During the reporting period, Fosun Pharmaceutical achieved revenue of 10.157 billion yuan, excluding COVID-related products, and achieved positive year-on-year growth in revenue. Net cash flow from operating activities was $917 million, up 5.05% year over year.
On April 29, Fosun Pharmaceuticals (600196.SH, 02196.HK) announced the operating results for the first quarter of 2024. During the reporting period, Fosun Pharmaceutical achieved revenue of RMB 10.157 billion, excluding COVID-related products. Revenue of key varieties such as injectable trastuzumab (Chinese product name: Han Quyou), slulizumab injection (Chinese product name: Hans form), and netupitampalonositron capsules (Chinese product name: Okanze) maintained rapid growth, and the revenue structure continued to be optimized. Net cash flow from operating activities was $917 million, up 5.05% year over year.
In the first quarter of 2024, the freeze-dried human rabies vaccine (Vero cells) independently developed by Fosun Pharmaceutical was approved for marketing in China. The vaccine is a freeze-dried injection form. The genetic sequence of the CTN-1 V strain used in production is closer to the currently popular rabies virus street strain, and has better safety and immunogenicity. The F-i6000 fully automatic chemiluminescence immunoanalyzer independently developed by Fosun Pharmaceutical was approved for marketing. The F-i6000 is an ultra-high speed immune analyzer with completely independent intellectual property rights. The product can be connected to laboratory automation systems to provide an overall solution.
As a pioneer in domestic biopharmaceuticals overseas, Han Quyou made another breakthrough in overseas layout. In April 2024, injectable trastuzumab (Chinese trade name: Han Quyou) was approved and marketed by the US FDA. It is used as an adjuvant treatment for HER2 overexpressed breast cancer, treatment of HER2 overexpressed metastatic breast cancer, and treatment of gastric adenocarcinoma with excessive HER2 expression or gastroesophageal junction adenocarcinoma. It became the first domestic biosimilar approved in China, the European Union, and the United States. Up to now, Han Quyou has been approved for listing in more than 40 countries and regions around the world, benefiting more than 180,000 global patients. According to the 2024 quarterly report of Fuhong Hanlin (02696.HK), a subsidiary of Fosun Pharmaceuticals, Han Quyou achieved sales revenue of approximately RMB 671 million in China.
At the same time, Fosun Pharmaceutical is also actively introducing leading international technology and products into the Chinese market, continuously deepening localization, and better serving Chinese patients and customers. In March 2024, the associated company Intuitive Fosun's Ion bronchial navigation operation control system (“Ion System”) was approved for listing by the State Drug Administration. The Ion system is a flexible robot using shape sensing technology that can accurately diagnose and treat peripheral pulmonary lesions through the bronchi. The Ion system has been approved by the State Drug Administration. Following the launch of the domestic Da Vinci surgical robot, Fosun intuitively built a localized surgical robot ecosystem to make high-quality medical services more accessible. It will help more lung cancer patients obtain early diagnosis and treatment through more minimally invasive methods. The joint venture Fosun Kate's Yikaida (Achilensis Injection) was the first in China to launch an innovative payment plan based on efficacy value to explore a payment model for high-value innovative drugs in China.
At the same time, Fosun Pharmaceutical continues to advance the commercialization process of new products already on the market, including the first potassium-ion competitive acid blocker (P-CAB) stabilizer (Keprasan hydrochloride tablets), a long-acting recombinant human granulocyte colony stimulating factor product, pezin (topefigestine injection), a new generation calcimetic agent, Panbifu (etheca hydrochloride peptide injection), and an innovative crystalline drug for treating heart failure and hypertension, Yicintan (sacubatrivalsartan tablets). Among them, Beiwen, Pejin, and Yixintan have been included in the national medical insurance catalogue, which will greatly improve the accessibility of medicines for related diseases in China, effectively reduce the burden of medication use on patients, and enable more patients to improve their survival and quality of life through standardized treatment.
Furthermore, during the reporting period, Fosun Pharmaceutical's joint venture Fosun Kate's Yikaida (Achilensate Injection) was the first in China to launch an innovative payment plan based on efficacy value to explore payment methods for high-value innovative drugs in China.
In the future, Fosun Pharmaceutical will continue to enrich the innovative product pipeline and accelerate the development and transformation of innovative technologies and products based on patient-centered and clinical needs. At the same time, Fosun Pharmaceutical will promote business focus and strive to become a first-class enterprise in the global healthcare market.