ScinoPharm Reports Financial Performance for 2013
TAINAN, Feb. 14, 2014 /PRNewswire/ -- ScinoPharm (TWSE:1789) an active pharmaceutical ingredient (API) specialty company, announced unaudited record results for its fiscal year 2013. The company posted a historically high NT$5.088 billion (US$167.6 million) in revenue, up 11% over 2012's record-breaking numbers with after-tax net profits of NT$1.273 billion (US$42.4 million), an increase of 9% compared to the same period in 2012. Profits were also at record highs. After-tax earnings per share was NT$1.88 (US$0.0627).
In continuation of the previous year's sales growth momentum, generic drug sales have remained buoyant. With stable growth in contract research and manufacturing business as well as its strengthened operational efficiency and cost control, outstanding financial performance has been accomplished. In regards to the overall performance over the past year, APIs for oncological and central nervous system (CNS) treatments have achieved steady sales. Among them, Irinotecan, used for the treatment of colorectal cancer, has nearly tripled in sales compared to the previous year, thus making it the product with the highest revenue for the company last year. Furthermore, Exemestane, used for the treatment of breast cancer, has benefited from a large dedicated production line used exclusively for manufacturing steroids, which was completed at the end of 2012. It significantly contributed to company sales.
In terms of market performance, ScinoPharm continued to develop the generics market in Europe and the United States and managed to sustain its current leadership position as a supplier of oncological and CNS APIs. In recent years, the company has engaged in in-depth marketing efforts in Japan and India as well as significant marketing and manufacturing deployment in China, all of which have contributed to the company's grasp of business opportunities in these emerging markets, especially Japan's generics market. Owing to Irinotecan's steady growth in the Japanese market and Gemcitabine for the treatment of non-small-cell lung cancer that entered mass production, ScinoPharm has doubled its sales performance in the Japanese market. The company opened an office in Tokyo in July of last year to more effectively capture a part of Japan's emerging generics market.
In addition, in order to continue to expand its global production capacity, ScinoPharm Changshu, located in Jiangsu, China, fully completed construction at the end of last year. Currently, four products had been granted permits to engage in production. One of the items is in the process of application filing for launch in Mainland China and three of the items are for the United States. As many major pharmaceutical companies from Europe and the United States need partners that are full compliance with international GMPs, as well as with worker safety and environmental protection standards in China, the Changshu site has a clear competitive advantage to capture these business opportunities.
ScinoPharm Changshu has recently signed an agreement with ASLAN Pharmaceuticals to provide CRO service for a small molecule inhibitor of the MET receptor tyrosine kinase. The investigational oncology compound, being jointly developed by ASLAN and a multinational pharmaceutical company, will be entering phase II clinical trials later this year targeting the treatment of solid tumors, including prostate cancer and breast cancer. Following the recent GMP audit by ASLAN, the Changshu site is ready to supply its quality APIs for the clinical development program. Global patients of the two cancers above are currently numbered at 3.5 million and 6.0 million respectively, while the market values are expected to reach US$6.5 billion by 2020 and US$18.7 billion by 2022.
ScinoPharm has developed nearly 70 products, 23 of which have been launched in the market. By 2014, seven additional API items are expected to be launched in the U.S., Canadian, European and Japanese markets. These include oncology drugs and drugs for MDS, anti-neoplastic, HBV, malignant hyperthermia, osteoporosis and other indications.
ScinoPharm Taiwan, Ltd. is a leading process R&D and API manufacturing service provider to the global pharmaceutical industry. With research and manufacturing facilities in both Taiwan and mainland China, ScinoPharm offers a wide portfolio of services ranging from custom synthesis for early phase pharmaceutical activities to contract services for brand companies as well as APIs for the generic industry. For more information, please visit the Company's website at www.scinopharm.com.
SOURCE ScinoPharm Taiwan Ltd.