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在描述自身定位时,博瑞医药(维权)(科创板:688166)宣称,“公司是一家参与国际竞争的创新型制药企业。公司依靠研发驱动,聚焦于首仿、难仿、特色原料药、复杂制剂和原创性新药,持续打造高技术壁垒,致力于满足全球患者未被满足的临床需求。”

从年报来看,博瑞医药高度重视创新投入。报告期内,其研发投入同比增长25.42%,占营业收入的24.31%。目前博瑞医药重点研发代谢病领域创新药物以及呼吸吸入为主的药械组合,创新药及吸入制剂合计研发投入占博瑞医药研发投入的62.78%,同比增长77.37%。其中,创新药投入较上年同期增长97.30%,吸入剂投入较上年同期增长52.27%。

降糖、减肥类产品也是博瑞医药布局研发的重点,年报显示,其目前在研产品包括3款药物(分别为BGM0504注射液、口服BGM0504片剂、创新药BGM1812)以及1款司美格鲁肽原料药。其中,BGM0504注射液进展最快,处于临床Ⅲ期;口服BGM0504片剂、创新药BGM1812均处于临床前研究阶段。

值得一提的是,为了制造热度,博瑞医药董事长甚至亲自下场宣传减肥药效果。董事长袁建栋曾在投资者电话会议中表示,“自己亲身试验BGM0504近两个月后,体重从91公斤降到76公斤,这个效果还是非常明显的。”因相关言论具有误导性,袁建栋最终被江苏证监局出具警示函,并记入证券期货市场诚信档案。

尽管将两成以上营收投入研发,但其实际数额在行业内依然偏小。年报显示,2024年,博瑞医药研发投入不足3.12亿元,研发投入资本化的比重也仅为4.6%。对于药企而言,3亿元的研发投入可以说是“杯水车薪”。相比之下,江苏头部药企恒瑞医药2024年研发投入达82.28亿元。

据业内人士透露,国际大型药企开发单个新药的总成本资本化后高达25.58亿美元,国内每款创新药平均研发成本也在3亿元上下。换言之,博瑞医药去年的研发总投入仅够研发一款创新药。

研发投入金额规模较小,在一定程度上限制了博瑞医药的创新步伐。在2024年半年报中,博瑞医药披露了一款累计投入3909.59万元的抗肿瘤项目注射用BGC0228,该项目当时已处于临床1期。然而,在本次年报中,未再披露相关情况,或与捉襟见肘的研发资金有关。记者还注意到,报告期内,博瑞医药研发人员同比减少17人,占公司总人数比例进一步下降;同时,从学历结构上来看,本科及以下占比达63.24%,研发团队质量有待提升。

有限的研发资金决定了博瑞医药被迫将希望寄托在某几个项目上,承担着较高的研发风险。报告期内,BGM0504注射液研发投入为7139.87万元,占研发总投入的22.9%;截至报告期末,该项目已投入约1.32亿元。如果BGM0504注射液最终研发失败,或者难以进行产业化放大,博瑞医药未来业绩或将受到较大影响。

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