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the 2024 interim report shows that eli lilly, beigene, innovent biologics, etc. have gradually turned losses into profits through the sales of their products in china or the united states, while kelun biotech, ascent pharmaceuticals, and baili tianheng have achieved profitability through bd. however, an unnamed person from an innovative pharmaceutical company pointed out that "bd transactions have provided performance support for innovative pharmaceutical companies in a relatively short period of time, but they are not enough to become the long-term driving force for the development of innovative pharmaceutical companies."

"new drug r&d is risky and time-consuming," which means that related bd transactions are uncertain, product returns often occur, and long-term development is even more difficult. in addition to the down payment that does not need to be returned, there are still large variables for higher milestone payments to become confirmed revenue.

the case of kangfang bio (9926.hk) illustrates the interweaving of "bd transactions and self-generating capabilities". the company achieved profitability in the first half of 2023 after the approval of its first world-first innovative drug, pd-1/ctla-4 dual antibody cardunil, and product sales were realized. however, as licensing revenue decreased, its overall performance declined year-on-year.

but it is worth noting that kangfang biopharma's product revenue has grown significantly, and future growth is expected. companies such as eli lilly and everest have also achieved success with their own star products, proving that the capabilities of innovative pharmaceutical companies in product research and development and commercialization are crucial. eli lilly's performance growth mainly relies on the third-generation egfr-tki vometinib developed independently, with annual sales exceeding 2 billion yuan in 2023 and sales exceeding 1.5 billion yuan in the first half of 2024. after commercialization, naifencon in everest's renal product portfolio had sales revenue of 167.3 million yuan, and the world's first fluorocycline antibacterial drug yijia also achieved good results.

innovative pharmaceutical companies need to pay more attention to their own hematopoietic capabilities, including the company's operational capabilities and the research and development and commercialization capabilities of innovative drugs, and use this as a basis to promote development.