed to the rising interest in innovative drugs, with expectations for increased profitability and valuation in the sector due to policy support and AI integration [1] Group 2: Company Strengths and Challenges - Sihuan Pharmaceutical focuses on the research, production, and marketing of innovative biopharmaceuticals, with a strong pipeline of projects in clinical trials, particularly the STSP-0601 injection for hemophilia A and B patients [1] - The termination of several COVID-19 related projects has positively impacted the company's financials, leading to a significant reduction in losses and improved market perception [1] - However, the company's core product revenues are declining, with a 10.81% drop in total revenue to 325 million CNY in 2024, and a 63.69% increase in net losses to 145 million CNY [5][6] Group 3: Product Performance - The main product, Shutaqing, saw a revenue decline of 8.20% to 179 million CNY, while the second major product, Sutai Sheng, experienced a 17.30% drop to 134 million CNY, reflecting challenges in market expansion and competition [5] - The overall revenue from core products has been shrinking, with projections indicating a further decline in Q1 2025 [6] Group 4: Valuation and Future Outlook - The current valuation of Sihuan Pharmaceutical at a price-to-sales ratio of 24.1 times is considered overly optimistic compared to peers, given the declining lifecycle of core products and ongoing cash flow pressures [6] - Despite the challenges, the biopharmaceutical industry holds significant growth potential, and successful breakthroughs in R&D could lead to a turnaround in performance and valuation for the company [6]