Taipei, Taiwan, 06 March 2025 -- Lotus Pharmaceuticals (1795:TT; “Lotus” or “the Company”), a multinational pharmaceutical company, announced its audited financial results for the full year 2024, delivering record-breaking performance and solidifying its position as a top player in the pharmaceutical industry.
2024 Financial Highlights:
- Record-High Net Profit and EPS: Net profit rose 23% year-over-year (YoY), reaching NT$5,066 million, up from NT$4,106 million in 2023. Earnings per share (EPS) climbed to NT$19.35, marking a new company milestone.
- Revenue Growth: Consolidated net sales increased 10% YoY to NT$18,584 million.
o Asia Market Growth: Revenues in Asia increased by 5%, driven by a significant 185% surge in Thailand following the integration of Teva Pharmaceuticals Thailand in August 2024.
o Export Strength: Revenues outside Asia grew 15% YoY, fueled by strong demand for Lenalidomide in the U.S. and the global oncology portfolio, including the launch of Enzalutamide.
o Balanced Revenue Mix: Asia accounted for 52% of total revenues, while exports contributed 48%.
- Improved Gross Margin: Gross margin rose to 58.8%, up from 55.3% in 2023, supported by increased contributions from higher-margin oncology export products.
- Operating Profit and Margin: Operating profit grew 23% YoY to NT$6,020 million, with a record-high operating margin of 32.4%.
- Dividend Proposal: The Board of Directors proposed a cash dividend of NT$5.73 per share, a 23% increase from 2023, representing the highest dividend in the Company’s history.
Leadership Comments
Petar Vazharov, Chief Executive Officer of Lotus, commented: “2024 was a transformational year for Lotus, highlighted by double-digit growth and our strongest financial performance to date. This success reflects the strength of our business model, innovative product portfolio, and the exceptional expertise of our team. Our strategic acquisitions in Southeast Asia have further solidified our leadership in this key growth region. With this momentum, we are well-positioned to achieve even greater milestones in the years ahead.”
Operational Results for the Year Ending December 31, 2024
Revenue breakdown:
- Consolidated Net Sales: Total revenues grew 10% YoY to NT$18,584 million (2023: NT$16,958 million).
o In Asia, growth was driven by the acquisition of Teva Pharma Thailand, which introduced the leading ophthalmology product NATEAR and expanded Lotus’ pharmacy channel presence. This resulted in a 5% YoY growth in the region.
o In export markets, revenues increased 15% YoY, driven by robust demand for Lenalidomide in the U.S. and Rest of the World (ROW) markets, alongside the launch of new oncology products, such as Enzalutamide. These gains offset a decline in sales of Buprenorphine/Naloxone in the U.S.
Gross Margin and Expenses
- Gross Margin improved to 58.8% (2023: 55.3%), supported by a favorable product mix, including higher-margin oncology exports and branded offerings in Asia.
- R&D Expenses: Increased 7% YoY to NT$774 million due to milestone payments related to the termination of the NRX-101 co-development program in Q2 2024 and increase of labor costs.
- SG&A Expenses: Rose 10% YoY, driven by higher labor costs and increased headcount.
Earnings and Dividend
- EPS: Achieved NT$19.35 for 2024, a 23% increase from NT$15.72 in 2023.
- Dividend: The Board proposed a cash dividend of NT$5.73 per share, representing approximately 30% of net earnings and the highest dividend in the Company’s history.
2024 Business Achievement
Research & Development
- Initiated 10 projects, filed 2 dossiers, currently there are 26 projects ongoing.
Regulatory: 132 filings, gained 67 market approvals, 87 SKUs (31 INN) launched.
- Filed 132 global submissions and secured 67 market approvals.
- Achieved key approvals for high-value products, including:
o Nintedanib (generic of Ofev®) in the UK and Canada.
o Pomalidomide (generic of Pomalyst®) in the UK and EU.
o Enzalutamide in the UK.
- Successfully maintained USFDA, Brazilian ANVISA, & TFDA GMP certification for the Nantou manufacturing facility, underscoring Lotus’ commitment to quality.
Business Development (BD)
- Signed 20 licensing deals, including:
o Two Southeast Asia acquisitions: Teva Pharma Thailand and Alpha Choay in Vietnam and Cambodia, further strengthening the Company’s regional leadership.
o Secured commercial rights for the biosimilar Aflibercept in key Southeast Asian markets, including Thailand, Vietnam, and the Philippines.
o Three co-development agreements for potential first-to-file (FTF) products.
Out-licensing Success
- Signed 26 out-licensing agreements with global partners, including Sandoz and Galenicum, extending Lotus’ reach to over 160 markets worldwide.
Corporate Sustainability & Recognition
- Honored with the 2024 Asia’s Best Employer Award by HR Asia for promoting a diverse and inclusive workplace.
o Achieved gender parity across the workforce, with a senior executive ratio of 6:4 (men to women).
- Received the 2024 Taiwan BIO Award for "Outstanding Company of the Year," reflecting the Company’s excellence in the biotech/pharmaceutical industry.
- Advanced from a BBB to A rating in the MSCI ESG evaluation, highlighting progress in human capital development, corporate governance, and quality standards. Notably, Lotus is one of only seven Taiwanese pharmaceutical companies recognized in the MSCI ESG assessment
Conference call and earnings material
Lotus Pharmaceutical will be invited by Yuanta Securities for a live audio conference in Mandarin at 2pm on March 18, 2025 and will conduct a conference call in English at 3:30pm on March 18, 2025 to review the Company's financial results for full year 2024 and business outlook for 2025.
About Lotus
Founded in 1966, Lotus (1795: TT) is an international pharmaceutical company with global presence, focused on commercializing novel and generic pharmaceuticals, offering patients better, safe and more accessible medicines. The Company has a recognized best-in-class R&D and manufacturing platform in Asia and has established partnerships in nearly every global market including the U.S., Europe, Japan, China, and Brazil. Lotus runs over 100 strategically selected pharmaceutical projects in development and registrations across Asia and the US, with over 250 commercial products. The Company invests in diversified best portfolio consisting of high-barrier oncology, complex generics as well as 505(b)2 and NCE via internal R&D investment and licensing-in partnership, and also strengthens its portfolio competitiveness by adding biosimilar products with support from strategic partners. Its industry-leading infrastructure certified by most of the advanced regulatory authorities around the world, including US FDA, EU EMA, Japan PMDA, China FDA, and Brazil ANVISA.
Forward looking statements disclaimer
Except for historical information contained herein, the matters set forth in this document are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. These forward-looking statements are not based on historical facts but rather on management’s expectations regarding future growth, results of operations, performance, future capital and other expenditures, competitive advantages, business prospects and opportunities. Statements in this presentation about our future plans and intentions, results, level of activities, performance, goals or achievements or other future events constitute forward looking statements. Wherever possible, words such as “anticipate”, “believe”, “expect”, “may”, “could”, “will”, “potential”, “intend”, “estimate”, “should”, “plan”, “predict”, or the negative or other variations of statements reflect management’s current beliefs and assumptions and are based on the information currently available to our management. Investors are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this document and we assume no obligation to update or revise any forward-looking statements.
Investor inquiries:
Yu-Ying Yang, Associate Director, Corporate Communication
+886 2 2700 5908