By Fineline Cube Fosun Pharma (SHA: 600196) has released its 2023 interim financial report, recording revenues of RMB 21.395 billion (USD 2.95 billion), marking a modest year-on-year (YOY) increase of 0.22%. The core business, the pharmaceutical unit, contributed RMB 15.995 billion (USD 2.2 billion) in revenues, representing an impressive YOY growth of 11.64%. Despite this, net profits reached RMB 1.373 billion (USD 189 million), reflecting a YOY decrease of 26.28%. Research and development (R&D) expenditure saw a significant increase, climbing 19.77% YOY to RMB 2.884 billion (USD 397 million).
Key Portfolio Performers and COVID-19 Impact
Fosun’s key portfolio performers include the PD-1 inhibitor HanSiZhuang (serplulimab), trastuzumab biosimilar Hanquyou (HLX02), and thrombocytopenia therapy Doptelet (avatrombopag). HanSiZhuang generated RMB 556 million in sales, while Hanquyou and Doptelet saw YOY sales increases of 57.1% and 32.7%, respectively. The oral COVID-19 therapy azvudine also contributed to the company’s revenues. However, as the COVID-19 pandemic fades, the Comirnaty vaccine and nucleic acid detection reagents, along with other relevant products, have experienced significant declines. Excluding these products, group revenues would have shown a 15% YOY increase.
New Approvals and Pipeline Developments
During the period, the CAR-T therapy Yescarta (axicabtagene ciloleucel) was approved to treat second-line large B-cell lymphoma (r/r LBCL). The second-generation injectable malaria therapy Argesun (artesunate) obtained WHO pre-qualification and approvals in 16 countries. A thoracic and abdominal endoscopic surgery control system was approved for marketing, expected to be utilized in minimally invasive endoscopic surgeries across various medical specialties.
Fosun has over 70 in-house drugs and biosimilars under development. Notably, tenapanor for the treatment of hyperphosphatemia in patients with chronic kidney disease (CKD) on hemodialysis and the medical aesthetics product botox RT002 are awaiting regulatory decisions. Additionally, the 13-valent pneumococcal conjugate vaccine, MEK1/2 selective inhibitor FCN-159, and the ADC FS-1502 targeting HER2 are undergoing Phase III clinical trials.-Fineline Info & Tech