[ET Net News Agency, 17 December 2018] Citi Research cited Eddie Chak, executive
director of CSPC Pharmaceutical (01093) noting that CSPC quit the second round of price
negotiation of bulk procurement as the government required further price cuts and CSPC is
reluctant to accept.
Management noted (1) 4 products in bulk procurement contribute limited sales in
hospitals and they are focusing on the retail market, and (2) the volume guaranteed in
bulk procurement for winners is not significant.
Management guided for 25-30% YoY growth for NBP in 2019 and noted competition is limited
from generics given patent expiry for NBP injection and capsule is in 2022 and 2023
respectively.
Citi maintained its "buy" rating on the stock, with a target price of HK$26.2. (KL)
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01093 CSPC PHARMA
Nominal 
6.600 +0.080 (+1.227%) Others
17/12/2018 17:33
[I-bank focus]CSPC Pharma quits new round of bulk sales talk
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