Zaiding Pharmaceutical (09688) announced its annual results for the year ended December 31, 2023. Product revenue for the full year of 2023 was US$266.7 million, and US$212.7 million for the same period in 2022, up 25% year on year, and 31% year on year at a fixed exchange rate. Stable balance and liability situation. As of December 31, 2023, the company's cash reserves were US$807.6 million, compared to US$1 billion as of December 31, 2022.
Research and development (R&D) expenses in 2023 were US$265.9 million, compared to US$286.4 million for the same period in 2022. The main reason for the decline in R&D expenditure was the reduction in advance payments and milestone payments relating to licensing and cooperation agreements, which were partially offset by increases in R&D personnel wages and wage related expenses.
Dr. Du Ying, founder, chairman and CEO of Zaiding Pharmaceutical, said, “In 2023, we have made outstanding progress on several key strategic priorities. In particular, Wei Weijia was commercialized for systemic myasthenia gravis (gMG) in China in September, and was successfully included in the national medical insurance drug catalogue. Wei Weijia's launch showed a good start. The number of patients in January of this year exceeded the total number of patients in the last four months of 2023. Thanks to the high recognition of doctors and Wei Weijia's accelerated admission to the hospital, patient accessibility was improved. Looking ahead, we expect to continue to maintain strong commercialization performance this year, and we are preparing to launch three innovative drugs that are expected to be approved this year. We are also excited about the development progress of the late-stage pipeline and the growing global early-stage development work. Zaiding will make steady and far-reaching progress on the path to achieving the goals of the five-year strategic plan and continue to grow into a high-growth, profitable and innovative biomedical company.”
Josh Smiley, President and Chief Operating Officer of Zaiding Pharmaceuticals, said, “We are committed to achieving the three major corporate development goals. First, we will launch multiple new products and new adaptations within the next two to three years to accelerate revenue growth. Second, we aim to make the company profitable by the end of 2025 through revenue growth and continued focus on efficiency and productivity improvements. Finally, we are committed to strengthening our global pipeline portfolio through in-house development and strategic business expansion. These company goals reflect Zaiding Pharmaceutical's vision, and we will lead innovation, define goals, and achieve growth to achieve our vision of improving the lives of patients around the world.”