Sino Biopharmaceutical Ltd (HKG: 1177) reported robust financial results for the first half of 2024, generating revenues of RMB 15.87 billion (USD 2.2 billion), marking an 11.1% year-on-year increase and a record high for the company. Net profits surged to RMB 3.02 billion (USD 420 million), reflecting a remarkable 139.7% year-on-year growth.
Sales of innovative products reached RMB 6.13 billion (USD 860 million), up 14.8% year-on-year, with recent launches contributing RMB 6.03 billion, a significant 39.6% increase. The company has introduced 15 novel products to date, focusing on key therapeutic areas including anti-tumor, liver disease, respiratory, surgical/analgesic, and cardiovascular drugs.
Anti-tumor medications generated RMB 5.36 billion, accounting for 33.8% of total revenues and growing 19.5% year-on-year. Liver disease treatments contributed RMB 2.03 billion (USD 280 million), representing 12.8% of total revenue, up 11.2%. Respiratory medications and services amounted to RMB 1.78 billion (USD 250 million), while surgical/analgesic drugs reached RMB 2.58 billion (USD 360 million), reflecting increases of 5.4% and 29.9% year-on-year, respectively. Cardiovascular and cerebrovascular drugs brought in RMB 1.36 billion, up 14.5%, while other business revenues grew by 23.2% to RMB 2.75 billion.
Currently, Sino Biopharmaceutical has 76 innovative products in the pipeline, including 46 for cancer, 6 for liver disease, 9 for respiratory conditions, 5 for surgical/analgesic applications, and 10 in other categories, alongside 65 generic products under development. R&D expenditure totaled RMB 2.76 billion, representing 17.4% of group revenue. The company anticipates several major products will exceed annual sales of RMB 2 billion in the coming years, aiming for nearly 50% of revenues to stem from innovative products by 2026.- Flcube.com
