CSPC Pharmaceutical : 1st Half Net Profit Rose 23%

By Martin Mou

CSPC Pharmaceutical Group Ltd.'s first-half net profit rose 23% from a year earlier as revenue grew on stronger sales of finished drugs.

Net profit came in at 2.31 billion yuan ($334.2 million), as revenue grew 13% to CNY12.59 billion, the Chinese drug maker said Wednesday.

The company said the Covid-19 pandemic had caused a sharp drop in hospital visits and disrupted marketing activities, which dragged on its operations.

CSPC still managed to record revenue growth as it ramped up marketing efforts to drive sales, which helped revenue from finished drugs--its largest source of income--jump 17%.

Revenue from vitamin C and antibiotics, however, both declined more than 10% in the first six months of the year.

CSPC said its board has proposed a bonus issue of three new shares for every five existing shares, a plan that still needs shareholders' approval.

The drug maker said it has more than 300 drug research-and-development projects in its pipeline and expects to launch more than 50 new products over three years.

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