HONG KONG—China Grand Pharmaceutical and Healthcare Holdings Ltd (CGP; HKG: 0512) has released its interim financial report for 2024, revealing a 5.4% year-on-year increase in revenues to HKD 6.05 billion (USD 776.7 million) in constant exchange rate terms. The profit attributable to the company’s owners surged 51.4% year-on-year to approximately HKD 1.56 billion (USD 200 million), with research and development costs and project investments totaling HKD 1.48 billion (USD 190 million).
During the period, CGP’s oncology and cardiovascular and cerebrovascular precision interventional technologies segment reported a significant 140.8% year-on-year increase in sales, reaching HKD 342.75 million (USD 44 million). The anti-tumor radiopharmaceutical segment contributed HKD 207.24 million (USD 26.6 million), primarily driven by rapid clinical demand, marking a 107.6% year-on-year growth.
Pharmaceutical product sales remained stable at HKD 3.77 billion (USD 480 million), while the respiratory and critical care sector saw a 21.0% year-on-year increase in revenues to HKD 962.55 million, bolstered by the uptake of key products. The ophthalmology and ear, nose, throat segments maintained consistent revenues of HKD 1.23 billion, and the cardiovascular and cerebrovascular emergency department reported a 16.6% year-on-year increase in revenues to HKD 1.17 billion.
CGP’s biotechnology products contributed HKD 1.93 billion in revenues, up 8.5% year-on-year. The company’s R&D pipeline is robust, with 141 programs under development, including 49 innovative programs spanning from pre-clinical to market filing stages.
Globally, CGP operates multiple overseas subsidiaries, covering a range of therapeutic areas. The company has initiated multiple clinical trials for global innovative drugs, with 8 clinical approvals across the US, Australia, Belgium, Poland, and the UK. CGP’s international workforce currently stands at 320 employees.
In terms of investment and M&A cooperation, CGP acquired a 90% stake in Chongqing Duoputai Pharmaceutical Co., Ltd, securing rights to its anticoagulant portfolio. The company also made a USD 15 million upfront payment for the Greater China rights to TP-03 (lotilaner ophthalmic solution, 0.25%) from US firm Tarsus Pharmaceuticals Inc. (Nasdaq.TARS). Additionally, CGP acquired 100% stakes in Mitsubishi Tanabe Pharma Corporation’s Tianjin subsidiary and Baiji Pharma for RMB 488 million and RMB 260 million, respectively.- Flcube.com
