Zaiding Pharmaceutical (09688) announced that total net product revenue for the first quarter of 2024 was US$87.1 million, up 39% year on year; 43% year on year based on fixed exchange rate (CER); R&D expenses were US$54.6 million, up 12.58% year on year; and cash reserves as of March 31, 2024 were US$750.8 million.
According to the announcement, the increase in product revenue was mainly due to an increase in sales volume, including Wei Weijia's launch in September last year, and a reduction in sales rebates given to dealers due to price cuts for some products due to inclusion in China's National Medical Insurance Drug Catalogue (NRDL).