降价近七成！百克生物带状疱疹疫苗“卖不动”

Core Insights - The price of the varicella-zoster vaccine developed by Changchun BAK Biotech has been slashed by approximately 66.25%, from 1375 yuan to 464 yuan per dose, due to disappointing sales performance [1][2][3] - The company reported a significant decline in revenue and sales volume for the vaccine, with a drop in revenue from 8.83 billion yuan in the first year to 2.51 billion yuan in 2024, representing a year-on-year decrease of 71.54% [3][5] - The overall financial performance of the company has deteriorated, with a reported net profit loss of 1.58 billion yuan in the first three quarters of 2025, marking a 164.76% decline compared to the previous year [5][6] Company Performance - Changchun BAK Biotech's revenue for 2024 was 12.29 billion yuan, down 32.64% year-on-year, and the net profit attributable to shareholders fell by 53.67% to 2.32 billion yuan [5] - In the first three quarters of 2025, the company generated only 4.74 billion yuan in revenue, a significant drop of 53.76%, and reported a net loss of 1.58 billion yuan [5][6] - The company's gross margin decreased to 75.4%, down 10.1 percentage points year-on-year, while the net margin fell to -33.3%, a decline of 57.1 percentage points [5][6] Market Dynamics - The varicella-zoster vaccine market in China is characterized by regional competition, with different pricing strategies employed by Changchun BAK Biotech and GlaxoSmithKline [3] - The decline in vaccine sales has been attributed to reduced public willingness to get vaccinated and a decrease in market demand [3][4] - The stock price of Changchun BAK Biotech has been on a downward trend, with a reported decline of approximately 23% in 2024, closing at 19.19 yuan per share [6]