HONG KONG—CSPC Pharmaceutical Group Ltd (HKG: 1093) has announced its financial results for the first half of 2024, with total revenues reaching RMB 16.284 billion (USD 2.28 billion), reflecting a 1.3% increase year-on-year. The patent medicine business proved to be a significant revenue driver, with sales climbing 4.8% YOY to RMB 13.549 billion (USD 1.9 billion).
Within the patent medicine category, nervous system products led the way with a 15% YOY increase, generating RMB 5.236 billion in sales. Oncology products, however, experienced a decline with a 10.2% YOY decrease to RMB 2.683 billion. Anti-infection and digestive and metabolic products showed positive growth, with sales of RMB 2.307 billion (+7.7%) and RMB 647 million (+55.4%), respectively. In contrast, cardiovascular and respiratory system products saw a dip in sales, with revenues of RMB 1.229 billion (-4.5%) and RMB 756 million (-13.5%), respectively.
The raw material products segment, which includes vitamin C and antibiotics, reported a 5.8% YOY increase, with sales amounting to RMB 1.855 billion (USD 260 million). The functional food and other businesses segment exhibited robust growth, with a 25.2% YOY surge in sales revenue to RMB 880 million (USD 123.4 million).
Investment in research and development (R&D) intensified, with expenses rising 10.3% YOY to RMB 2.542 billion. This figure represents 18.8% of the patent medicine revenues, indicating the company’s commitment to innovation. Over 60 products are currently in clinical or regulatory filing stages, with 7 pending regulatory decisions. In the year to date, China has approved two new drugs (with added indications), granted 22 clinical approvals, and issued 5 generic approvals for the company. Additionally, 3 drugs have received clearance for clinical trials in North America.- Flcube.com
