Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2] Core Insights - The approval of the "Full Chain Support for Innovative Drug Development Implementation Plan" by the State Council is a significant policy benefit for the innovative drug sector [3][21] - The pharmaceutical and biotechnology industry index experienced a decline of 3.37%, ranking 19th among 31 primary industries, underperforming the CSI 300 index, which fell by 1.85% [4][12] - The overall PE (TTM) for the pharmaceutical and biotechnology industry is 24.03x, down from 24.87x in the previous period, indicating a downward trend in valuation [4][16] Industry Review - The report period saw a net reduction of 119 million yuan in shareholdings across 30 listed companies in the pharmaceutical and biotechnology sector, with 21 companies increasing their holdings by 68 million yuan and 9 companies reducing their holdings by 188 million yuan [4] - The top three sub-industries by PE (TTM) are diagnostic services (48.63x), blood products (34.78x), and medical consumables (32.12x), with the lowest valuation in pharmaceutical distribution at 14.52x [4][16] Important Industry News - The National Healthcare Security Administration announced the "2024 National Basic Medical Insurance, Work Injury Insurance, and Maternity Insurance Drug Directory Adjustment Work Plan," which includes adjustments to the drug directory and negotiation rules [23] - The NMPA is seeking public opinion on optimizing the review and approval process for urgently needed overseas drugs, aiming to expedite their market entry in China [24][25] Company Dynamics - Johnson & Johnson's BCMA/CD3 bispecific antibody, Talquetamab, received NMPA approval, marking it as the first of its kind in China for treating relapsed or refractory multiple myeloma [26][27] - Novo Nordisk's semaglutide injection for weight management has been approved by the NMPA, expanding its indications for obesity treatment [28][30] - Fosun Pharma plans to privatize its subsidiary, Fuhong Hanlin, with a cash and/or stock offer totaling up to 5.407 billion HKD [34][36] Investment Recommendations - The report suggests continuous attention to the innovative drug sector, particularly companies with original research capabilities and strong commercialization abilities [7]
医药生物行业双周报2024年第14期总第112期：《全链条支持创新药发展实施方案》审议通过，创新药板块迎来政策利好
Great Wall Glory Securities·2024-07-10 00:30