Sino Biopharm targets 30 innovative products by 2027

Sino Biopharmaceutical Limited, or Sino Biopharm, expects to have approximately five innovative products approved in China each year, bringing the total of its innovative products to at least 30 by 2027, the company announced at a conference on Thursday, where it released its 2024 annual results.

Such continuous innovation efforts demonstrate the company's commitment to meeting patients' clinical needs and contributing to the Healthy China initiative, said Theresa Tse, chairwoman of Sino Biopharm.

The report showed that the Hong Kong-listed company's dedication to innovation has paid off, with its 2024 operating revenue and net profit both achieving double-digit growth. The company reported a total revenue of 28.87 billion yuan ($3.98 billion), representing a 10.2 percent year-on-year increase, while adjusted net profit attributable to shareholders reached 3.46 billion yuan, a 33.5 percent surge.

For the first time, the company also achieved over 10-billion-yuan revenue from its innovative products last year, reaching 12.06 billion yuan, a 21.9 percent year-on-year growth, which accounts for 41.8 percent of the company's total revenue.

"Our relentless focus on innovation over the past decade has led to the establishment of innovative research and development platforms for dual antibodies and ADC (antibody-drug conjugate) drugs among others, resulting in a steady stream of innovative products," said Tse.

The number of innovative products by Sino Biopharm increased from three in 2018 to 17 by the end of 2024, according to the report. Last year alone, the company saw four first-class innovative medicines approved for market, making it the pharmaceutical enterprise with the largest number of such approvals in the year.

Looking ahead, Sino Biopharm anticipates the launch of several blockbuster products for treatment of lung cancer, chronic obstructive pulmonary disease, breast cancer, and others within the next three years.

The company also said that it has strategically positioned itself in the realm of artificial intelligence through collaborations, investments and localized applications. It plans to intensify its investments in AI, expanding its application across R&D, production, sales and functional management to propel corporate development and lead industry innovation upgrades.