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強生公司(JNJ.N)關於拆分交流紀要
uSMART盈立智投 11-16 15:48

總結:

1.爲更好地服務於醫護人員和患者,分拆後創新藥械業務進一步聚焦:創新研發得以加速+提量,同時科技含量也將提升。公司預計18~24個月內完成分拆。分拆後,創新藥械稱爲“新強生”,年收入體量約770億美元;新消費健康公司收入體量150億美元。

2.新強生藥械當前收入體量比例:65:35。管理層表示,將現有創新藥業務及管線,腫瘤和免疫炎症兩大板塊爲核心。在這個基礎上,將延伸至更多領域/患者羣體,包括細胞療法和基因療法。醫療器械板塊,公司表示將加碼“手術機器人”相關的創新研發。公司表示,新強生的藥械業務將進一步突出二者之間的協同效應,特別是在腫瘤、眼科以及心腦血管方面。藥物+介入+手術+機器人+軟件=全方位服務於醫患和診療過程,進一步覆蓋傳統手段無法滿足的臨牀需求,例如提升治療成功率的同時降低副作用。以肺癌爲例,公司的MONARCH機器人平臺可在患病早期,以微創形式精準取樣做組織活檢,對後續靶向治療、精準遞送,以及手術方案給與確切的指導。

3.新健康消費公司中 OTC(其中包括明星產品感冒藥泰諾和戒菸藥)、日用品(護膚、護髮)、專科健康品(邦迪、口腔護理、母嬰用品等)三大板塊收入比例約1:1:1。各大板塊均有多個全球銷量第一的重磅品種,例如泰諾、Neutrogena、Listerine、邦迪、強生嬰兒護膚品等等。目前全球護膚品、母嬰、口腔護理的行業增速超過了部分熱銷食品飲料。美國區收入佔比近半,約45%,歐洲20%,亞洲23%。公司表示在消費品方面有以下幾大優勢:利潤率高、業務佈局均衡、數字化科技助力、衆多明星產品、銷售團隊給力等。

Q&A: 

Q:公司之前一直說自己的強項就是業務多元化,這樣可以分散風險,比如2020 年全球疫情爆發,醫療器械業務受重創,但是創新藥和消費產品的高增長抵消了器械的負面影響。現在爲什麼變了?

A:因爲整個醫療健康行業是在不斷進化演變的,特別是近幾年消費行業變化尤其大。這包括了消費品的創新、銷售渠道的演變(從線下轉變爲線上)。新冠疫情加速了這些變化,並且還提高了個人護理/防護的意識。所以我們認爲當下是最好的,應該認清消費健康業務和藥械業務模式差別越來越大的時機。

Q:公司說器械和創新藥之間有協同效應,但是目前投資者們並沒有看到太多落地的協同項目。爲什麼不乾脆把器械也單獨拆分出來成立3個新的公司?

A:創新藥械這兩塊業務的科技發展、臨牀試驗設計、監管路徑、銷售渠道(現在更依賴於中間平臺)等等,雖然也是日新月異,但二者更接近,有很多相同、相同、相似之處。所以從戰略的角度來說,這兩塊業務應該協同作業。在肺癌、膀胱癌、眼科等領域其實我們已經有很多藥械協同的產品在臨牀上被廣泛運用了。

Q:分拆會如何影響公司對創新藥的資本投入?特別是對於收購或者BD的考量。 

A:總的來說還是會和以前保持一致,in-house和external分佈比較平衡。收購方面,我們傾向於找一些體量比較小的biotech公司。過去5年我們大概用了500億美元做這類小型收購,大概佔比90%,這個模式應該會繼續下去。

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