Zaiding Pharmaceutical (09688.HK): Product revenue for the third quarter was US$69.2 million

Gelonghui Finance ·  11/08/2023 07:20

Gelonghui November 8th 丨Zaiding Pharmaceutical (09688.HK) announced that product revenue for the third quarter of 2023 was US$69.2 million, compared to US$57 million for the same period in 2022, up 22% year on year and 27% year on year at fixed exchange rates. The increase in product revenue is mainly due to increased sales volume, the launch of Vivega, and the reduction in the negative impact of the COVID-19 pandemic. Wei Weijia(Agamod alpha injection) has achieved sales revenue of 4.9 million US dollars since it was commercialized and listed in China in September.

Dr. Du Ying, founder, chairman and CEO of Zaiding Pharmaceutical said, “In the third quarter of 2023, we achieved a number of important milestones, including the successful listing of Weiwejia in China to treat patients with systemic myasthenia gravis (GMg), and positive results in key clinical studies of agamod for chronic inflammatory demyelinating polyradicular neuropathy (CIDP). These developments underscore our unwavering commitment to providing innovative medicines to patients in need. The National Drug Administration (NMPA) is reviewing and approving several of our new drug marketing applications and ongoing critical clinical research on drugs with significant market potential. We are well positioned to accelerate our pipeline progress and expand our commercialized product portfolio to bring more well-being to patients around the world.”

Josh Smiley, President and Chief Operating Officer of Zaiding Pharmaceutical, said, “Our commercialization team faced macro-level challenges in the third quarter and still achieved a 27% year-on-year increase in net product revenue (calculated at a fixed exchange rate). Ze Le remains the leading PARP inhibitor in hospital sales in the field of ovarian cancer in mainland China; as a drug that is expected to change the treatment model for GMG patients in China, the commercial launch of Wei Weijia has shown an exciting trend. It is expected that within the next two to three years, Zaiding will launch at least 7 additional products, which are expected to contribute to significant revenue growth. As our business grows and operations become more efficient, it will help us achieve profitability in the future.”

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