KUALA LUMPUR – Pharmaniaga Bhd has recorded a net profit of RM101.03 million in the third quarter (3Q) ended Sept 30, 2024, from a net loss of RM49.34 million in the same period last year.
Revenue increased by 16.3% to RM1.03 billion in 3Q from RM885.49 million previously, primarily driven by the increased demand in the concession segment.
“The increased demand in concession segment (was) attributed to the addition of new products to the approved product price list and price adjustments under the new concession cycle due to rising supplier costs coupled with the reversal of penalty charges from the government,” it said in a filing with Bursa Malaysia today.
The pharmaceutical company said the higher revenue was also contributed by increased customer demand in the Indonesia segment, fuelled by a surge in orders from existing principals and additional sales generated from opening two new branches in February 2024.
However, Pharmaniaga noted that the growth was partially offset by a decline in revenue in the non-concession segment, which was impacted by the completion of the supply of a blood product.
For the nine months ended Sept 30, 2024, the group registered RM2.8 billion in revenue, representing a 8.4% increase from RM2.6 billion posted in the corresponding period a year prior.
On prospects, Pharmaniaga remains well-positioned for growth, bolstered by resilient performance in the concession segment, significant advancements in biopharmaceuticals, and strategic expansion in Indonesia.
The group also plans to launch seven new small molecule products in 2025 across key therapeutic areas, namely anti-infectives, alimentary tract and metabolism, and cardiovascular, with a projected additional revenue of RM30 million annually.
“With these strategic initiatives and a dedicated focus on operational excellence, Pharmaniaga is well-poised for a strong close to 2024 and a promising outlook for 2025,” it added. – November 26, 2024