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Revenue Increased by 25.4%;
Profit for the Year Attributable to Owners of the Company Surged by 95.0% |
HONG KONG, Apr 1, 2015 - (ACN Newswire) - A leading innovative pharmaceutical company with strong R&D capability and global vision in China market-Luye Pharma Group Ltd., announced its annual results for the year ended 31 December 2014.
Luye recorded robust growth in revenue and net profit, achieving a growth rate far above the industry average. Luye has made significant progress in merger and acquisition, product line expansion and international new drug registration. Luye was successfully listed on the main board of Hong Kong Stock Exchange on 9 July, 2014 and was awarded "IFR Asia Review of the Year 2014 - Hong Kong Equity Issue" by the financial magazine International Financing Review Asia.
In 2014, the PRC pharmaceutical industry was impacted by various environmental and policy factors which slowed down its growth rate . As the pharmaceutical industry entered into a "new normal" state, Luye achieved solid growth with its own competitive advantages in 2014. Revenue from sales reached RMB3,154 million while net profit reached RMB606 million. The revenue and net profit rose by 25.4% and 95.0% respectively, far above the average growth rate of the industry. EBITDA also surged by 72.4% to RMB876 million.
During 2014, Luye maintained balanced growth in each sector, which achieved robust growth in revenue with profitability substantially improved. Revenue from sales of oncology, alimentary tract and metabolism, as well as cardiovascular system products increased by 32.8%, 21% and 15% respectively. The market share of core products continued to increase through expanded market coverage and deeper market penetration, enabling the Company to sell its products to over 8,500 hospitals. The Company successfully improved sales and management efficiencies and maintained stable gross profit margin through reducing operating expenses.
In terms of Research and Development ("R&D"), Luye made a significant progress in both domestic and overseas registration of new drugs in 2014. Multiple proven compounds, especially the products in central nervous system therapeutic area, have entered various stages of clinical trials with the United States Food and Drug Administration ("FDA"). In China, one new oncology product was approved during 2014. Luye has cooperated with various Korean pharmaceutical companies to develop new drugs. In August 2014, the Company and Hanmi Pharm. Co., Ltd. entered into an agreement to co-develop Poziotinib, Hanmi's clinical small molecule inhibitor of Pan-HER for the treatment of cancer. In addition, the "State Key Laboratory of Long-acting and Targeting Drug Delivery System" established by Luye was approved after being inspected by experts from the Ministry of Science and Technology in September 2014, which indicates that Luye has achieved an advanced standard in this field and is playing an important role in leading the development of industry.
Luye's manufacturing and quality management level continued to be upgraded. In 2014, four subsidiaries of the Company have been approved as high-tech enterprises. Its new injection products line has passed GMP certification; thereby further enchancing the Company's manufacturing capacity and efficiencies.
In respect of M&A activities, after completing its public listing in Hong Kong, Luye has speeded up the process of M&A and expanded the product lines in core areas since August. The Company entered into a series of agreements to acquire the entire equity interest of Beijing Jialin Pharmaceutical Co., Ltd ("Beijing Jialin"), of which the key product, A LE, will be a very powerful growth engine of Luye and pave the way for Luye to establish a pole position in the area of lipid regulators in China.
Luye celebrated its 20th anniversary in 2014, which is also a significant milestone in its development history. Looking ahead in 2015, Luye is well positioned to enter a new phase of rapid development. Mr. LIU Dian Bo, Executive Chairman and Chief Executive Officer of Luye, said, "Luye will accelerate in business expansion and development in 2015. We will set a sales target above the average growth rate of the industry. We will continue to enhance the market share of our oncology, cardiovascular system and alimentary tract and metabolism products as well as bolster the leading position of core products in related fields by strengthening product portfolio. In 2015, we will aim to enter the next phase of innovative R&D and internationalization through expanding international cooperation and achieving breakthrough in international business development. In 2015, Luye will strive to make all-around progresses in R&D, manufacturing, sales and businesses development. Also, we will endeavor to perform well in capital market and create value for shareholders.
As a leading innovative pharmaceutical Company in China, Luye focuses on three of the largest and fastest growing therapeutic areas in China, namely oncology, cardiovascular system and alimentary tract and metabolism, which are known for their high morbidity and high growth rates. Luye's five core products are competitively positioned in each of their market segments, accounting for 74.8% of the total revenue in 2014, of which the products with patent protection account for 86.5%. Luye has a well-established nationwide sales and distribution network across 30 provinces, municipalities and autonomous regions in China and sells its products to over 8,500 hospitals; the production lines of 5 advanced manufacturing bases located in Yantai, Nanjing, Beijing and Luzhou have passed the new GMP certification in China. Luye owns a rich pipeline of product candidates, comprising 21 product candidates. Luye is also actively expanding overseas market, with 7 product candidates pending patent applications overseas, of which 4 have entered into clinical trials of the United States FDA.
Luye focuses on developing, producing, marketing and selling innovative pharmaceutical products in three of the largest and fastest growing therapeutic areas in the PRC-oncology, cardiovascular system and alimentary tract and metabolism. Luye was successfully listed on the main board of Hong Kong Stock Exchange on 9 July, 2014. Luye's product portfolio consists of 30 products and centres around five key products, four of which have patent protection and are indicated for the treatment or prevention of high prevalence medical conditions, including cancer, cardiovascular diseases and diabetes. Luye has strong R&D and sales and marketing capabilities. Luye also has a proven track record of identifying, acquiring and integrating pharmaceutical companies with market-leading drugs and technologies.
Topic: Press release summary
Source: Luye Pharma Group Ltd
Sectors: Daily Finance
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From the Asia Corporate News Network
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