博瑞医药(688166) - 2023年12月18日至12月21日投资者调研报告

Group 1: Company Overview and Financial Performance - The company achieved a revenue of 102.04 million CNY from formulation products in the first nine months of 2023, representing a growth of 33.34% compared to the same period last year [2] - Formulation product revenue accounted for 13.15% of total product sales, an increase of 2.07 percentage points year-on-year [2] - The company is expanding its formulation product line, including complex formulations such as iron supplements and inhalation agents, aiming to enhance market scale through a combination of direct supply, agency, and self-promotion marketing strategies [2] Group 2: Clinical Development and Product Pipeline - As of the third quarter of 2023, the company’s BGM0504 injection for type 2 diabetes has received ethical approval for phase II clinical trials, with patient enrollment underway [3] - The company is aware of the risks associated with clinical research, including potential underperformance or failure of clinical trials, and advises investors to make rational decisions and be cautious of investment risks [3] - The inhalation product line is progressing, with applications for Budesonide suspension submitted for market approval, and several other inhalation products having completed process validation [3] Group 3: Market Response and Supply Chain Management - The company has obtained production approvals for Oseltamivir capsules and dry suspension, with a successful bid in the eighth national drug centralized procurement at a price of 15.99 CNY per box, with an agreed first-year procurement volume of approximately 431,324 bottles [3] - The company emphasizes its integrated raw material and formulation production capabilities to quickly respond to market demands, ensuring a stable supply of antiviral medications [3]