Transnational pharmaceutical companies may become the biggest promoter of the US "CXO limit order"

Transnational pharmaceutical companies may become the biggest promoter of the US "CXO limit order"

Source: Yaozhi.com/智

In the past two days, the Bayeng government of the United States signed an administrative order, which proposed a number of initiatives on promoting the development of the biological industry, calling on biological manufacturing to return to the United States, protect the ecology of the American biological industry and strengthen the foundation of the local industry, and support the development of biotechnology. Cultivate local diverse biotechnology talents and ensure biological safety.

In the end, the domestic CXO industry was shocked.

So, what is the core purpose of a series of domestic alternative instructions in the United States? Can it reach what it expects? If the above decree is officially issued like a chip limits, will it have a general impact on domestic CXO companies? How will the domestic behavior of the US government or a series of behaviors will be dealt with?

CXO's internationalization affects geometry, or a trend of macromolecular CDMO?

Regardless of the final result of the national biotechnology and biological manufacturing initiative on Wednesday, Bayeng's intention has been obvious. Although the previous documents have not mentioned the words of the US sanctions on the US sanctions, but the foreseeable United States can be foreseeable The government is like a chip limit order, and more biotechnology companies and related supply chains will return to the United States. Specifically, the US government pays for subsidies to build factories in the United States.

But if this is really the case, it is foreseeable that the first jump out of opposition, and the Chinese local CXO company and biopharmaceutical companies are not round. First of all Don't agree.

The reason is very simple. One can be obtained whether the money on the US government's short check and whether it can be quickly obtained is a problem. Second The low cost and the number of patients caused by the major country of medicines can not be transformed by one or two decree.

In other words, at least in terms of short -term effects, the impact of the legal promulgation is not as great as expected. Increase.

After all, with the implementation of decentralized clinical trials and the development of digital clinical trials, the CXO industry has joined related concepts, and its international CXO industry has become a general trend.

It is now known that most of the domestic head CXOs have a higher dependence on overseas markets. Among them, the proportion of revenue contributed by North American customers is generally more than 50%.

L In the first half of 2022, Yaoming Kangde's overseas business revenue accounted for more than 80%. Customers from the United States revenue of 11.909 billion yuan, an increase of 104%year -on -year.

In the first half of 2022, Yaoming Kant's income distribution situation

Image source: Micro Screenshot

According to the financial data of CXO companies in the first half of the year, the overseas income of Kang Longcheng, Kailai Ying, Botan, Jiuzhou Pharmaceutical, and Yaoming Kangde all over 80%, and the general laws show that the more head companies, the more they are the top companies. The more relying on overseas income, the main contributors to corporate income growth in recent years are also overseas income.

... ...

On the other hand, some investors also believe that compared with the small molecular CDMO industry, the above -mentioned policies may have a greater impact on CDMO companies in China.

All in all, to open up an international market, North America must be a hurdle that cannot be bypassed. Although in terms of industry trends, the transfer of CXO dividends from developed countries to developing countries can be said to be inevitable. , Make a series of bad things that are bad. Perhaps it is precisely for this reason that the capital market's attitude towards the CXO industry will be swaying in the past two days.

Under the anxiety of production capacity, large multinational pharmaceutical companies may actively respond

In fact, with the changes in the global biomedical market, a large number of innovative pharmaceutical companies are pursued by the capital market, and the expansion capacity has not been careless, resulting in the more serious rolls in the industry, and the proud production capacity advantage instantly becomes idle assets , The original needs anxiety converted into capacity anxiety in a short period of time.

As a result, some pharmaceutical companies, especially multinational pharmaceutical companies with large production capacity, and rapidly expanding head Biotech companies to convert their idle production capacity to CDMO business. For example, in September 2021, Pfizer changed its business structure to take CENTREONE (CDMO business) as Together with BioPharma's business operation, it is among the sixth Global CDMO;

If so, under the influence of the decree, the above -mentioned enterprises may use policy convenience to turn production capacity to the CDMO field, becoming the biggest promoter of the bill.

There are policies and countermeasures inside

Today's CXO, the previous chip, and traditional manufacturing industries such as textiles and stockings before, the "sanctions" industry in the United States is not one or two. According to past experience, the main target is the object of the threat to its industry (China).

The easiest example is that in the early years, Europe and the United States implemented a very strict export quota system for the clothing exported by China. Some products imported from China have a fixed quota to protect local enterprises. However, they did not restrict other countries.If it really responds to the market for imported products by imported products, it can be targeted at all imported types of products, why bother to target China alone, and its intention is obviously targeted at "Made in China."It is for this reason that in order to cope with the behavior of the United States, the sanctions companies have built factories overseas, hired local people or investing in local companies, which not only effectively avoided the US targeted bill, but took the opportunity to promote the third world overseas layout.There are policies and countermeasures inside.

Summarize

China talks about Made in China, and the United States also talks about the return of manufacturing.As an enterprise, delusional policies are impossible, actively respond, and rapidly adjusting the overall planning may be the top priority.

As for this suspected restriction, it may not reach the point where it affects the development direction of the global CXO industry.

- END -