Chengdu Kanghua Biological Products Co., Ltd (SHE: 300841), a biopharmaceutical company based in China, has reported its financial results for the first half of 2024, with revenues reaching RMB 741 million (USD 104 million), marking a significant year-on-year (YOY) increase of 16.81%. The net profits attributable to shareholders have risen by 23.51% YOY to RMB 307 million (USD 43 million). The company’s financial health has been further bolstered by a substantial improvement in cash flow, with net cash flow from operating activities up by 44.37% YOY to RMB 176 million (USD 25 million).
The company’s flagship product, the freeze-dried human rabies vaccine (human diploid cells), which is the first of its kind in China, accounted for 85.68% of total revenues. Leveraging its technological edge, brand influence, and market channels, Kanghua Bio maintains a dominant market share in this segment.
Additionally, the recombinant hexavalent norovirus vaccine has started to contribute to the top line through overseas licensing revenue. In January of this year, Kanghua entered into a licensing agreement with HilleVax, which granted the latter the rights to develop, manufacture, and commercialize the vaccine outside of China. The deal included a USD 15 million upfront payment, potential development and sales milestone payments up to USD 255.5 million, and single-digit royalties based on annual net sales. The upfront payment was settled in March.
Kanghua’s robust pipeline is supported by its advanced vaccine technology platforms, including a recombinant protein virus-like particle (VLP) platform, a polysaccharide-protein conjugate vaccine platform, an inactivated vaccine platform, and a novel adjuvant platform. These platforms enable the development of a diverse range of vaccines, such as the recombinant hexavalent norovirus vaccine, quadrivalent nasal spray influenza vaccine, ACYW135 meningococcal conjugate vaccine, human rabies vaccine (human diploid cell), and the herpes zoster mRNA vaccine.- Flcube.com
