Lee's Pharma announces H1 results
The group’s revenue is up 3.9% measured QoQ.
Chinese pharmaceutical group Lee’s Pharmaceutical Holdings Ltd. (Lee’s Pharma) has announced it took in revenue of $36,610,337 for the second quarter of this year. The revenue decreased by 12.6% compared with the same period last year, but saw an increase of 3.9% over Q1.
The total H1 revenue for the group was $71.8m which represented a reduction of 8.4% over the same period last year when the Chinese currency had weakened by 5.1% YoY. The report also showed that the sales of licensed-in products accounted for 60.9% of the group’s revenue, whilst the sales of proprietary and generic products contributed 39.1%. Net profit attributable to the owners of the company stood at $12,513,723, up 153.3% over the same period last year.
Following the slowdown in the first quarter amidst COVID-19 pandemic, the group's research and development (R&D) activities for new drugs were gradually resumed in Q2.
The group attributed the decreases in revenues to inflationary pressure on raw material costs, manufacturing and administrative overhead, and the rising tension between China and the US.