Lee’s Pharmaceutical Holdings Ltd (HKG: 0950), a leading pharmaceutical company based in China, has released its financial report for 2023, showing revenues of HKD 1.053 billion (USD 135 million), marking a 14.6% decrease year-on-year (YOY). The gross profit for the period was HKD 551 million (USD 70.4 million), a 28.5% YOY decline. The company’s investment in research and development reached HKD 220 million (USD 28.1 million), down by 37.5% YOY. Sales and distribution expenses also saw a reduction, amounting to HKD 304 million (USD 38.9 million), a 12.2% decrease YOY.
Historically, in-licensed products have dominated the company’s sales. However, starting from 2023, Lee’s Pharma has shifted its focus towards patented and generic drugs. During the reported period, these two categories generated HKD 467 million and HKD 586 million in revenues, respectively, accounting for 44.4% and 55.6% of total revenues. This is a shift from the 59.5% and 40.5% share they held in 2022.
Despite the overall decline, certain products have seen significant sales growth. Bredinin (mizoribine), a renal transplant rejection inhibiting agent, Ferplex (iron proteinsuccinylate), an iron supplement, treprostinil for pulmonary hypertension, and trazodone, an antidepressant, reported growth rates of 18.9%, 11.3%, 13.9%, and 219.3%, respectively.
In 2022, Lee’s Pharma began participating in the national volume-based procurement (VBP) tender rounds. Fondaparinux and nadroparin, both part of the heparin VBP round, recorded sales of HKD 22.1 million and HKD 82.7 million, respectively, accounting for 10.0% of total revenues.
In 2023, Lee’s Pharma achieved three new marketing approvals: apremilast, a PDE4 inhibitor for the treatment of psoriasis; NOmax, a vasodilator indicated for the treatment of full-term infants with hypoxic respiratory failure accompanied by pulmonary hypertension and premature infants over 34 weeks old; and Adasuve (loxapine) for acute treatment of adult schizophrenia or bipolar disorder related agitation.- Flcube.com
