CSPC Pharmaceutical Group Ltd (HKG: 1093), a leading pharmaceutical company based in China, has released its financial report for 2023, recording RMB 31.45 billion (USD 4.34 billion) in revenue for the year, marking a 1.7% increase year-on-year (YOY). The patent medicine business segment contributed RMB 25.637 billion (USD 3.54 billion), representing a 4.6% YOY growth. Raw material products generated RMB 3.641 billion (USD 500 million), while the functional food and other businesses contributed RMB 2.172 billion (USD 300 million). However, the profit attributable to shareholders during the period was RMB 5.873 billion (USD 810 million), reflecting a -3.6% YOY decrease.
CSPC’s patent medicine business continues to exhibit steady growth. Sales in specific therapeutic areas showed significant variances: nervous system drugs achieved RMB 9.089 billion (+12.1%), anti-tumor drugs RMB 6.139 billion (-16.4%), anti-infectives RMB 4.236 billion (+19.7%), cardiovascular drugs RMB 2.44 billion (-15.5%), respiratory system drugs RMB 1.56 billion (+124.0%), and digestive and metabolic drugs RMB 889 million (+17.8%).
During the year, CSPC launched several new drugs, including the anti-RANKL monoclonal antibody (mAb) narlumosbart (JMT103), irinotecan liposome injection, and the anti-depressant desvenlafaxine. In February 2024, CSPC’s recombinant human TNK tissue-type plasminogen activator for injection (rhTNK-tPA) was approved as a thrombolytic therapy for patients with acute ischemic stroke in China. Additionally, mitoxantrone hydrochloride liposome, duvelisib, glumetinib, and desvenlafaxine were included in the National Reimbursement Drug List (NRDL).
CSPC’s robust pipeline consists of over 60 drug candidates in clinical stages and 130 investigational drug programs, including more than 40 macromolecule programs, over 40 small molecule programs, and over 30 new preparation programs. The company plans to file for marketing nearly 50 novel drugs in the next five years. R&D expenses for the period were RMB 4.83 billion, an increase of 21.17% YOY. As of December 31, 2023, the company’s cash and cash equivalents increased to RMB 12.755 billion from RMB 10.498 billion at the end of 2022. – Flcube.com
