China’s Shanghai Pharmaceuticals (SPH; SHA: 601607, HKG: 2607) released its 2024 financial results, showing total revenues up 5.75% year-on-year (YOY) to RMB 275.251 billion (USD 37.9 billion). Pharmaceutical industry and business sales reached RMB 22.731 billion (USD 3.3 billion) and RMB 251.5 billion (USD 34.6 billion) respectively, with the latter increasing 7.47% YOY. Net profit attributable to the parent company was RMB 4.553 billion (USD 627 million), up 20.82% YOY.
Innovation Initiatives
SPH’s life sciences innovation incubator in Shanghai, SH-INNO, commenced operations during the period, hosting 15 residents including SHC Shanghai Biopharma Fund, Bayer, Sartorius, and Synvida Bio.
R&D Progress
SPH established a scientific committee industrial innovation council and a new product planning department to enhance product planning and optimize R&D processes. As of the period end, the company has 54 new drug pipelines either awaiting regulatory decisions for clinical trials or at late clinical stages. Notably, I001, a small molecule renin inhibitor for hypertension, has been filed for marketing, with five drugs at Phase III stages.-Fineline Info & Tech
Leave a Reply