China-based Luye Pharma Group (HKG: 2186) has announced its financial performance for the first half of 2023, along with recent business updates. The group reported overall revenues of RMB 2.904 billion (USD 399.7 million), with product sales contributing RMB 2.785 billion (USD 383.3 million), marking an 18.7% year-on-year (YOY) increase.
Revenue Growth in Key Therapeutic Areas
Oncology products saw significant growth, generating RMB 810 million (USD 111.5 million), up 34.9% YOY. Cardiovascular products also performed well, with revenues of RMB 980 million (USD 135 million), up 24.8% YOY. Central nervous system (CNS) products contributed RMB 670 million (USD 92 million), up 16.5% YOY.
Regulatory Approvals and Product Launches
A key product, Rykindo (risperidone) extended-release injectable suspension, received marketing approval in the US, while its injectable goserelin acetate in microsphere form was approved in China. Sales of risperidone microspheres (II) doubled during the period, and the product has recently been launched in the US. Goserelin is preparing for National Reimbursement Drug List (NRDL) negotiations later this year.
Pipeline Progress and Clinical Trials
Luye has 10 programs under marketing review and 9 at the Phase III clinical stages, indicating a robust pipeline and active development efforts. Its subsidiary, Boan, has two biosimilars awaiting regulatory decisions and 5 undergoing Phase III trials both domestically and internationally.-Fineline Info & Tech
