垄断原料药遭重罚！业绩下降、再融资不顺的联环药业“雪上加霜”

Core Viewpoint - The raw material pharmaceutical sector is under increased regulatory scrutiny due to antitrust actions, with Lianhuan Pharmaceutical facing significant penalties for price manipulation of Dexamethasone Sodium Phosphate, impacting its financial performance and growth prospects [2][9][12]. Regulatory Actions - Lianhuan Pharmaceutical received an administrative penalty from the Tianjin Market Supervision Administration for participating in a price-fixing agreement, resulting in a total fine of 61.0382 million yuan [2][7]. - The fine represents 72.53% of the company's net profit for the last fiscal year, exacerbating its ongoing financial struggles [9][10]. Financial Impact - The penalty includes the confiscation of illegal gains amounting to 17.8992 million yuan and a fine based on 8% of the company's 2023 sales, which was reduced by 30% due to mitigating circumstances [7][9]. - Lianhuan Pharmaceutical's revenue and net profit have been declining for two consecutive years, with projected revenues of approximately 1.955 billion yuan, 2.174 billion yuan, and 2.16 billion yuan from 2022 to 2024, and corresponding net profits of 141 million yuan, 135 million yuan, and 84 million yuan [10][11]. Company Response - Following the incident, Lianhuan Pharmaceutical has taken steps to comply with antitrust regulations, including terminating improper practices and enhancing its compliance management system [8][12]. - The company has also faced challenges in raising capital, with two planned financing efforts being aborted, leading to a shift towards debt financing for its R&D projects [13][14]. Market Context - The case reflects a broader trend of intensified antitrust enforcement in China, particularly in the pharmaceutical sector, aimed at maintaining fair competition and protecting consumer interests [12].