Luye Pharma Group, a China-based pharmaceutical company listed in Hong Kong (HKG: 2186), has reported its financial results for the first half of 2024. The company recorded revenues of RMB 3.0746 billion, marking a 6% increase year-on-year (YOY), and a significant surge in net profits, which rose by 201% YOY to RMB 438 million.
Luye Pharma has established R&D centers in China, the US, and Europe, with over 30 and more than 10 drugs in development in these regions, respectively. The company is dedicated to advancing new drug delivery technologies, including microspheres, liposomes, and transdermal drug delivery systems, while also venturing into cell and gene therapies.
In the first half of 2024, Luye Pharma’s revenue in oncology grew by 25.3% to RMB 1.14 billion, while the revenue in central nervous system therapy saw a 20.9% increase, reaching RMB 822.7 million. However, the company experienced a 21.9% decrease in cardiovascular revenue to RMB 763.3 million and a 20.8% decrease in metabolic revenue to RMB 195.7 million. The oncology sector, a stronghold for the group, has the potential to contribute over 1 billion yuan in annual revenue growth in the short term through the launch of five new products, with a long-term market growth potential exceeding RMB 5 billion.
In the central nervous system treatment field, the Group has seen five new products approved in Chinese Mainland, including toludesvenlafaxine, 瑞可妥, 美比瑞, Rotigotine, and rivastigmine multi-day transdermal patch, as well as rivastigmine transdermal patch. Additionally, four new products, 瑞可妥, Erzofri, rivastigmine multi-day transdermal patch, and rotigotine transdermal patch, have been approved in the United States or Europe. The company’s flagship antipsychotic drug, Erzofri, achieved a significant milestone with its approval in the United States in July 2024. Erzofri is the first long-acting injection of paliperidone developed by a Chinese company with independent intellectual property rights to receive approval in the US.- Flcube.com
