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Monday, 1 April 2019, 22:01 HKT/SGT
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Source: Sino Biopharmaceutical Limited
Sino Biopharmaceutical's 2018 Annual Results Reaches New Height
Revenue Up 41% to RMB20.9 Billion and Net Profit Climbs 317% to RMB9 Billion

HONG KONG, Apr 1, 2019 - (ACN Newswire) - Sino Biopharmaceutical Limited ("Sino Biopharmaceutical" or the "Company", together with its subsidiaries, the "Group") (HKEX:1177), a leading and innovation-driven pharmaceutical conglomerate in the PRC, has announced its annual results for the year ended 31 December 2018.


Mr. Tse Ping, Chief Executive Officer and Executive Director (left) and Mr. Tse Hsin, Executive Director and Vice President (right) of Sino Biopharmaceutical attend the 2018 annual results press conference.


Results Highlights
- The Group's revenue and net profit significantly increased by approximately 41.0% and 316.7% respectively, mainly due to sustained organic growth of its principal businesses and consolidation of the financial figures of Beijing Tide upon completion of the Acquisition. Excluding the impact of the gain on step acquisition and amortization expenses of new identifiable assets, as well as the unrealized fair value gains and losses on equity investments and financials assets, underlying profit was approximately 37.0% higher than that of the last year.
- According to "Notice for inclusion of 17 oncology medicines on the Class B Medicine List for National Basic Medical Insurance, Work-Related Injury Insurance and Maternity Insurance" published by National Healthcare Security Administration, Anlotinib Hydrochloride Capsule (Focus V) is the only domestic self-developed innovative medicine that is being included on the National Drug Reimbursement List in this round of discussions. The price of this new medicine is significantly lower than similar imported medicines, and this medicine thus can notably reduce the financial burden on patients in China who need quality patented oncology medicines, as well as benefit more patients.
- Production line of Tenofovir (Qingzhong) of CT Tianqing received European Union GMP certification.
- With regard to R&D, the Group has made outstanding achievements during the year. It obtained 18 production approvals and 23 clinical approvals, 18 of which were for Category 1.1 new medicines and 2 for biosimilar medicines. All serve as a testament to the Group's leading capability in the industry to develop innovative medicines. Cumulatively, a total of 497 pharmaceutical products had obtained clinical approval, or were under clinical trial or applying for production approval. Out of these, 54 were for cardio-cerebral medicines, 38 for hepatitis medicines, 206 for oncology medicines, 25 for respiratory system medicines, 26 for diabetic medicines and 148 for other medicines.

Results
During the year, the Group recorded revenue of approximately RMB20.89 billion, representing a significant increase of approximately 41.0% over the last year, mainly attributable to (i) sustained organic growth of its principal businesses, and (ii) consolidation of the financial figures of Beijing Tide into the consolidated financial statements of the Company upon completion of the acquisition of 24% interests in Beijing Tide ("Acquisition"), starting from 1 March 2018. Profit attributable to owners of the parent amounted to approximately RMB9.05 billion, surged by approximately 316.7% as compared with the last year. Excluding the impact of the gain on step acquisition and amortization expenses of new identifiable assets as well as the unrealized fair value gains and losses on equity investments and financials assets, underlying profit attributable to the owners of the parent was approximately RMB2.84 billion, approximately 37.0% higher than that of the last year. Based on underlying profit attributable to the owners of the parent, the basic earnings per share were approximately RMB22.98 cents, 23.2% higher than that of the last year. The Group has maintained a strong financial position with cash and bank balances reaching approximately RMB6.68 billion at the end of the year (end of 2017: approximately RMB4.19 billion).

The Board of Directors recommended a final dividend payment of HK2.0 cents per share. Together with the dividend of HK2.0 cents already paid in each of the first three quarters, the total dividends for the year amounted to HK8.0 cents (2017: HK7.5 cents).

Business Highlight
During the year, the Group closely cooperated with oncology experts all over the country and commenced extensive and prudent post-launch studies on the indications for different types of oncology diseases, capitalizing on the sensational performance by its heavyweight self-developed oncology medicine Anlotinib and the well-established product line of oncology medicines. In addition to the ongoing and exceptional growth of Anlotinib, other oncology medicines such as Saiweijian, Gelike and Yinishu, as well as newly launched Qianping (Bortezomib for Injection), also delivered solid growth. The Group's leading analgesic products, such as Kaifen and Flurbiprofen Cataplasm, orthopedic product Gaisanchun, digestive product Aisuping, cardio-cerebral products that have passed Consistency Evaluation, including Tuotuo and Yilunping, and respiratory product Tianqingsule have recorded strong sales growth, securing solid positions in the market. As for hepatitis medicine, a field in which the Group consistently has competitive edges, the newly approved medicine Qinzhong has also delivered remarkable performance.

In respective to marketing and sales channels, benefiting from a number of measures, such as setting up a dedicated team targeting low- and mid-tier markets; working with professional online platforms; expanding new marketing and sales channels; expanding coverage for pharmacies as well as low- to mid-tier hospitals; and implementing a chronic disease management model to enhance patient education and service quality, the Group's "patient-oriented" philosophy and values have gained increasing recognition from the market and patients.

The Group continues to focus on developing specialized medicines where its strengths lie so as to build up its brand in specialist therapeutic areas. Leveraging on its existing medicine series for treating hepatitis and cardio-cerebral diseases, the Group also actively develops oncology medicines, analgesic medicines, orthopedic medicines, digestive system medicines, anti-infectious medicines, respiratory system medicines, parenteral nutritious medicines and diabetic medicines, etc. During the year, the sales performance of the Group's major medicine types are outlined below:

Hepatitis medicines:
- The sales of hepatitis medicines amounted to approximately RMB6.42 billion, representing approximately 30.7% of the Group's revenue.
The sales of Ganlixin injections and capsules amounted to approximately RMB92.3 million.
The sales of Tianqingganping enteric capsules amounted to approximately RMB430 million, an increase of approximately 6.2% against last year.
Tianqingganmei injections were launched, recording the sales of approximately RMB1.71 billion.
The sales of Mingzheng capsule amounted to approximately RMB220 million.
The sales of Runzhong (Entecavir) dispersible tablet amounted to approximately RMB3.26 billion, an increase of approximately 2.8% against the last year.
The sales of Tianding tablets amounted to approximately RMB420 million, an increase of approximately 8.4% against the last year.
The sales of Ganze (Entecavir) capsules amounted to approximately RMB140 million, an increase of approximately 5.4% against the last year.

Cardio-cerebral medicines:
- The sales of cardio-cerebral medicines amounted to approximately RMB2.74 billion, representing approximately 13.1% of the Group's revenue.
The sales of Tianqingning injections recorded approximately RMB150 million.
The sales of Yilunping tablets amounted to approximately RMB780 million, a year-on-year increase of approximately 23.6%.
The sales of Tuotuo calcium tablets amounted to approximately RMB660 million, a year-on-year increase of approximately 15.7%.
The sales of Kaishi injections amounted to approximately RMB760 million.
The sales of Beraprost Sodium tablets amounted to approximately RMB410million, an increase of approximately 12.2% as compared with the last year.

Oncology medicines:
- The sales of oncology medicines amounted to approximately RMB3.19 billion, representing approximately 15.3% of the Group's revenue.
The sales of Zhiruo injections amounted to approximately RMB140 million.
The sales of Saiweijian injections amounted to approximately RMB510 million, an increase of approximately 53.5% as compared with the last year.
The sales of Tianqingyitai injections amounted to approximately RMB210 million.
The sales of Qingweike injections amounted to approximately RMB220 million, an increase of 27.3% as compared with the last year.
The sales of Shoufu tablets amounted to approximately RMB170 million, an increase of 4.9% as compared with the last year.
The sales of Genike capsules amounted to approximately RMB240 million, an increase of approximately 37.9% as compared with the last year.
The sales of Yinishu tablets amounted to approximately RMB160 million, an increase of approximately 51.3% as compared with the last year.

Analgesic medicines:
- The sales of analgesic medicines amounted to approximately RMB2.27 billion, representing approximately 10.9% of the Group' revenue.
The sales of Kaifen injections amounted to approximately RMB1.9 billion, approximately 20.8% higher than that of the last year.
The sales of Flurbiprofen Cataplasm amounted to approximately RMB750 million, approximately 73.1% higher than that of the last year.

Orthopedic medicines:
- The sales of orthopedic medicines amounted to approximately RMB1.56 billion, representing approximately 7.5% of the Group's revenue.
The sales of the Gaisanchun capsules amounted to approximately RMB1.0 billion, rose by approximately 18.1% as compared with the last year.
Jiuli tablets amounted to approximately RMB310 million, an increase of approximately 29.3% against the last year.
The sales of Yigu injections amounted to approximately RMB190 million, an increase of approximately 82.4% against the last year.

Digestive system medicines:
- The sales of digestive system medicines amounted to approximately RMB1.18 billion, representing approximately 5.6% of the Group's revenue.
The sales of Getai tablets amounted to approximately RMB240 million, an increase by approximately 9.1% as compared with the last year.
The sales of Aisuping injection amounted to approximately RMB750 million, a significant increase by approximately 59.9% as compared with the last year.

Anti-infectious medicines:
- The sales of anti-infectious medicines amounted to approximately RMB880 million, representing approximately 4.2% of the Group's revenue.
The sales of Tiance injections amounted to approximately RMB570 million.
The sales of Tianjie injections amounted to approximately RMB220 million, a marked increase of approximately 44.5% against the last year.

Respiratory system medicines:
- The sales of respiratory medicines amounted to approximately RMB830 million, representing approximately 4.0% of the Group's revenue.
The Sales of Tianqingsule inhalation powder amounted to approximately RMB500 million, an increase by approximately 22.2% as compared with the last year.
The sales of Chia Tai Suke tablets amounted to approximately RMB200 million, an increase by approximately 17.8% as compared with the last year.

Parenteral nutritious medicines:
- The sales of parenteral medicines amounted to approximately RMB690 million, representing approximately 3.3% of the Group's revenue.
The sales of Xinhaineng injections amounted to approximately RMB490 million.
The sales of Fenghaineng fructose injections amounted to approximately RMB180 million.

Diabetic medicines:
- The sales of diabetic medicines amounted to approximately RMB130 million, representing approximately 0.6% of the Group's revenue.
The sales of the Taibai sustained release tablets amounted to approximately RMB110 million, an increase by approximately 28.3% as compared with the last year.

R&D
For the year, the R&D expenditure was approximately RMB2.09 billion, accounting for approximately 10.0% of the Group's revenue.

During the fourth quarter, the Group was granted 1 clinical approval, 5 production approvals, and made 4 new production applications, 1 approval for Consistency Evaluation, 9 applications for Consistency Evaluation and 10 production applications after the completion of bioequivalency. Cumulatively, a total of 497 pharmaceutical products had obtained clinical approval, or were under clinical trial or applying for production approval. Out of these, 54 were for cardio-cerebral medicines, 38 for hepatitis medicines, 206 for oncology medicines, 25 for respiratory system medicines, 26 for diabetic medicines and 148 for other medicines.

During the fourth quarter, the Group has also received 40 authorized patent notices (31 invention patents, 1 utility model patent and 8 apparel design patents) and filed 115 new patent applications (89 invention patents, 1 utility model patent and 25 apparel design patents). Cumulatively, the Group has obtained 683 invention patent approvals, 20 utility model patents and 75 apparel design patents.

Prospects
Despite various concerns in 2019, such as international trade disputes that are expected to negatively affect the economic growth of the world, including the PRC, the fundamentals which underpin the PRC's economic growth will not have major changes. As for the industry, price negotiations on oncology medicines and centralized drug procurement in "4+7" cities reflect the strong influence that the new government management system has had on drug prices; hence, restructuring and transformation of the pharmaceutical industry is expected to gather pace. The medical reform carried out by the government aims to promote the upgrade of the medicine supply, enhance accessibility to high efficacy medicines and phase out redundant and underperforming production capacity. In future, the adjustment of the National Drug Reimbursement List and the policies on encouraging innovation, accelerating new drug evaluation and approval, and new drug launches are expected to present a larger market and more development opportunities to enterprises like Sino Biopharmaceutical that have a strong R&D foundation and capacity to develop innovative drugs.

The Group recognized a few years ago that targeted drugs of biological macromolecular were becoming an increasingly important category of drugs for clinical uses, with wide application prospects. It consequently deployed its group companies to conduct R&D, which has facilitated the ongoing output of targeted drugs of biological macromolecular. It believes that the drug will benefit patients in general and reinforce the Group's industry leadership, leading to the delivery of maximum investment returns to shareholders.

About Sino Biopharmaceutical Limited
Sino Biopharmaceutical Limited is a leading innovation-driven pharmaceutical conglomerate in the PRC. Its business encompasses a fully-integrated chain which spans from R&D to the manufacture and sales of pharmaceutical products. The Group's products have gained a competitive foothold across various therapeutic categories with promising potential, covering a vast array of biopharmaceutical and chemical medicines for treating liver diseases, tumors, cardio-cerebral diseases, analgesia, respiratory system diseases, digestive system and orthopedic diseases.

Sino Biopharmaceutical is a constituent stock of the following indices: MSCI Global Standard Indices - MSCI China Index, Hang Seng Index, Hang Seng Index - Commerce & Industry, Hang Seng Composite Index, Hang Seng Composite Industry Index - Consumer Goods, Hang Seng Composite LargeCap Index, Hang Seng Composite LargeCap & MidCap Index, Hang Seng China (Hong Kong-listed) 100 Index and Hang Seng Stock Connect Hong Kong Index. Sino Biopharmaceutical was ranked as one of "Asia's Fab 50 Companies" by Forbes Asia for three consecutive years in 2016, 2017 and 2018.


Topic: Press release summary
Sectors: Daily Finance, Daily News, BioTech
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