China-based Lee’s Pharmaceutical Holdings Ltd (HKG: 0950) has released its Q3 2022 financial report, recording HKD 1.036 billion (USD 132.4 million) in revenues, up 8.8% year-on-year (YOY). The growth was driven by strong sales of Bredinin (mizoribine), treprostinil, and interferon α2b, which offset declines in some outpatient and surgical drugs. The company generated HKD 387 million (USD 49.4 million) in profits during the third quarter, up 5.1% YOY and 19.3% month-on-month.
Financial Details
Licensed-in products accounted for 61.7% of the group’s profits during the first three quarters, while patented products and generic products made up 38.3%. Research and development (R&D) expenses totaled HKD 294 million (USD 37.5 million), down 14.9% compared with the same period last year. Sales and distribution expenses were HKD 269 million (USD 34.4 million), up 4.0% YOY.
Pipeline and Future Plans
Lee’s Pharma boasts a product pipeline consisting of over 40 programs at various stages of development. Key products include Adasuve (loxapine), awaiting regulatory decisions from the Center for Drug Evaluation (CDE); generic versions of epinastine and apremilast; and Cetraxal Plus, which was filed for marketing with the CDE last month after concluding a Phase III study in acute external otitis and acute otitis media with tympanic membrane catheterization. The company is also advancing Vulvovaginal atrophy therapy intrarosa through Phase III clinical study and preparing for the new drug application (NDA) filing of PD-L1 inhibitor socazolimab for use in recurrent or metastatic cervical cancer in China.
Strategic Focus
With the expiring licensing of its flagship product Carnitene (levocarnitine), Lee’s Pharma is focusing on developing home-grown generic drugs, participating in volume-based procurement (VBP), and ramping up the marketing of newly approved products. This strategic shift aims to diversify the company’s revenue streams and enhance its market presence in China.-Fineline Info & Tech
