By Fineline Cube 
China-based CSPC Pharmaceutical Group Ltd (HKG: 1093) reported its 2024 financial results, showing a 7.8% year-on-year (YOY) decline in total revenues to RMB 29 billion (USD 4 billion). This marks the first time in nearly five years that CSPC has experienced a performance decline, primarily due to the involvement of core products in volume-based procurement (VBP) tenders.
Impact of VBP on Core Products
CSPC’s oncology business revenues fell by 28% in 2024, largely due to significant price cuts for key products. Pegylated recombinant human granulocyte colony-stimulating factor (PEG-rhG-CSF) and liposomal doxorubicin saw their prices reduced by 58% and 23%, respectively, during the Beijing-Tianjin-Hebei “3+N” alliance VBP tender. Additionally, Conjupri (levamlodipine) was affected, though it did not secure a spot in the VBP round.
Regulatory and Development Milestones
Despite the revenue decline, CSPC achieved notable regulatory milestones in 2024, including 16 marketing approvals, 66 clinical approvals, and 3 breakthrough therapy designations in China. The company also expanded its global footprint by establishing a US formulation sales company and a Southeast Asian new drug development division. CSPC remains committed to accelerating the development and expansion of high-end complex injection formulations, monoclonal and bispecific antibodies, and other biological preparations, as well as inhalers in the European and American markets.
Global Expansion Initiatives
CSPC continued its global expansion by setting up subsidiaries in countries along the Belt and Road Initiative, including Singapore, Thailand, Malaysia, and Vietnam. The company also engaged in new drug development partnerships with strategic clients in Indonesia and the Philippines.-Fineline Info & Tech