Sino Biopharm (1177.HK) Announces 2023 Annual Results

HONG KONG, Mar 29, 2024 – (ACN Newswire via – Sino Biopharmaceutical Limited (“Sino Biopharm” or the “Company”, together with its subsidiaries, the “Group”) (HKEX:1177), a leading innovation-driven pharmaceutical conglomerate in the PRC, has announced its audited financial results for the year ended 31 December 2023.

During the year, the Group recorded revenue of approximately RMB26.20 billion, an increase of approximately 0.7% over last year. Profit attributable to the owners of the parent company was approximately RMB2.33 billion. Earnings per share attributable to the owners of the parent company were approximately RMB12.59 cents, a decrease of approximately 7.8% over last year, which was mainly due to the lower financial performance of an associate over last year. Excluding the profit attributable to the owners of the parent from the discontinued operations, the share of profits and losses of associates and a joint venture (net of related tax and non-controlling interests), one-off adjustments for the impairment and fair value changes of certain assets and liabilities (net of related tax and noncontrolling interests), fair value (gains)/losses of current equity investments, share-based payments (net of related non-controlling interests), loss on extinguishment of partial convertible bond, fair value gain of convertible bond embedded derivative component, effective interest expenses, exchange gain and fair value losses of derivative financial instruments in relation to foreign currency forward contracts of the convertible bond debt component, adjusted non-HKFRS profit attributable to the owners of the parent was approximately RMB2.59 billion, an increase of around 1.5% over last year. The Group’s liquidity remains strong, with total fund reserve at approximately RMB21.13 billion, including cash and bank balances classified under current assets of approximately RMB9.45 billion, bank deposit classified under non-current assets of approximately RMB7.31 billion, and the wealth management products of approximately RMB4.37 billion in aggregate.

The Board of Directors has recommended a final dividend payment of HK3 cents per share (2022: HK6 cents). Together with the interim dividend of HK2 cents already paid, the total dividend for the year amounted to HK5 cents (2022: HK12 cents).

Sales: Strong and effective sales system continued to drive sales and revenue of innovative products

On the strong foundation its generic drug business provides, the Company is transforming at full steam powered by innovation, with innovative products business driving revenue growth and contributing an increasing share to its revenue every year. Revenue from innovative products amounted to RMB9.89 billion, up by 13.3% year-on-year, and accounted for 37.8% of the Group’s total revenue.

During the year, the sales of oncology medicines amounted to approximately RMB8.80 billion, representing approximately 33.6% of the Group’s revenue. The sales of surgery/analgesia and liver disease amounted to approximately RMB3.75 billion and RMB3.82 billion, respectively, representing approximately 14.3% and 14.6% of the Group’s revenue, respectively. In addition, sales contributions from various areas such as respiratory, cardio-cerebral vascular medicines and others were progressing simultaneously. Among them, the sales of respiratory and cardio-cerebral vascular medicines accounted for approximately 11.3% and 10.5% of the Group’s revenue, respectively.

R&D: Vigorously conducted innovative product R&D and actively applied for patents

The Group has continued to focus its R&D efforts on new medicines in the four therapeutic areas of oncology, liver diseases, respiratory system and surgery/analgesia. As at the end of the reporting period, the Group had 145 products under development, including 60 oncology products, 9 liver disease products, 31 respiratory system products, and 15 surgery/analgesia products, of which 67 were Category I innovative products.

The Group also attaches tremendous importance to the protection of intellectual property rights and encourages its member enterprises to file patent applications in order to enhance the Group’s core competitiveness. During the reporting period, the Group filed 841 new patent applications and received 264 patent invention approvals. As at the end of the reporting period, the Group had accumulated 4,311 effective patents and patent applications and obtained 1,595 patent invention approvals.

Prospects: Enhanced the efficiency of R&D in the four main therapeutic areas and actively promoted the dual-pronged development strategy

With the COVID-19 pandemic gradually subsiding, the economic and social order has returned to normal, and the pharmaceutical industry is expected to recover. The Group has been closely monitoring the development of the country, society and industry, and has made timely adjustments to its development strategies, focused on the operation of core assets to realize rapid business development and steady improvement in results.

Sino Biopharm is committed to “be a leading global pharmaceutical company through delivering innovative therapies for patients”. The Group has stepped up its R&D investment in medicines and built strong internal R&D capabilities. At the same time, it has vigorously promoted business development and strategic cooperation, striving to become the best partner for global pharmaceutical and biotechnology enterprises. At present, the Group has entered the harvest period of its innovative development. In the next three years, more than 10 innovative products are expected to be launched to market, and another 30 or more innovative products under R&D have the potential to be launched by 2030, which will further promote the high-quality development, strengthen the Group’s dominance in the four aforementioned therapeutic areas and provide strong impetus for its future sustainable growth. Meanwhile, the Group will adhere to its dual-pronged approach in the implementation of its globalization strategy, so as to become an important platform of global innovation. Through this approach, the Group will introduce global pharmaceutical innovations to China to benefit Chinese patients, and also go global and open up new markets to accelerate the satisfaction of unmet clinical needs worldwide.

Looking ahead, the Group will further focus on its core business and innovation, and continue to improve R&D efficiency and quality in the four major therapeutic areas. It will also actively accelerate the deployment for globalization of its business and is expected to achieve faster growth in 2024.

About Sino Biopharmaceutical Limited (HKEX:1177)

Sino Biopharmaceutical Limited is a leading Chinese pharmaceutical company continuing to invest in Oncology, Hepatology, Respiratory and Surgery, exploring innovative therapies to improve the lives of patients. The company has strong manufacturing capabilities and broad patient access across China. Sino Biopharmaceutical Limited is committed to bring innovation to address unmet healthcare needs globally. The company was listed on the Hong Kong Stock Exchange in 2000, and was selected as a component of the MSCI Global Standard Index in China in 2013; In 2018, it was selected as a constituent stock of Hang Seng Index; The company has been listed in the “Top 50 Global Pharmaceutical Enterprises” published by the authoritative American magazine Pharmaceutical Manager for five consecutive years, and has been rated as the “Top 50 Best Companies in Asia Pacific” by Forbes (Asia) for three consecutive years.

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