Shanghai Pharmaceuticals (HKG: 2607, SHA: 601607) released its Q3 2022 financial report, recording RMB 62.904 billion (USD 8.7 billion) in revenues during the three months, up 12.86% year-on-year (YOY). The growth was driven by strong performances in both the pharmaceutical industry and pharmaceutical commerce sectors.
Sector Performance
The “pharmaceutical industry” and “pharmaceutical commerce” sectors recorded revenues of RMB 6.743 billion (USD 930.8 million) and RMB 56.161 billion (USD 7.75 billion), respectively, up 9.02% YOY and 13.34% YOY. These sectors also maintained a strong profit momentum, bringing in RMB 1.118 billion (USD 154 million) in net profits, up 22.02% YOY.
R&D Investment
Shanghai Pharmaceuticals continued to prioritize research and development, investing RMB 579 million (USD 79.9 million) from July to September, a 19.05% increase YOY. This investment underscores the company’s commitment to innovation and the development of new pharmaceutical products.
Clinical and Regulatory Progress
During the period, Shanghai Pharmaceuticals obtained approval to conduct a Phase II clinical study for its Category 1 biologic B013 in triple-negative breast cancer, a Phase II study for its autoimmune drug candidate I001-B in ulcerative colitis, and a Phase II study for its I037, an acute stroke drug candidate. Additionally, the company’s recombinant COVID-19 vaccine for inhalation (adenovirus type 5 vector), developed by CanSino Biologics (HKEX: 6185), received emergency use authorization in Shanghai last month as a booster shot.
Future Outlook
With robust financial performance and significant investment in R&D, Shanghai Pharmaceuticals is well-positioned to continue its growth trajectory and advance its pipeline of innovative pharmaceuticals.-Fineline Info & Tech
