GRAND PHARMA (00512) achieved revenue exceeding HK$11.6 billion in 2024, with innovative drug layout blossoming to drive long-term development.

On March 12, GRAND PHARMA (00512) disclosed its full-year performance for 2024, with both revenue and net profit reaching historic highs. The company achieved a revenue of 11.64 billion Hong Kong dollars in 2024, with a year-on-year growth of approximately 12.8% excluding the impact of exchange rates; net profit attributable to shareholders was approximately 2.47 billion Hong Kong dollars, with a year-on-year growth of approximately 34.0% excluding the impact of exchange rates; the company plans to distribute a total dividend of approximately 910 million Hong Kong dollars. Looking at past annual report data, GRAND PHARMA has achieved continuous growth over the years, with double-digit year-on-year growth in revenue and net profit in 2024, showing impressive performance. At the same time, the development advantages of innovative products such as core drugs are obvious, with significant achievements in innovative ophthalmic drugs, a steady increase in product and industry chain foundations, and strong momentum for long-term development of the company. In the secondary market, GRAND PHARMA's innovative strategic layout has also been recognized by the capital market. The company's stock price has maintained an overall upward trend since the opening after this year's Spring Festival. As of the close on March 12, GRAND PHARMA's stock price closed at 5.24 Hong Kong dollars, with a total increase of approximately 24.2% since the Spring Festival. Yi Gantai's revenue breaks the hundred mark again with a year-on-year growth, consolidating the leading position of core drug with multiple high-potential products Specifically, the anti-tumor core drug sector has become one of the important engines driving the growth of GRAND PHARMA's performance. In 2024, the company's revenue from this sector totaled 590 million Hong Kong dollars, an increase of nearly 177% year-on-year. The company is one of only four innovative pharmaceutical companies globally that have successfully commercialized innovative core drugs for the treatment of tumors. The core product Yi Gantai yttrium [90Y] microsphere injection continued its outstanding performance in 2024, contributing nearly 500 million Hong Kong dollars in revenue, with a year-on-year growth rate of over 140%, achieving a substantial increase in sales revenue for two consecutive years. Since the product was launched, Yi Gantai has treated nearly 2,000 patients, and GRAND PHARMA is still committed to improving the clinical accessibility of Yi Gantai through surgeon training and medical insurance promotion. The announcement shows that the company has provided Yi Gantai surgical theory or skills training to more than 1,100 doctors in 70 hospitals, with over 170 doctors registered as Yi Gantai surgical doctors, including 70 doctors qualified for independent surgery. Official surgeries have been conducted in over 50 hospitals in 22 provinces and municipalities in China. In addition, Yi Gantai has entered into 45 public welfare programs and 3 special medical insurances, covering 21 provinces and more than 30 cities. Based on this layout, Yi Gantai is expected to continue to expand its revenue scale in the future and drive the performance of the company's core drug sector to rise. After years of cultivation, GRAND PHARMA has gradually formed a core drug product cluster centered on Yi Gantai, establishing a rich and highly competitive core drug product pipeline. It has become one of the enterprises with the most innovative radioactive drug coupling drugs in global phase III clinical research in the diagnosis and treatment field, and one of the innovative pharmaceutical companies with the most abundant product pipeline and integrated diagnosis and treatment layout in the field of core drug anti-tumor drugs globally. Currently, GRAND PHARMA has three innovative RDC products and one interventional treatment product in the phase III clinical stage. Among them, TLX591-CDx, used for the diagnosis of prostate cancer, is expected to complete phase III clinical research in 2025. It is worth mentioning that the performance in overseas markets has validated the immense potential of TLX591-CDx, with the product accumulating over 700 million US dollars in revenue within two years of being launched overseas, driving the market value of GRAND PHARMA's core drug field partner Telix to exceed 10 billion Australian dollars. It is foreseeable that in the much larger patient base in China, TLX591-CDx may continue its commercial potential overseas and become another heavyweight core drug product for GRAND PHARMA after Yi Gantai. Focusing on valuable innovation, enriching the product pipeline contributes to diversified growth Based on the development strategy of "independent research and development + global expansion", GRAND PHARMA has built a distinctive innovation product moat, and the related products are in the rapid growth stage of their respective research and commercialization cycles, not only driving the iterative upgrade of the product pipeline but also expanding the business sectors further, with the potential to form a collective force of product performance, boosting the overall performance of the company. In the ophthalmology sector, leveraging years of deep cultivation, GRAND PHARMA focuses on the innovative ophthalmic drugs in this golden track, targeting the huge unmet clinical needs in diseases such as post-ophthalmic surgery inflammation, pterygia treatment, dry eye treatment, and myopia prevention and control, to innovate the product pipeline. Taking dry eye syndrome as an example, on the basis of the mature commercial product Ruzhu, the company further laid out innovative mechanism products OC-01 and OC-02, among which OC-01 is the world's first and only approved preservative-free, multi-dose, sterile packaged nasal spray for mild, moderate, and severe dry eye, which was approved for marketing in China in November 2024, and is expected to continue to release its performance potential with its outstanding clinical performance in the future, becoming another heavyweight product in the field of innovative ophthalmic drugs for GRAND PHARMA. In addition, the company has submitted a new drug application (NDA) for GPN01768 (TP-03, loteprednol etabonate eye drops, 0.25%) for the treatment of Demodex blepharitis to the National Medical Products Administration and it has been accepted, pending marketing approval; the innovative product CBT-001 for the treatment of pterygium and the hormone nanosuspension eye drops GPN00833 for post-ophthalmic surgery anti-inflammatory and analgesia have entered phase III clinical trials, with GPN00833 successfully meeting the clinical endpoints. With the continuous landing of the company's innovative ophthalmic drugs in the future, GRAND PHARMA is also expected to further release the performance potential in the billion-dollar ophthalmology market race. On the other hand, GRAND PHARMA's respiratory and critical care sector also saw significant development in 2024. In terms of critical care, the two products targeted at the most difficult indications to developsepsishave also made significant strides in their development efforts.This year has seen new clinical advances, with APAD reaching the end point of Phase I clinical research and STC3141 completing enrollment and dosing of all patients in Phase II clinical trials in China. It is reported that there is still no specific drug for sepsis worldwide, in contrast to the huge demand market of nearly 50 million patients globally. If the progress is smooth, the two sepsis treatment drugs under GRAND PHARMA will have a high potential for explosive growth.In the field of respiratory health, GRAND PHARMA's innovative product for the treatment of rhinitis, Ryaltris compound nasal spray, has submitted an NDA to the regulatory authority and has been accepted, potentially benefiting patients soon. At the same time, the company is actively expanding its industrial layout in this area, introducing three nasal spray products, including fluticasone nasal spray, through the acquisition of BeiJi Pharma, advancing the development of the respiratory inhalation formulation platform and further improving the comprehensive layout of inhalation formulation development, production, research, and sales direction to provide assurance for the rapid commercialization of nasal spray products for rhinitis. It is also worth mentioning that within the year, the company has further strengthened its industrial advantages in the cardiovascular emergency sector, expanding its product layout including HeXinShuang/HeBeiShuang and commercializing LiMeiTong iprosartan tablets and NengQiLang Coenzyme Q10 tablets, providing new momentum for the company's performance growth. In addition, GRAND PHARMA continues to build a comprehensive layout in the cardiovascular precise intervention and treatment sector around pathway management, structural heart disease, and heart failure, continuously constructing a cluster of high-end medical device products. The approval of the commercialization of the company's first self-developed adjustable intracranial retrievable stent product LuCi and domestically produced vascular double-mode imaging device NOVASYNCTM in 2024 not only verifies the company's strategic goal of striving for the phased and subgroup listing of innovative products, but also empowers the company's long-term development. Overall, under the development concept of "comprehensive advantages, innovation leadership, and global expansion," GRAND PHARMA firmly lays out cutting-edge technologies and differentiated products, achieving innovation upgrades in various business sectors, with some sectors already achieving rapid commercialization. It has entered a stage of high-quality development driven by the dual wheels of "research and development breakthroughs and market realization." By 2025, as the company further deepens its innovative transformation in the fields of nuclear medicine, cardiovascular precise intervention, respiratory and critical care, and innovative ophthalmic drugs, accelerating the progress of clinical research and product commercialization, GRAND PHARMA will also solidify the foundation for the continued release of its performance.