Shanghai Pharmaceuticals Holding Co. (SPH; HKG: 2607; SHA: 601607) has announced its financial results for the first half of 2024, reporting a 5.14% year-on-year (YOY) increase in revenues, which reached RMB 139.413 billion. The pharmaceutical industry sector saw a decline in revenue, with a 13.37% YOY decrease to RMB 12.734 billion. Conversely, the pharmaceutical business sector posted a positive 7.45% YOY growth, with revenues amounting to RMB 126.679 billion. For the period between January and June 2024, the net profit attributable to shareholders of the listed company increased by 12.72% YOY to RMB 2.942 billion. The industrial business, commercial business, and main participating enterprises contributed profits of RMB 1.312 billion, RMB 1.793 billion, and RMB 341 million, respectively.
In a strategic move to advance its position in the biopharmaceutical sector, SPH has been proactive in promoting the industrialization of cell therapies. The company has established partnerships with key medical institutions such as Shanghai Children’s Medical Center, Ruijin Hospital, and China Stem Cell Group Limited, and has initiated a clinical study for its pioneering CAR-T therapy, B019. SPH’s innovation incubation base in Zhangjiang, Shanghai, is anticipated to be operational in September. The company has also intensified its R&D efforts, with an investment of RMB 1.404 billion, marking a 15.26% YOY increase and representing 11.03% of industrial sales. R&D expenses specifically were up 7.67% YOY to RMB 1.105 billion. As of the reporting period’s end, SPH had 64 new drug pipelines that were either accepted for clinical reviews or had progressed to subsequent clinical research stages, including 50 innovative drugs with 3 Phase II clinical trials underway in the United States. Several innovative drug pipelines are currently awaiting regulatory decisions or are in pivotal Phase III studies.- Flcube.com
