Core views

Zaiding Pharmaceutical announced its full-year results for 2023. The company has now achieved sales revenue for all five products on the market. Among them, PARP inhibitor Zele's sales revenue has grown steadily, becoming a key product in the PARP inhibitor market, and its commercialization capability has been verified. We believe that with multiple new products and new adaptations approved within the next two to three years, revenue will grow rapidly, and through revenue growth and continued focus on efficiency and productivity improvements, it is expected that the company will be profitable by the end of 2025.

occurrences

On February 28, Zaiding Pharmaceutical announced its 2023 annual results. The annual product revenue was US$267 million, an increase of 25% over the previous year. The net loss was US$335 million, and the loss narrowed 24.5% year over year.

Brief review

Revenue is in line with expectations, and Agamod is expected to expand this year

Zele's sales revenue was US$169 million, up 16% year on year; Apple Shield's revenue was 47 million US dollars, which was basically the same as the same period last year; Qingle's revenue was US$19.2 million, up 29% year on year; and New Zealand Rae's revenue was US$21.7 million, up 316% year on year. Agamod was approved in June '23, with revenue of $10 million in '23, and the company's sales target for '24 is estimated to be $70 million. Qingle and New Zealand Zaire will benefit from the continued expansion of health insurance, and Epton will rely on the expansion of welfare insurance coverage to accelerate revenue growth. Net losses in 2023 were $334.6 million, and losses narrowed 24.5% year over year. The main reasons are that product revenue is growing faster than operating expenses, increased interest income, and reduced exchange losses.