CSPC Pharmaceutical Group Ltd (HKG: 1093), a leading China-based pharmaceutical enterprise, has announced its financial results for the first half of 2024, reflecting a modest year-on-year (YOY) revenue increase of 1.3%, totaling RMB 16.284 billion (USD 2.28 billion). The patent medicine segment demonstrated robust growth, with revenues rising by 4.8% YOY to RMB 13.549 billion (USD 1.9 billion). The sales of raw material products, which include vitamin C and antibiotics, exhibited a healthy YOY increase of 5.8%, reaching RMB 1.855 billion (USD 260 million). Additionally, the functional food and other businesses segment saw a significant surge, with sales revenue up by 25.2% YOY to RMB 880 million (USD 123.4 million).
Within the patent medicine category, nervous system products led the way with a 15% YOY increase in sales, amounting to RMB 5.236 billion. Oncology products experienced a decline in sales by -10.2% YOY, with revenues of RMB 2.683 billion. Anti-infection products showed a positive growth trend with a 7.7% YOY increase, generating RMB 2.307 billion in sales. Cardiovascular product revenue dipped slightly by -4.5% YOY to RMB 1.229 billion. Respiratory system product revenue saw a more pronounced decrease of -13.5% YOY, amounting to RMB 756 million. The digestive and metabolic product segment stood out with a significant YOY increase of 55.4%, generating RMB 647 million in revenue. Other product revenues also exhibited growth, increasing by 8.3% YOY to RMB 691 million.
Investment in research and development (R&D) saw a substantial YOY expansion of 10.3%, reaching RMB 2.542 billion, which represents 18.8% of the patent medicine revenues. The pipeline is robust, with over 60 products in clinical or regulatory filing stages and 7 pending regulatory decisions. In the year-to-date, China has granted approval for two new drugs (with added indications), along with 22 clinical approvals and 5 generic approvals. Furthermore, 3 drugs have received clearance for clinical trials in North America, indicating the company’s expanding global reach.- Flcube.com
