Sino Biopharmaceutical Limited, or Sino Biopharm, a leading innovative research and development-driven pharmaceutical conglomerate in China, announced on Thursday in its annual result report that revenues from innovative drugs reached 9.89 billion yuan ($1.37 billion) in the 2023 fiscal year, up 13.3 percent year-on-year.

Despite a challenging environment last year, the company still achieved stable growth in revenues and core net profits. The revenues totaled 26.2 billion yuan in 2023, growing 0.7 percent year-on-year. After adjustments, the net profits attributable to shareholders reached 2.59 billion yuan, increasing 1.5 percent year-on-year.

The company achieved significant revenues in four major treatment areas: cancer, liver disease, surgery/pain relief and respiratory disease. It launched 21 new products in the four areas last year, and revenues were respectively 8.8 billion yuan, 3.82 billion yuan, 3.75 billion yuan and 2.97 billion yuan in the four disease areas. In 2023, the company invested 4.4 billion yuan into research and development, among which 77 percent went into R&D of innovative drugs.

liuzhihua@chinadaily.com.cn