Zaiding Pharmaceutical (09688.HK) announced financial results for the third quarter on the evening of November 12. The financial report shows that net product revenue for the third quarter was $0.1018 billion, compared to $69.2 million for the same period in 2023, an increase of 47% over the previous year. This increase is mainly due to the increase in sales of Wei Weijia and the increase in sales of Zele and New Zele. As of September 30, 2024, the company's cash reserves were USD 0.7161 billion and USD 0.73 billion as of June 30, 2024.

Wei Weijia's product revenue for the third quarter of 2024 was 27.3 million US dollars, compared to 4.9 million US dollars for the same period in 2023. This is mainly due to sales growth since launch in September 2023 and its inclusion in the NRDL for the treatment of generalized myasthenia gravis (gMG) from January 1, 2024. Notably, Wei Weijia's subcutaneous dosage form Weilijia was approved by the National Drug Administration on November 11 to treat adult patients with chronic inflammatory demyelinating polyradiculoneuropathy (CIDP). This is the first and currently the only drug approved for CIDP indications in China.

Zele's product revenue for the third quarter of 2024 was 48.2 million US dollars, up 16% year over year, and 41.6 million US dollars for the same period in 2023. Zele's sales remain strong and continue to be a leader in in-hospital sales of PARP inhibitors in the ovarian cancer field in mainland China.

Furthermore, Zaiding Pharmaceutical said that the company's pipeline in the advanced clinical stages is progressing smoothly. The Chinese bridging study of KarXT for schizophrenia achieved positive results at all study endpoints, and it is expected that a marketing license application will be submitted in China in early 2025; the FortituDE-102 study evaluating BeMarituzumab for gastric cancer has completed patient enrollment; in addition, encouraging data from the ZL-1310 Global Phase 1 study showed initial groundbreaking anti-tumor activity. ZL1310 is an ADC drug with best-in-class potential targeting DLL3 developed worldwide for small cell lung cancer (SCLC).

Zaiding Pharmaceutical also predicts that by the end of 2024, it will commercialize three products in mainland China, and is expected to submit up to four marketing license applications to the China Drug Administration within the next six months.