China-based Shanghai Fosun Pharmaceutical (Group) Co., Ltd (SHA: 600196, HKG: 2196) has released its 2024 financial report, recording revenues of RMB 41.1 billion (USD 5.7 billion), a slight decrease of 0.80% year-on-year (YOY). The net profit attributable to the parent company reached RMB 2.77 billion (USD 381 million), marking a 16.08% YOY increase. The company invested a total of RMB 5.55 billion (USD 764 million) in research and development (R&D), with RMB 4.91 billion (USD 676 million) allocated to the pharmaceutical business.
Business Sector Performance
The pharmaceutical business generated RMB 28.9 billion (USD 4 billion) in sales, accounting for 70.43% of total revenues. Despite a 4.29% YOY decline, Fosun Pharma’s integration and optimization of R&D systems and focus on advantageous pipelines allowed profits to grow by 65.73% to RMB 3.25 billion (USD 447 million). Sales of core products in anti-tumor and immune regulation, as well as cardiovascular system therapies, saw significant increases of 5.84% and 14.00% to RMB 8.1 billion (USD 1.1 billion) and RMB 1.9 billion (USD 263 million), respectively. Key products including Hanquyou (trastuzumab biosimilar), Hanlikang (rituximab biosimilar), PD-1 inhibitor HanSiZhuang (serplulimab), and heparin series preparations collectively generated sales exceeding RMB 1 billion (USD 138 million) in 2024.
R&D and Regulatory Milestones
During the period, Fosun Pharma obtained 16 indication approvals for seven novel drugs/biosimilars, either developed in-house or licensed-in. Eight novel drugs/biosimilars entered pre-market regulatory review or pivotal clinical stages, with a total of 18 novel drugs/biosimilars cleared for clinical trials.
Medical Device and Diagnostic Business
The medical device and diagnostic business recorded RMB 4.3 billion (USD 595 million) in sales, accounting for 10.53% of total revenue. The decline was attributed to reduced COVID-19 product demand, volume-based procurement of diagnostic reagents, and pricing pressures in the diagnostic business.
Medical and Health Services
Sales of medical and health services grew by 14.61% YOY to RMB 7.6 billion (USD 1.1 billion), increasing the proportion of total revenue from 16.12% to 18.62%. This growth was driven by the construction of key specialties, smart healthcare initiatives, and improvements in integrated operational efficiency.-Fineline Info & Tech
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