1. In the first half of this year, shenzhen salubris pharmaceuticals saw a revenue growth of over 20%, but the net profit attributable to the parent company only achieved a growth of less than 2%; 2. During the reporting period, shenzhen salubris pharmaceuticals had two innovative products approved for listing, both of which have passed the preliminary review of this year's National Health and Medical Products Administration; 3. Shenzhen salubris pharmaceuticals has four new drugs currently under review for listing, including three chemical drugs and one biological drug.
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On August 26, Caixin reported (Reporter Lu A Feng) that in the first half of 2024, shenzhen salubris pharmaceuticals (002294.SZ) achieved a revenue growth of over 20%, but lagged behind in terms of net profit attributable to the parent company, only achieving a growth of less than 2%. In addition, shenzhen salubris pharmaceuticals had two new cardiovascular and cerebrovascular drugs approved for listing in the first half of this year, which have already passed this year's National Health and Medical Products Administration preliminary review and are about to undergo soul negotiation at the end of the year.
On the 26th, shenzhen salubris pharmaceuticals released the 2024 H1 report, achieving a revenue of 2.043 billion yuan, a year-on-year growth of 21.28%; the net profit attributable to the parent company was 0.344 billion yuan, with a year-on-year growth of only 1.92%; the non-recurring net profit was 0.334 billion yuan, with a year-on-year growth of 8.46%.
Regarding this year's revenue performance, shenzhen salubris pharmaceuticals explained in the report that it was mainly due to the increased sales volume of innovative products and cephalosporin products. With a net profit growth of less than 2%, shenzhen salubris pharmaceuticals did not provide specific attributions.
Financial data shows that shenzhen salubris pharmaceuticals' research and development expenses and sales expenses increased significantly in the first half of the year. Among them, research and development expenses increased by 23.15% year-on-year to 0.202 billion yuan; due to increased promotion expenses for new products and intensified promotion efforts for existing products, shenzhen salubris pharmaceuticals' sales expenses in 2024 H1 increased by 44.24% year-on-year.
In its annual report, shenzhen salubris pharmaceuticals stated that the adverse impact of the price reduction of the antithrombotic drug Tajia (clopidogrel hydrogen sulfate tablets) after its renewal last year has gradually dissipated. Sales increased in the first half of the year, stabilising revenue decline; the anti-infective drug Xinli Xin (cefuroxime sodium for injection) leveraged the opportunity of winning bids with volume purchases to increase market penetration. After the launch of Xin Futai Pro (telaprevir injection), it expanded into the surrounding hospital market and replaced powder injections as the main sales form. During the reporting period, Xin Futai (powder injection and liquid injection) saw a significant increase in revenue, with a year-on-year growth of over 50%.
In the first half of 2024, shenzhen salubris pharmaceuticals had two innovative products approved for listing: Fulingtan (aliskiren amlodipine besylate tablets) for the treatment of primary hypertension, and Xinting (foglitin benzoic acid tablets) as a new type 1 drug for improving blood sugar control in adults with type 2 diabetes.
According to Shenzhen Salubris Pharmaceuticals, both products have currently passed the preliminary review of the National Medical Insurance Bureau on pharmaceutical products involved in medical insurance negotiations (this year).
It is worth mentioning that as of the end of this reporting period, Shenzhen Salubris Pharmaceuticals has three chemical drugs and one biological drug under domestic market application, namely, innovative drugs for hypertension indications S086, SAL0108 (innovative compound preparations of Salubris), as well as pharmaceuticals SAL056 (extended-release terlipressin) used for anemia indications in CKD patients undergoing hemodialysis and peritoneal dialysis, and biological drugs SAL056 (extended-release terlipressin).