Benefitting from the significant growth in domestic pharmaceutical products revenue and sales of vitamin B5 products, the revenue and net income of Yifan Pharmaceutical for H1 this year have both increased. The gross margin of active pharmaceutical ingredients decreased over the same period last year. Yifan Pharmaceuticals stated that the product price of the company's vitamin B5 products is still running at a low level. The construction of the company's Hangzhou Synthetic Biology Industrial Park is accelerating.
On August 14, Caijing.com.cn reported that Yifan Pharmaceutical (002019.SZ), benefiting from a significant increase in revenue from domestic pharmaceutical products and sales of the vitamin B5 series, has achieved impressive half-yearly results for H1 this year. Specifically, the growth rate of the company's biopharmaceuticals in the pharmaceutical sector shines most brightly. Furthermore, the gross margin of the company's active pharmaceutical ingredients decreased over the same period last year. Yifan Pharmaceuticals stated that the product price of the company's vitamin B5 products is still running at a low level. On the other hand, the construction of the company's Synthetic Biology Industrial Park is accelerating.
Yifan Pharmaceutical has released its H1 2024 semi-annual report today, with revenue reaching 2.632 billion yuan, a year-on-year increase of 35.39%, and net profit reaching 0.253 billion yuan, a year-on-year increase of 133.04%.
The company attributes the performance growth to the outstanding self-owned products in the domestic pharmaceutical formulation business, as well as the concentration of advantageous resources such as medical promotion and channels, achieving a year-on-year growth of 88.29% in domestic pharmaceutical self-owned (including imports) product revenue. The vitamin B5 series achieved significant sales growth compared to the same period last year. However, the average transaction price of the product decreased significantly year-on-year, leading to a decrease in revenue and net income year-on-year, which is basically in line with the company's initial budget goal for the year and continues to maintain the company's leading market position in this segment.
The main pharmaceutical products of Yifan Pharmaceuticals include biopharmaceuticals, chemical drugs, and Chinese patent medicines. From the sales situation in the first half of the year, the sales revenue of biopharmaceuticals increased the most impressively, with H1 sales revenue of 86.7303 million yuan, a year-on-year increase of 154.11%.
As one of the main biopharmaceutical products, Eisai Injection α (Chinese product name: Yilishu) has become Yifan Pharmaceuticals' first innovative biopharmaceutical approved in China, the United States, and Europe after being approved for sale in Europe in March. Yifan Pharmaceuticals has shipped more than 1.1 million Yilishu to domestic commercial partners, and the sales volume in the terminal market has accelerated.
On the other hand, the change in the price of the company's active pharmaceutical ingredients has received considerable attention. Yifan Pharmaceuticals' active pharmaceutical ingredients are mainly vitamin B5 and vitamin B5, among other products, and the revenue from active pharmaceutical ingredients decreased by 9.62% compared to the same period last year, and the gross margin decreased by 6.71 percentage points.
Recently, the explosion at the German plant of the global vitamin production giant BASF has raised concerns over the supply of vitamin products in the market, and the prices of some domestic vitamin products have risen significantly. In fact, since June of this year, vitamin manufacturers have frequently resorted to price increases, but prices have been uneven due to weak domestic demand.
On August 5th, the company stated on the investor interaction platform that the product price of vitamin B5 is affected by various factors, including but not limited to production capacity, environmental protection, and supply and demand. At present, the product price of the company's vitamin B5 products is still running at a low level.
In addition, the semi-annual report showed that the construction of the Hangzhou Synthetic Biology Industrial Park of Yifan Pharmaceuticals is accelerating, and the bidding and procurement of civil engineering construction and production line equipment are being accelerated. Chairman Cheng Xianfeng stated at the earnings conference that the synthetic biology project needs to wait for the corresponding production line to be completed before conducting commercial trial production. The first production line is expected to be put into operation as soon as the end of this year, and the market expectation is good after the launch of the product under development.