Sihuan Pharmaceutical Holdings Group Ltd (HKG: 0460), a leading pharmaceutical company in China, has released its financial report for the first half of 2024, highlighting a strategic pivot towards medical aesthetics and biopharmaceuticals. The company’s “medical aesthetics + innovative drug” dual-driven strategy has been instrumental in this transformation.
For the period, Sihuan Pharma reported revenues of RMB 950 million, marking a 10.0% year-on-year (YOY) decrease. However, the medical aesthetics business segment showed significant growth, with revenues reaching RMB 323 million, a 66.4% YOY increase. The generic drug business contributed RMB 597 million, a 29.4% YOY decrease, while innovative drugs and other pharmaceutical products generated RMB 29.6 million, an 85.0% YOY increase. This growth in the latter segment was attributed to the commercial success of hypoglycemic drugs Huiyoujing (ganagliflozin) and Huiyoujia (insulin degludec, insulin aspart).
Research and development (R&D) expenditure decreased by 33.5% YOY to RMB 196 million, reflecting the completion of clinical trials and the attainment of marketing approvals for several products. During the period, the company received marketing approvals for five innovative drugs and biopharmaceutical products, and seven generic drugs.- Flcube.com
