Core Viewpoint - Despite significant business development (BD) agreements exceeding $10 billion, the stock prices of innovative pharmaceutical companies remain sluggish, indicating a disconnect between market expectations and actual performance [1][2]. Group 1: Market Performance - The Hong Kong Stock Connect innovative drug index has declined from over 1240 points on October 9 to 1110 points, reflecting a drop of approximately 10.5% [1][2]. - Notable companies like 信达生物 (Innovent Biologics) have seen their stock prices fall despite announcing major collaborations, with 信达生物's stock dropping 1.96% to 85.2 HKD per share on October 22 [2]. - Over the past month, the innovative drug sector has experienced a 16% decline from a peak of 1326 points on September 8, with several companies like 诺诚健华 (Nocera) and 康诺亚-B (CanSino) seeing stock drops exceeding 19% [2][4]. Group 2: Financial Performance - Many innovative drug companies have reported revenue growth, yet profitability remains a concern, with only four out of the listed companies achieving positive net profits [6][7]. - 康诺亚-B reported a staggering 812.1% year-on-year revenue increase, while other companies like 诺诚健华 and 信达生物 also showed significant revenue growth of over 40% [6][7]. Group 3: Industry Dynamics - The innovative drug sector is characterized by high competition and a high rate of project failure, with a significant percentage of BD agreements facing termination [8]. - The long-term outlook for the Chinese innovative drug industry remains positive, driven by an increase in BD transactions, although the market is becoming increasingly competitive [8][9]. - Analysts suggest that the recent stock price adjustments may be a result of previously overly optimistic expectations regarding BD agreements, and the market may be entering a phase of stabilization [10].
超百亿美元大单却带不动股价，创新药BD催化剂失灵？