搜索
@kgi.com.twV(Coordinator)w86.21.6125.86722007474.148.24%088639734.42(002038.SZ,Rmb29.7,)2008122:2008KGI2000199720072003200103-073351864415fff002038.SZ,Rmb29.7,1627f4.42fNovoNordisk4280102030405020042005200620071020304050081-8Menet081-804-07RmbMenet230.626.737.723.830.380.336.540.51440.49EPOG-CSFIL-2302419126531H07-1H0878MenetMenet22,3001,8631,50094350039027010-BiogenericsIndicationsManufacturersIFNa-1bHepatitisB,HepatitisCShenzhenKexing,ShanghaiInstituteofBiologicalPruducts,BeijingTri-primeIFNa-1b(eyedrop)ViralkeratitisChangchunInstituteofBiologicalProductsIFNa-2aHepatitisB,HepatitisCChangchunInstituteofBiologicalProducts,ChangshengGenePharma,SunshinePharma,SundiroPharma,LiaoningSatelliteIFNa-2bHepatitisB,HepatitisCAnke,Hansheng,Huaxin,Dingli,Yuance,Hualida,Neptunusinterlong,Reahar,ChangchunInstituteofBiologicalProductsIFNa-2b(gel)HerpesHefeiZhaofengIFNgRheumatoidShanghaiInstituteofBiologicalproducts,Clone,ZhuhaiLizonPharmaInterleukin-2(IL-2)AdjunctivetherapyforcancerFourring,Huaxin,ChangchunInstituteforCancerBiologicalProducts,SunshinePharma,Changsheng,Gene-Science,Ruide,Jinsli,Kangli125AlaIL-2AdjunctivetherapyforcancerBeijingSLPharma125SerIL-2AdjunctivetherapyforcancerShandongQuangang,LiaoningStaeliteG-CSFLeukopeniaHangzhouJiuyuan,BeijingSL,ChangchunGeneScience,SuZhouZhongkai,ShanghaiSunway,BeihaiFangzhou,Amoytop,ShandongKexing,Xinpeng,GeneLeuk,Lilu,ChengduRongshengGM-CSFLeukopeniaXiamenAmoytop,NorthChinaPharma,HainanHuakang,Gene-Science,ShanghaiHuaxin,LiaoningSatellite.Erythropoietin(EPO)RenalanemiaSunshinePharma,Huaxin,ShandongKexing,ShanghaiClone,ChengduDiao,ShandongAhua,Four-ringsBiologicals,NorthChinaPharmaHepatitisBvaccineHepatitisBShenzhenkangtai,BeijingInstituteofBiologicalProducts211-200775012.5%IMSHealthIMSHealth0204060801998199920002001200220032004200520062007101520253035GlobalbiotechsalesUS$bnGlobalbiotechgrowthTop10TherapyClassesSales(US$mn)MarketShare2007(%)Growth(%)ConstUSCAGR02-06(%)GlobalBiotechMarket75,120100.012.518.8Erythropoietins12,87217.1-9.011.9Oncologics11,36515.124.245.9Antidiabetics10,23113.614.615.4Autoimmuneagents8,35711.124.559.0Interferons6,6798.92.39.8ImmunostimAgExIntfron6,0058.05.017.3ImmunosuppressiveAgents4,5206.019.621.7GrowthHormones2,6273.512.09.7BloodCoagulation2,4333.29.617.4PureVaccines2,0992.8172.42.8Totaltop1067,18989.411.419.2212-200748.32007Datamonitor22007(mn)(%)(%)EnbrelAmgen5,2907.015.5AranespAmgen4,4155.9(12.9)RemicadeCentocor4,2205.615.6RituxanGenetech3,7144.913.2NeulastaAmgen3,5564.78.0HerceptinGenetech3,2554.324.1ProcritOrthoBiotech3,2914.4(12.4)EpogenAmgen2,9824.0(5.2)AvastinGenetech2,8473.840.9HumiraAbbottLabs2,7903.740.836,36048.38.975,120100.012.513-CAGR35CAGR35IMSHealthIMSHealthRmbNovoLilly205001,0001,5002,0002,500MAT-1H03MAT-1H04MAT-1H05MAT-1H06MAT-1H07MAT-1H08Gan&Lee3GEliLilly3GTDP3GAventis3GNovo2GEliLilly2GNove2GNovo2GEliLilly2GNovo3GAventis3GTDP3GEliLilly3G[1]Gan&Lee3G[0.8]681093614IL-2CAGR1020930430724027031546846497173674958MAT~06/2004MAT~06/2005MAT~06/2006MAT~06/2007MAT~06/2008IL-2CAGR10IMSHealthIL-2IMSHealthIL-2Rmb2[1][1]18533312141421415G-CSF/GM-CSF4CAGR13.251H07-1H089.4302004006008001,000MAT06/2004MAT06/2005MAT06/2006MAT06/2007MAT06/200805101520253035IMSHealthIMSHealth73%Rmb223966463622566164CAGR20.1520073.871H07-1H0818.63IMSHealthIMSHealth-2a42%Rmb2-2a-2bPEG-2a[0.04][0.7]-1bPEG-2b4124237505001,0001,5002,000MAT06/2004MAT06/2005MAT06/2006MAT06/2007MAT06/20080102030405017-ff20f218319“”RocheAvastinRoche307(Rmb)(%)AvastinBevacizumab41.0641HerceptinTrastuzumab48.5223MabTheraRituximab55.1615TarcevaErlotinib10.6231XelodaCapecitabine11.511920DNADNASLS008DNA-253DNARNADNADNAS-Fu212050[1.4][0.8][0.6][0.1][2.6]()[1.8][2.6][3.2]24.412.412.07.816.713.2DataMonitor2007DataMonitor1/103010203040506070223G-CSFG-CSFIL-11IL-11233SLS023SLZ02224fffWHO3221310517722622111216116162625f07-085.5849%72%ffIMSHealthRmb30100200300400500600MAT06/2004MAT06/2005MAT06/2006MAT06/2007MAT06/20080204060801002628327831517991511893156569396Dec-04Dec-05Dec-06Dec-07IMSHealthRmb3GSKGSK/BMSNovatis/2010-152010/300mg10mg0.5mg600mg300mg10mg0.5mg600mg17/14-21/39/24/075.13.961.9327f08f09f3()()()()(()28f05ff3-290100200300400500MAT~06/2004MAT~06/2005MAT~06/2006MAT~06/2007MAT~06/2008051015202530IMSHealth07-08RmbIMSHealth3()(%)9920.9326.8296.2265.5255.2224.6UCB214.4163.4163.3163.317236.330f5.92%f56.76%fBloombergROEROE27.57%:301020304050607080ROE31ffff3301,8006812753011,3261,481(%)10.860.024.027.154.054.442.84,50023025043012070120(%)0.451.132.080.730.551.010.8832f2007-2012f2020f002038.SZ,Rmb29.7,333f0744%08-1019%89.6%f090743%08-1008-1080%61%f0713%08-1030%56%(46.8:k(002038.SZ,Rmb29.7,)3010020030040050020012001200320042005200620072008F2009F2010F05010015020034f08-10EPS0.91.211.690930PE36.3(002038.SZ,Rmb29.7,)31231EBITDA()()()()()()2007A238153941041341.082008F3772602032172240.902009F5753973113233011.212010F8275624384504191.691231EV/SalesEV/EBITEV/EBITDAEV/Inv.C(X)(X)(X)(X)(X)(%)2007A16.842.538.431.67.227.52008F17.933.220.233.07.530.82009F1