By Fineline Cube 
Gan & Lee Pharmaceuticals (SHA: 603087) reported revenues of RMB 3.045 billion (USD 417 million) in 2024, marking a 16.77% year-on-year (YOY) increase. Net profit attributable to the parent company surged by 80.75% YOY to RMB 615 million (USD 84.3 million). The company dedicated RMB 646 million (USD 88.5 million) to R&D, representing 21.20% of its revenue.
Domestic and International Growth
Gan & Lee demonstrated robust growth both domestically and internationally in 2024. In China, the company achieved a 15.38% YOY increase in revenue to RMB 2.518 billion (USD 345 million). All six of its insulin products secured Class A bids in the first round of insulin volume-based procurement (VBP). Globally, the company successfully passed the pre-market GMP inspection in the European Union (EU), enabling the manufacture of insulin glargine, insulin lispro, and insulin aspart. International revenue grew by 23.89% YOY to RMB 528 million (USD 72.4 million).
R&D and Innovation
In terms of R&D, Gan & Lee made significant progress. GZR18 completed Phase II studies for type 2 diabetes (T2D) and obesity/overweight in China, meeting its primary endpoint. GZR4 achieved its primary endpoint in a Phase II T2D study, demonstrating superiority over Tresiba (insulin degludec) in HbA1c reduction and is currently undergoing three Phase III clinical trials in China.-Fineline Info & Tech