德意志银行-xx医药-china healthcare monthly plasma tracker,may2017-20170623-deutschebank.pdfVIP

China Healthcare Deutsche Bank Markets Research Asia Industry Date China China Healthcare 23 June 2017 Health Care Pharmaceuticals / Industry Update Biotechnology Monthly plasma tracker: May 2017 Jack Hu, PhD Albumin growth moderated in QTD2Q17; MNCs outperformed Based on YTD May 17 data, Albumin approval volume grew 10% YoY in Research Analyst QTD2Q17, compared with 22%/20% in 1Q17/2016 respectively. MNCs achieved +852-2203 6208 mild acceleration, with 20% YoY growth in QTD2Q17 vs. 18%/15% in 1Q17/2016 respectively. In comparison, domestic companies saw growth decelerate to -6% Linc Yiu YoY in QTD2Q17, from 30%/28% in 1Q17/2016. Bellwethers CBPO and Hualan Research Associate grew -2% and 57% YoY respectively during QTD2Q17, vs. 22%/9% in 1Q17. +852-2203 6248 MNCs outperformed, Hualan achieved growth acceleration Companies featured Both Grifols and Baxalta achieved growth acceleration during QTD2Q17 with China Biologic Products Buy 68%/28% YoY growth, vs. 14%/-5% in 1Q17. On the other hand, CSL and (CBPO.OQ),USD112.4 Octapharma lagged the industry, registering YoY growth of -1% and 1% 2016A 2017E 2018E respectively, in QTD2Q17, compared with 38%/6% in 1Q17. We attribute the P/E (x) 25.8 22.3 19.5 growth divergence to volatilities in custom releases, approval timeline and timing EV/EBITDA (x) 19.2 19.5 15.4 of plasma