China-based Luye Pharma Group’s (HKG: 2186) controlling subsidiary, Shandong Boan Biotechnology Co., Ltd (HKG: 6955), has announced its financial report for the first half of 2023, along with key business updates. The company reported revenues of RMB 261 million (USD 29.8 million) for the period, marking an 18.4% year-on-year (YOY) increase. Two of the company’s commercialized products have shown significant growth, and its commercial network now extends to over 2,000 hospitals across 31 provinces.
Robust Growth of Commercialized Products and Hospital Coverage
Boan’s first product, BA1101, a biosimilar version of Roche’s Avastin (bevacizumab), is now available in 1,600 hospitals, with all five of its indications covered by the National Reimbursement Drug List (NRDL). This broad coverage underscores the product’s accessibility and impact on patient care. Additionally, the company has two products in the marketing review stages and five products undergoing Phase III trials both domestically and internationally, indicating a strong pipeline and commitment to research and development.
Launch and Commercialization of BA6101
The second commercial-stage product, BA6101, a biosimilar version of Amgen’s Xgeva (denosumab), was launched at the end of last year and is now available in nearly 400 medical institutions across 31 provinces. The commercialization rights for the drug in mainland China are licensed to Sino Biopharmaceutical Ltd (HKEX.01177), which has made the product available in over 1,000 “dual-channel” and Direct-to-Patient (DTP) drugstores, further expanding access to this important therapy.-Fineline Info & Tech
