China-based CSPC Pharmaceutical Group Ltd (HKG: 1093) has released its Q3 2022 financial results, reporting a 13.8% year-on-year (YOY) increase in revenues to RMB 23.496 billion (USD 2.87 billion). The growth was driven by increases across multiple business segments, including on-patent medicines, raw material products, and functional food.
Revenue Breakdown
- On-patent medicines generated RMB 18.612 billion (USD 2.6 billion, +10.8% YOY).
- Raw material products contributed RMB 3.424 billion (USD 479 million, +20.1% YOY).
- Functional food and other products brought in RMB 1.459 billion (USD 204 million, +47.6% YOY).
Patent Drug Business
Within the patent drug business, product sales were RMB 18.427 billion (USD 2.57 billion), and licensing revenues were RMB 186 million (USD 26 million). By treatment area:
- Nervous system products: RMB 6.012 billion (USD 841 million, +9.2% YOY).
- Anti-tumor products: RMB 5.909 billion (USD 826.7 million, +2.3% YOY).
- Anti-infection products: RMB 2.646 billion (USD 370.2 million, +25.1% YOY).
- Cardiovascular products: RMB 2.173 billion (USD 3.4 million, +2.2% YOY).
- Respiratory products: RMB 397 million (USD 55.5 million, +43.6% YOY).
- Digestive and metabolic products: RMB 564 million (USD 78.9 million, +41.6% YOY).
- Other products: RMB 726 million (USD 101.5 million, +31.3% YOY).
R&D Expenditure
During the period, CSPC’s R&D expenses reached RMB 2.92 billion (USD 408.5 million), up 16.4% YOY, accounting for 15.7% of revenues from the patent medicine business.
Product Progress
- In January, mitoxantrone hydrochloride was approved in China for relapsed or refractory peripheral T-cell lymphoma (PTCL).
- Desvenlafaxine was filed for marketing in China.
- Bispecific SIRPα fusion protein JMT601 (CPO107) was awarded breakthrough therapy designation (BTD) in the US for relapsed or refractory diffuse large B-cell lymphoma.
- In March, duvelisib was approved for recurrent or refractory follicular lymphoma (FL).
- In April, irinotecan liposome was filed for marketing in China for metastatic pancreatic cancer.
- In June, RANKL antibody JMT103 was filed for marketing in China for giant cell tumor of bone with priority review status.
- In July, docetaxel (albumin-bound) was awarded orphan drug designation (ODD) in the US for gastric cancer.
- In October, paclitaxel for injection (albumin-bound) was filed for market approval in China for breast cancer.
- In November, recombinant human TNK tissue-type plasminogen activator for injection (rhTNK-tPA) was filed for use as a thrombolytic therapy in patients with acute ischemic stroke in China.
Business Collaboration
- In February, CSPC Pharma acquired a 51% stake in CSPC Recomgen Pharmaceutical (Guangzhou) Co., Ltd.
- In July, CSPC struck a USD 1.195 billion licensing deal with US firm Elevation Oncology, Inc., granting ex-Greater China development and commercialization rights to SYSA1801 (Claudin 18.2 ADC).
- In August, CSPC entered into another licensing deal with Harbour BioMed (02142.HK), taking development, manufacturing, and commercialization rights to batoclimab (HBM9161) in Greater China.-Fineline Info & Tech
