GRANDPHARMA releases 2024 first-half performance, with the core drug sector continuing to increase volume to solidify its leading position
As of the first half of 2024, GRANDPHARMA achieved revenue of approximately HKD 6.05 billion, with a year-on-year growth of about 5.4% excluding the impact of exchange rates; normalized profit of approximately HKD 1.08 billion, representing a 41.0% year-on-year increase. Research and development investment amounted to around HKD 1.48 billion, with progress made on 33 milestone achievements. The revenue from the core anti-tumor diagnosis and treatment segment reached approximately HKD 210 million, showing a significant year-on-year increase of 107.6%. The company continues to drive the commercialization of innovative products, enhancing performance through innovative strategies and new product introductions
According to the news from Wisdom Finance App on August 19th, Grand Pharma (00512) announced its mid-term performance for 2024. During the period, the company achieved revenue of approximately HKD 6.05 billion, with a year-on-year growth of about 5.4% excluding the impact of exchange rates; normalized profit was approximately HKD 1.08 billion, with a year-on-year growth of 41.0% excluding the impact of exchange rates. In terms of innovative research and development, the company's total research and project investment amounted to approximately HKD 1.48 billion, with a total of 33 major milestones achieved, including 15 innovative products. Currently, Grand Pharma has a total of 141 projects in reserve, including 49 innovative projects.
In the first half of this year, Grand Pharma added 6 commercialized products, and the company's innovative layout entered a period of harvest. Products such as Yttrium-90 Microsphere Injection Yttrium[90Y] and Liquid Embolic Agent LavaTM continued to increase in volume, combined with new layout products in various sectors such as Hexinshuang® and Hebeishuang®, as well as the injection of growth momentum from the company's Lemeitong® Ipriflavone Tablets, further boosting the company's performance.
Specifically in the nuclear medicine anti-tumor diagnosis and treatment sector, benefiting from the increased volume of innovative products, the company recorded revenue of approximately HKD 210 million in this sector, a significant year-on-year increase of about 107.6%. During the period, the company continued to promote the flagship innovative product Yttrium-90 Microsphere Injection Yttrium[90Y], with nearly 70 hospitals completing the transfer procedures for isotopes, over 140 physicians obtaining registration as Yttrium-90 surgeons, and formal surgeries being conducted in more than 40 hospitals in 22 provinces and cities. Meanwhile, Yttrium-90 has been included in 40 medical insurance programs and 2 special drug insurance programs, covering 20 provinces and 27 cities.
In addition to the increase in innovative product volume, Grand Pharma's pipeline for nuclear medicine research has also made significant progress. In the first half of the year, the innovative radiolabeled drug (RDC) TLX250-CDx for diagnosing clear cell renal cell carcinoma (ccRCC) completed Phase I clinical trials in China and smoothly entered confirmatory clinical research; the innovative RDC product ITM-11 for treating gastroenteropancreatic neuroendocrine tumors (GEP-NETs) has been approved for Phase III clinical trials in China. Furthermore, a globally innovative temperature-sensitive embolic agent has entered the stage of registration clinical trials. With the simultaneous commercialization of innovative products and clinical research and development, the benefits of Grand Pharma's forward-looking layout in the nuclear medicine sector have begun to show, and with the continuous promotion of more innovative products in the future, the company's nuclear medicine sector is expected to further enhance its performance.
As a key area of strength for Grand Pharma, its respiratory and critical care sector recorded revenue of approximately HKD 960 million during the period, with a year-on-year growth of about 21.0%. In the first half of the year, the volume growth of products such as Enzurun® and Enmingrun® continued, and the innovative product Ryaltris® Compound Nasal Spray (GSP 301 NS) for treating allergic rhinitis has submitted a domestic market approval application to the National Medical Products Administration, with the product expected to become the first approved compound nasal spray on the market in China in the future. Additionally, the company's globally innovative drug APAD for treating sepsis has reached the clinical endpoint in Phase I clinical trials in China; two innovative drugs, GPN00187 and GPN00204 for treating respiratory diseases, have both been approved for Phase I clinical trials in China In the field of respiratory diseases, GRANDPHARMA further deepened the construction of the inhaled formulation platform by acquiring 100% equity of Nanchang BeiJi Pharmaceutical Co., Ltd. and Jiangxi BaiAn BaiYu Medical Technology Co., Ltd. (together referred to as BeiJi Pharmaceutical). The company has laid out a variety of allergic rhinitis products such as Budesonide Nasal Spray and Fluticasone Propionate Nasal Spray, which can complement products like Ryaltris® to meet the medication needs of patients with mild, moderate, and severe allergic rhinitis, and to enhance the comprehensive layout of inhaled formulations in the research, production, and sales aspects in this field.
In addition, GRANDPHARMA has also deepened its industrial layout in the cardiovascular and cerebrovascular emergency and otolaryngology sectors. During the period, the company completed the change of registration of 100% equity of Tianjin Tianbian Pharmaceutical Co., Ltd. in the cardiovascular and cerebrovascular emergency sector, thereby quickly entering the chronic disease market, greatly saving time costs for exploring new markets, and achieving comprehensive coverage in the field of cardiovascular and cerebrovascular disease treatment from emergency rescue to chronic disease management, and from injectable formulations to oral formulations, further expanding the product portfolio of the company's cardiovascular and cerebrovascular emergency sector. In the otolaryngology sector, GRANDPHARMA acquired 90% equity of Chongqing Duoputai Medical Technology Co., Ltd., obtaining the rights to the Moxibustion Kang series of products listed in the national medical insurance and essential drug catalog, enriching the company's pipeline of traditional Chinese medicine products in this sector.
Overall, under its development philosophy of "comprehensive advantages, innovation leadership, and global expansion" with a balanced approach, GRANDPHARMA has not only achieved advantageous layouts in various sectors but also seen its innovative businesses entering a harvest period. The company stated that it will continue to adhere to scientific and technological innovation as the driving force, increase investment in global innovative products and advanced technologies, enrich and improve its product pipeline, and fully leverage its industrial advantages and research and development capabilities to provide more advanced and diverse treatment options for patients worldwide
