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Lee's Pharmaceutical Holdings Limited's (HKG:8221) Profit Surged 86% in 1Q2009 Achieved Nine Consecutive Quarters of Double Digit Growth
Friday May 15 3:02 PM
As an integrated research-driven and market-oriented pharmaceutical group in China, Lee's Pharmaceutical continued to benefit from the increasing sales of all products especially Iron Proteinsuccinylate Oral Solution which achieved the highest increment of 288%. During the period, the Group achieved a revenue of approximately HK$33.0 million, representing a 46.7% growth compared with the same period of last year.
The Group recorded solid results during the period under review, keeping pace with the growth momentum of 2008. Gross profit increased to approximately HK$23.6 million and profit attributable to shareholders surged by 86.1% to approximately HK$ 7.8 million. During the period under review, the gross profit margin of the Group increased from 70.7 % in 2008 to 71.4% in 2009. This improvement was mainly due to the decrease in cost of Carnitene(R).
In March 2009, the Group successfully concluded a license agreement with a premium Japanese pharmaceutical company, Nippon Shinyaku Co. Ltd. (TYO:4516) for the pharmaceutical product containing antibacterial agent "Prulifloxacin" for the treatment of urinary tract infections and respiratory tract infections.
Commenting on the Group's outstanding performance, Dr. Benjamin Li, CEO of the Group said, "Riding on the growth momentum of 2008, the Group was able to achieve satisfactory results during the period under review. The Group entered into cooperation with Nippon Shinyaku Co., Ltd. which represents a significant breakthrough in the Group's corporate development. With our renowned brand and abundant experiences in China, Lee's Pharmaceutical becomes a preferred partner in China for the worldwide research-based pharmaceutical companies, making it possible for us to further strengthen our pipeline and maintain our rapid growth."
Dr Li continued, "Both Veloderm(R) and Challenger balloon, our license-in products, are entering the final stage of registration. Their import licenses are expected to be granted in the coming quarters. These products will offer new growth opportunities for us and enhance our sustainability. Looking ahead, we are confident that the sales of all existing products will sustain in current rapid growth trend, bringing desirable returns to our shareholders."
Financial Highlight (For the three months ended 31 March)
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2009 2008 Change
(HK$'000) (HK$'000) (%)
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Turnover 33,035 22,513 +46.7%
Gross Profit 23,602 15,918 +48.3%
Gross Profit Margin 71.4% 70.7% +0.7%pt
Profit Attributable
to Shareholders 7,802 4,193 +86.1%
Earnings per Share
(Basic) HK1.88cents HK1.01cents +86.1%
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About Lee's Pharmaceutical Holdings Limited :
Lee's Pharmaceutical Holdings Limited (8221.HK) is a public biopharmaceutical company with over 14 years operation in China's pharmaceutical industry. It is fully integrated with solid infrastructures in drug development, clinical development, regulatory, manufacturing, sales and marketing in China with global perspectives and currently markets six products. Lee's Pharm focuses on several different areas such as cardiovascular and infectious diseases, dermatology, oncology, gynecology and others. It has more than 20 products under different development stages stemming from both internal R&D as well as from the recent acquisition of licensing and distribution rights from various US and European companies. The mission of Lee's Pharm is to become a successful biopharmaceutical group in Asia providing innovative products to fight diseases and improve health and quality of life.
Contact:
Porda International (Finance) P.R. Company Limited Keely Chan Tel: +852-3150-6760/ +852-9770-2950 keely.chan@pordafinance.com.hk Alman Loong Tel: +852-3150-6731/ +852-9107-8225 alman.loong@pordafinance.com.hk Liz Yip Tel: +852-3150-6739/ +852-9497-1685 liz.yip@pordafinance.com.hk Fax: +852-3150-6728
Source:
Lee's Pharmaceutical Holdings Limited
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