Core Viewpoint - Despite announcing a collaboration with Novo Nordisk for the weight loss drug UBT251, the stock price of Federated Pharmaceutical fell significantly due to disappointing financial results for 2024, which showed a decline in net profit [3][4]. Financial Performance - Federated Pharmaceutical reported a revenue of 13.76 billion RMB for 2024, a slight increase of 0.14% year-on-year [7]. - The company's net profit attributable to shareholders was 2.66 billion RMB, reflecting a decrease of 1.54% compared to the previous year [7]. - The earnings per share decreased by 1.5% to 146.39 RMB [5]. Business Segments - Revenue from intermediate products increased by 1.8%, while revenue from raw materials and formulation products decreased by 0.5% and 5.9%, respectively [7]. - The significant decline in the formulation business was attributed to price reductions due to national drug procurement policies, alongside a 26.6% increase in R&D expenses for formulation products [7]. Key Product Developments - The UBT251 drug, developed by Federated Pharmaceutical, is currently in early clinical development and aims to treat obesity and type 2 diabetes [3][9]. - The company is the first in China and the second globally to have a long-acting GLP-1/GIP/GCG tri-target agonist approved for clinical trials using chemical synthesis methods [9]. - Sales of diabetes products reached 1.25 billion RMB in 2024, marking a 9.5% increase year-on-year, with insulin product sales benefiting from a significant increase in procurement volume [8].
与诺和诺德官宣合作“不敌”去年净利下滑 联邦制药盘中跌13%