Beijing Wantai Biological Pharmacy Enterprise Co., Ltd (SHA: 603392), a Chinese pharmaceutical company, has issued a forecast for its 2023 performance, warning that net profits are expected to be within the range of RMB 1.2-1.35 billion (USD 169-190 million), marking a significant year-on-year (YOY) decrease of 74.66%-71.49%.
The company’s sales of its bivalent recombinant human papillomavirus (HPV) vaccine did not meet expectations, with a decline of RMB 4.2 billion (USD 592 million) from the previous year, due to competition from other HPV vaccines. The disappearance of the COVID-19 testing market also negatively impacted the in vitro diagnostic (IVD) business and related raw material income and profit, with diagnostics income down RMB 1.2 billion (USD 169 million) from the same period last year. Additionally, there were R&D-related impairments amounting to RMB 400 million.
Wantai’s bivalent HPV vaccine, Cecolin, was approved for marketing in China in December 2019 and launched in May 2020, indicated for females aged 9 to 45, with a two-dose innoculation applicable for the younger population. The company’s 2021 financial report showed sales of RMB 5.75 billion. In 2022, MSD’s Gardasil 9 had its indication expanded to include females aged 9 to 45, matching Cecolin. At the beginning of 2024, Gardasil 9 was approved for a new two-dose vaccination schedule (0, 6-12 months) in females aged 9 to 14 years, previously requiring a three-dose regimen. Wantai Bio’s 9-valent cervical cancer vaccine is still under development.- Flcube.com
