Gan & Lee Pharmaceuticals (SHA: 603087) has announced its financial results for 2023, reporting a significant year-on-year (YOY) increase of 52.31% in revenues, reaching RMB 2.61 billion (USD 360 million). The Chinese pharmaceutical company also turned profitable, with net profits amounting to RMB 340 million (USD 46.92 million).
The company’s insulin preparations in China saw a sales volume increase of 66.36% compared to the same period in the previous year. Domestic sales revenue for 2023 increased by RMB 746 million year-on-year, significantly contributing to the company’s overall performance. International sales revenue also experienced substantial growth, rising by RMB 186 million year-on-year, marking a 131.78% YOY increase.
In terms of research and development, Gan & Lee Pharmaceuticals invested a total of RMB 582 million in 2023, which accounted for 22.30% of its sales revenue. The successful implementation of insulin volume-based procurement (VBP) in 2022, along with existing market brand effects and the advantages of its academic promotion team, enabled the company to rapidly expand its team and market coverage.
The sales volume of Gan & Lee’s formulation products in China increased by 66.36% YOY, with basic (long-acting) insulin products seeing a 32.47% YOY increase and mealtime (quick-acting) and premixed insulin products experiencing a substantial 112.38% YOY growth.
Gan & Lee’s biosimilar insulin glargine, insulin lispro, and insulin aspart are currently awaiting regulatory decisions in the United States and the European Union.- Flcube.com
