Shanghai Fosun Pharmaceutical (Group) Co., Ltd (SHA: 600196, HKG: 2196), a leading pharmaceutical company based in China, has released its financial report for 2023, recording RMB 41.4 billion (USD 5.73 billion) in revenues, marking a -5.81% year-on-year (YOY) decrease. However, excluding the loss of COVID-19 product sales, the figure shows a +12.43% YOY increase.
The company’s drug business has been a cornerstone of its innovative transformation. In 2023, Fosun secured 8 indication approvals for 6 products in China. Key products include the programmed death-1 (PD-1) inhibitor HanSiZhuang (serplulimab), trastuzumab biosimilar Hanquyou (HLX02), and thrombocytopenia therapy Doptelet (avatrombopag), which maintained robust momentum with respective sales of RMB 1.1 billion, RMB 2.7 billion, and RMB 900 million, up 230.2%, 58.19%, and 19.67% YOY.
Subsidiary Fosun Kite’s chimeric antigen receptor (CAR) T cell therapy Yescarta (axicabtagene ciloleucel) earned another indication nod in June 2023. As of the end of the reporting period, the product has cumulatively benefited over 600 lymphoma patients and has been included in over 100 provincial and municipal welfare insurance schemes and over 75 commercial insurance packages. There are registered treatment centers across 25 provinces/municipalities, with over 160 in total.
Fosun’s commitment to research and development (R&D) remained strong, with a total expenditure of RMB 5.937 billion, up 0.88% YOY. Pharmaceutical R&D spending stood at RMB 5.172 billion, up 1.47% YOY, with over 70 novel drug and biosimilar programs underway.
A total of 7 indications for 5 products have entered approval reviews, including a market filing in the EU and filing of a 5th indication for non-squamous non-small cell lung cancer (nsNSCLC) for HanSiZhuang in China, breast cancer approval filing for Hanquyou in the US, and market filing for CDK 4/6 inhibitor FCN-437c in China.
Additionally, the in-house 13-valent pneumococcal conjugate vaccine has completed enrollment in a Phase III clinical study. FS-1502, an in-licensed HER2-targeted antibody drug conjugate (ADC), has initiated Phase III studies in China.
Collaborating with Intuitive Surgical, Fosun has installed a total of 55 sets of Da Vinci Surgical Robot in mainland China and Hong Kong. The Da Vinci Xi surgical robot, a thoracoabdominal endoscopic surgery control system, was approved in China in June 2023.- Flcube.com
