current position:Home>Last night, it ushered in the largest IPO of US stock medical this year, which fell on the ophthalmology track

Last night, it ushered in the largest IPO of US stock medical this year, which fell on the ophthalmology track

2022-05-07 18:24:2236kr

Beijing time. 2022 year 5 month 6 Sunday night , Eye care company Bausch & Lomb (Bausch+Lomb) Successfully listed on the New York Stock Exchange and Toronto Stock Exchange , The stock code is unified as BLCO, It has become the largest medical in the US stock market this year IPO. The recent turmoil in the US stock market , Many companies considering listing are waiting for a good time , This time, Bausch & Lomb's listing is regarded as IPO In the market Wind vane And get close attention . however , The final issue price determined by Bausch & Lomb is 18 dollar , Co financing 6.3 Billion dollars , Below market expectations .6 The opening price of Bausch & Lomb New York Stock Exchange 18.5 dollar , rose 2.78%, Corresponding to the total market value of the company 63 Billion dollars .

Founded on 1853 In, Bausch & Lomb sold contact lenses 、 Lens care products 、 Eye care products and other eye products are well known by the general public , But the group itself is positioned as a medical company , It also sells ophthalmic drugs 、 Eye surgery, medical instruments and other hospital products , The scale is second only to Alcon , Ranked second in the world .

In business , Bausch & Lomb's operating income has been maintained at 30 Billion dollars -40 Billion dollar range , Profit in 10 Billion dollars or so , The whole company is basically oriented towards , Although there is no sustained upward growth , But also self-sufficient . Sit in a market with great consumption potential , Slow development also has considerable income .

that , Such a stable head company , why IPO?

Acquisition 、 Split 、 list …… After being displaced ,169 At the age of, Bausch & Lomb finally became independent

From a small optical shop to today's multinational giant , The growth path of Bausch & Lomb goes hand in hand with the development of optics .

Bausch & Lomb was born in 1853 year , It is one of the longest running companies in the United States , The company's earliest product is monocle .1903 in , Bausch & Lomb already has glasses 、 Microscope 、 Photographic lens 、 Telescope and other product lines , Even the patent of camera shutter . The first satellite image of the moon was taken by the camera lens produced by Bausch & Lomb . in addition , Before World War II , Bausch & Lomb designed a kind of sunglasses for American pilots , Widely used by the US military , This is ray ban . After the war , The image of an American pilot wearing ray ban sunglasses impressed people all over the world and became famous , Enter the fashion circle , It's just that ray ban is 1999 It was sold by Bausch & Lomb in , This is the later story. .

What domestic users know most about Bausch & Lomb , Maybe it's the contact lens it launched .1965 year , Bausch & Lomb purchased the patent for hydrogel contact lenses invented by two Czech scientists .1971 year , Bausch & Lomb won FDA Approval of , Launched Poly-HEMA New contact lenses made of , This is still known all over the world “Soflens” contact lenses .

20 century 90 years , Bausch & Lomb has successively acquired Storz Ophthalmic、Chiron Vision And other precision manufacturing companies , Shape its business as consumer health 、 contact lenses 、 Pharmaceutical and surgical departments , Although there are some adjustments in the follow-up , However, the overall research and development has always been carried out around these four themes .

Bausch & Lomb is 2007 In, he was invested by Warburg Pincus, a private equity company Warburg Pincus Acquisition and privatization , Delisting from NYSE . But since then, the operation of the company has not improved significantly , A series of product quality problems have also emerged .

2013 year , Canada's number one pharmaceutical company Valeant(2018 It was renamed Dr. Kang ) With 87 Buy Bausch & Lomb at a high price of $100 million , Become the biggest acquisition of the year . According to the agreement , Which about 45 $billion to Warburg Pincus investment group (Warburg Pincus) Led by the investor group , The rest 42 $billion to repay Bausch & Lomb's debt . Upon completion of the transaction , Dr. Kang became one of the largest contact lens manufacturers in the world at that time , Bausch & Lomb retains its original name , Become a subsidiary of Dr. Kang , It is the most important and robust source of cash flow .

however , Dr. Kang's peak hasn't lasted long .2015 end of the year , Dr. Kang is in dispute because of the price increase strategy and the use of professional pharmacies to distribute drugs , Led to an investigation by the United States Congress , Eventually, the CEO J.Michael Pearson Be removed from office . This huge controversy brought Dr. Kang down to the altar , And it has brought many accounting problems and huge debts . Under pessimistic expectations , Wall Street sold off Dr. Kang's shares , Causing its share price to fall sharply .

Dr. Kang's self rescue has continued until now .2020 year 8 month , Dr. Kang, CEO Joseph Papa He said in a statement. :“ We stripped about 40 $billion in non core assets , Repaid more than 80 US $billion in debt , Many remaining legal problems have been solved , We think now is the right time to start the spin off process .” Bausch & Lomb is one of the core assets he mentioned .  When the split is just over , Bausch & Lomb applied to the NYSE for listing .

For ten years , Whether it's an acquisition 、 Split , Or today's independent listing , Bausch & Lomb has always maintained a steady operation . The reason for the split listing that has not been disclosed by the official , Arterial network guess , With the debt ridden doctor Kang , Bausch & Lomb's departure may give the company more capital and rights , It can also plan more diversified development , And for Dr. Kang , After stripping off high-quality assets , The disposal of its existing assets is easier , This will accelerate the transformation of Dr. Kang from generic pharmaceutical enterprises to innovative pharmaceutical enterprises .

super 400 The layout of this product is simple , Bosslen took 10 Billion users

Bausch & Lomb's Prospectus has a brief description of the company composed of a series of numbers : The company owns about 12000 Employees , Cover about 90 Business in countries and regions , Potential customers exceed 10 Million people , Brand awareness exceeds 70%, There are more than 400 Kind of .

Bausch & Lomb usually simply classifies its products as vision care 、 Ophthalmic drugs 、 There are three major categories of surgery . Vision care is pure To C Business , Medical instruments used in surgery are usually sold to medical institutions , Ophthalmic drugs are divided into OTC And prescription drugs , Each corresponds to a different market .

  The financial data disclosed in Bausch & Lomb's prospectus

Vision care is the main source of income and profit for Bausch & Lomb .2020 The annual operating data show that , Annual revenue of Bausch & Lomb vision care business 21.1 Billion dollars , Proportion in total revenue 62%, profits 5.8 Billion dollars , Proportion in total profit 64%.

In this , Contact lenses and their care products 、OTC Eye drops and eye vitamins are the main profit points of Bausch & Lomb , Especially the contact lens business with the dual attributes of eye treatment and medical beauty , Bausch & Lomb has the broadest product portfolio in the industry , Including soft contact lenses ; Multifocal 、 Multifocal surfaces and soft multifocal lenses 、 Meitong et al . It's in key markets ( Such as China ) And several developing markets ( Thailand and India ) Both occupy the first place in sales .

Followed by Bausch & Lomb's pharmaceutical business , Proportion in total revenue 21%, It is used for postoperative treatment and treatment of a variety of eye diseases , Such as glaucoma 、 ocular inflammation 、 Ocular hypertension 、 Dry eye and retinal diseases . The four major ophthalmic drug brands are VYZULTA、Lotemax、Prolensa and BEPREVE.

It is worth noting that , Bausch & Lomb's innovative drug R & D and production line closely revolves around the ophthalmic business . On the market Latanoprostene Bunod It is a prostaglandin analogue , It is used to reduce intraocular pressure in patients with open-angle glaucoma or ocular hypertension ; Well known Besifloxacin Hydrochloride ( Besifloxacin hydrochloride ) It's a kind of N-1 Cyclopropyl 8- chlorine - Fluoroquinolone antibacterial agents , By inhibiting bacteria DNA Gyrase and topoisomerase IV To inhibit Gram-positive and Gram-negative bacteria ;Loteprednol Etabonate ( Cloteprenol ) It's an ophthalmic corticosteroid , Apply to eyelids 、 Bulbar conjunctiva 、 Treatment of steroid sensitive inflammation of cornea and anterior eyeball , Such as allergic conjunctivitis 、 Erythematous keratitis, infectious conjunctivitis, etc .

At present, Bausch & Lomb has research facilities all over the world IV Phase I clinical varieties 5 individual ,III Phase I clinical varieties 2 individual , In research II Phase I clinical varieties 3 individual , Cover red eyes 、 Astigmatism and other indications , R & D in the future will continue to be OTC Drug based .

Surgery is the lowest contribution to Bausch & Lomb's current operating income 、 A business segment with the least profit and greater risk . Conventional products include instruments and equipment related to ophthalmic surgery 、 Phacoemulsification device 、 Intraocular lens, etc , Often used in cataract surgery VICTUS Femtosecond laser belongs to this business segment .

contact lenses 、 Regima …… Which one will become the core competitiveness of Bausch & Lomb in the future ?

Although there are many production lines , But Bausch & Lomb's competitiveness is not high barriers .

Under the COVID-19 2020 Mid year , Bausch & Lomb's operating income decreased 17.75%, Profits are down 9.69%. Behind this , On the one hand, it is the closure of offline stores caused by the COVID-19 and the inhibition of economic consumption brought about by home , On the other hand , Bausch & Lomb didn't make popular pieces during this time .

Review the prospectus data , Bausch & Lomb is 2018 year -2020 During the year , The R & D expenses are respectively 2.21 Billion dollars 、2.58 Billion dollars 、2.53 Billion dollars , The proportion in total revenue is 6.0%、6.8%、7.4%, Looking at product related R & D alone, there are fewer , Respectively 1.96 Billion dollars 、2.34 Billion dollars 、2.36 Billion dollars , Proportion in total revenue 5.3%、6.2%、6.8%. For a market value 63 For a $billion healthcare giant , Such R & D investment is difficult to ensure its sustainable competitiveness .

Further analyze the core products in the Bausch & Lomb product matrix .

In recent years , Meitong in contact lenses has good consumption properties because of its good decorative function , With an ultra-high repurchase rate , It has become a pastry pursued by capital in recent years . By 2022 year 2 month , China alone has grown more than 1800 Jiameitong related enterprises .

The influx of a large number of enterprises will inevitably dilute Bausch & Lomb's contact lens business , But there are also opportunities behind the challenges . Especially for Meitong, a subdivision track that depends on Marketing , Domestic e-commerce 、 The rise of live broadcasting with goods will make a living for more small brands , But it is also a space for leading enterprises to find faster coverage of a wider range of users .

stay 2021 year -2022 During the prospectus vacuum period of , On the one hand, Bausch & Lomb has conducted live broadcasts on tmall platform for many times through the official flagship store , Accelerate user coverage through channel innovation , On the other hand, it is related to China's national geography IP Create a co branded beautiful pupil , Put the century old store into Z Generations of fashion circles .

Besides , Bausch & Lomb also represented its brother company SOTA (Solta Medical) R & D hot Gemma , Become the general agent in China . Yidu data released 《2021 White paper on medical and beauty equipment industry in 》 data display , Thermage 5 This piece is in East Asia 、 Southeast Asia created 1.42 Billion dollars (9.23 RMB ) income , Among them, Bausch & Lomb's suggestions in China are indispensable .

So it seems , Bausch & Lomb is C The performance of the end market is not much like a medical device company , But into a medical beauty company . The switching of the track may be of great benefit to its development , Medical beauty is at the peak of development ,20%-30% Under the compound annual growth rate of , Bausch & Lomb is expected to break through the bottleneck of $4 billion in revenue .

Let's talk about the part of intraocular lens . Bosslen and Alcon 、 Johnson 、 Zeiss controls China 80% Intraocular lens Market , But Bausch & Lomb passed NNPA Certified intraocular lenses include Intraocular Lens、Akreos AO Micro Incision Lens、SofPort Intraocular Lens、SofPort Intraocular Lens、One-Piece Hydrophobic Intraocular Lens、Intraocular Lens、Acrylic Intraocular Lenses、One-Piece Hydrophobic Intraocular Lens、 Preassembled acrylic intraocular lens Acrylic Intraocular Lenses with Preloaded Injector8 Species , But all registration certificates are “ National machinery injection ”, China has not realized “ domestic ”. In the domestic alternative to the surging Chinese market , All of Bausch & Lomb's intraocular lens products are facing potential policy crisis .

Besides , The emergence of volume procurement further compressed the profit margin of Bausch & Lomb intraocular lens related business .2021 year 3 month , Bausch & Lomb won the bid for the volume procurement organized by Guangdong pharmaceutical trading center , In the past 3000-10000 The unit price of intraocular lens has been reduced to about 1000 yuan , The maximum drop 90%. China as the of Bausch & Lomb “ Key markets ”, The gradual progress from Guangzhou to nationwide centralized purchase will bring a great test to the profitability of Bausch & Lomb , This part of the test has not yet been reflected in Dr. Kang's prospectus .

 2021 Publicity form of the results of the proposed winning of the regional group procurement of intraocular lens medical consumables alliance in (A Purchase order )

in general , Subject to policy 、 Market and other factors , At present, the core competitiveness of Bausch & Lomb is positive C End to end , The proportion of related businesses has been increasing . At present, there is no data to prove the advantages and disadvantages of the shift of Bausch & Lomb business center , But from the fundamentals of the medical beauty market , The future of Bausch & Lomb can be expected .

Can postdoctoral breakthrough be achieved ?

As the prospectus does not disclose the actual purpose of the financed funds , We cannot know that the newly raised funds of Bausch & Lomb were used by the parent company Dr. Kang to repay the debt , Or leave it for your own use , To solve many problems under the current structure .

And industry first 、 Compared with Alcon, which has the whole industry line of Ophthalmology , Although Bausch & Lomb's product system is rich , But there is still a lot of vacuum , Failed to involve OCT And other potential medical devices . If you want to break through yourself , Dr. Kang needs money , More autonomy is needed , In order to better comply with the market specified strategy , Strengthen their core competitiveness .

If the situation after listing moves towards the latter possibility , The split Bausch & Lomb can break the restrictions of the past , Focus more on business issues . In terms of stock prices , The market has confidence in the future of Bausch & Lomb .

As for whether we can break through the limitations and go to the next stage , Everything needs time to prove .

This article is from WeChat official account. “ Arterial network ”(ID:vcbeat), author : Zhao Hongwei ,36 Krypton authorized release .

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