CSPC Pharmaceutical Group Ltd. (1093.HK) has announced that its Omalizumab for Injection has been approved by China’s National Medical Products Administration (NMPA) for the treatment of chronic spontaneous urticaria. This approval marks a significant step for CSPC in expanding its offerings for autoimmune diseases.
The company anticipates that this approval will substantially enrich its product portfolio in the autoimmune disease sector. CSPC is also pursuing approval for additional indications for Omalizumab, signaling a continued investment in the drug's potential applications.
Following the NMPA approval, CSPC will need to increase its financial commitment to promote and commercialize Omalizumab. This increased spending is expected to drive up overall costs, but it is also anticipated to boost revenue through expanded market presence.
Despite the positive news regarding the drug approval, CSPC's shares experienced a downturn, closing down 6.1% at HK$6.61. This market reaction reflects broader investor sentiment and market dynamics affecting the company.
CSPC has recently appointed Liu Yongjun as president of global R&D. Liu's extensive experience in commercializing innovative drugs and his connections within the multinational pharmaceutical community are expected to accelerate the commercialization of CSPC’s products.
In the first half of the year, CSPC reported a revenue increase of 1.3% to 16.3 billion yuan ($2.3 billion), with a net profit increase of 2% to 3.2 billion yuan. The approval of Omalizumab is strategically important for CSPC as it aims to bolster growth and expand its market presence in the pharmaceutical industry.
