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1.8亿药企欠款悬案:贝达拖欠益方生物两年,创新药企现金流困局浮出水面
Xin Lang Zheng Quan· 2025-07-10 02:37
Core Viewpoint - The overdue payment of 180 million yuan from BeiGene to Yifang Biotech highlights the commercialization challenges and financial pressures faced by innovative pharmaceutical companies in China [1][2]. Group 1: Payment Dispute - BeiGene has failed to pay 180 million yuan in milestone payments to Yifang Biotech over two years, with 80 million yuan due after the approval of a lung cancer drug and 100 million yuan after another indication was approved [2]. - Yifang Biotech did not disclose this significant overdue receivable in its regular reports until questioned by the Shanghai Stock Exchange, revealing a hidden debt situation [2]. Group 2: Market Performance - BeiGene's delay in payments is attributed to its own financial arrangements, but the market performance of its drug, Beifuqunib, is concerning, facing stiff competition from established products like Osimertinib [3]. - Sales data indicates that Beifuqunib's annual sales are only about 100-200 million yuan, significantly lower than competitors, despite being included in the national medical insurance catalog [3]. Group 3: Financial Health - BeiGene's financial difficulties are evident, with cash reserves dropping to 472 million yuan by the end of 2024, a decrease of 280 million yuan year-on-year [4]. - The company's current ratio has been below 1 for three consecutive years, indicating declining short-term debt repayment capacity, with current assets of 1.224 billion yuan insufficient to cover current liabilities of 1.848 billion yuan [4]. Group 4: Industry Challenges - The payment dispute reflects a broader survival dilemma for Chinese biotech firms, with Yifang Biotech projected to have revenues of 169 million yuan in 2024 but losses of 240 million yuan, leading to accounts receivable exceeding revenue [5]. - BeiGene holds five marketed drugs, but three are licensed products, and its proprietary product faces patent expiration, indicating a dual financial strain from research and commercialization [5]. Conclusion - The 180 million yuan overdue payment serves as a mirror reflecting the difficulties faced by Chinese innovative pharmaceutical companies in transitioning from research to commercialization, raising questions about the industry's creditworthiness and cash flow challenges under current market pressures [6].