Luye Pharma Group, a Chinese pharmaceutical company listed in Hong Kong (HKG: 2186), has announced its 2024H1 financial report through its controlling subsidiary, Shandong Boan Biotechnology Co., Ltd (HKG: 6955). The report reveals a significant year-on-year (YOY) increase in total revenues, which stood at RMB 363 million, a rise of 39%. Product sales revenue specifically accounted for RMB 332 million, reflecting a 28% YOY growth.
The net profit for the period was RMB 61.67 million, signifying a substantial turnaround from the losses of the previous year, with an approximate increase of RMB 180 million compared to the same period in the prior year. This has resulted in a net profit margin of 17%. Since the second half of 2023, Boan Bio has maintained profitability for two and a half consecutive years, achieving a full year of profitability for the first time.
Boan Bio currently has three biosimilar products on the market. The bevacizumab biosimilar has experienced double-digit growth. The company has licensed its denosumab biosimilar (60mg, indicated for osteoporosis) to Qingdao Guoxin Pharmaceutical Co., Ltd, a domestic firm. Additionally, the denosumab biosimilar (120mg, for the treatment of giant cell tumor of bone) received approval in China in May this year.
In its investigative pipeline, Boan Bio anticipates receiving marketing approval in China for BA5101 (dulaglutide, for diabetes treatment) and BA9101 (aflibercept, for ophthalmic use) next year.- Flcube.com
