Jacobson Pharma Announces FY2021 Annual Results
During the Reporting Period, the economy was hit hard by the pandemic with retail consumption stalled due to various social distancing measures and travel restrictions. At the continual impact of the pandemic on its businesses, the Group made total revenue of HK$1,445.9 million in the Reporting Period, dropped narrowly by 8.0% against the previous year. Mitigated by the impact relief and cost-saving measures, profit attributable to shareholders softened by 19.4% to HK$173.7 million.
The Board has recommended payment of a final dividend of HK1.5 cents per share (FY2020: HK2.5 cents per share). Including the interim dividend of HK0.8 cent per share already paid and a special interim dividend made by the Company on 5 February 2021 in the form of distribution in specie based on 1 share in JBM (Healthcare) Limited ("JBM Healthcare"; Stock Code: 2161) at HK$1.20 per share for every 8 shares held by the shareholders of the Company which represented a distribution of approximately HK15 cents per share, the total dividend for FY2021 would be HK17.3 cents per share (FY2020 total dividend: HK4.5 cents per share).
Steady Growth of Generic Drugs Business in Public Sector
The generic drugs business of the Group recorded revenue of HK$1,048.8 million in the Reporting Period, with the public sector business reporting steady growth but offset by a drop in sales momentum of the private sector business considerably dampened by infection control measures under the pandemic.
The Group's offerings in certain therapeutic classes saw solid growth, with oral anti-diabetics and gastrointestinal product classes registering a growth of 28.3% and 26.0% respectively in the public sector, mainly attributable to the realisation of tendering business plus increased usage of these essential medicines in respective disease management. In addition, the Group's angiotensin-converting enzyme inhibitor class and angiotensin II antagonist class of cardiovascular products achieved robust sales growth of 62.2% and 33.6% respectively, alongside an increase in the public sector consumption of antihypertensive drugs.
In the Reporting Period, the Group launched a number of new products including Arsenic Trioxide Oral Solution, Dihydrocodeine Tablet, Perindopril Tablet, Atomoxetine Capsule, Rosuvastatin Tablet, and Hydroxychloroquine Tablet. Among these, Arsenic Trioxide Oral Solution is the first ever Arsenic Trioxide approved in Hong Kong for the treatment of Acute Promyelocytic Leukaemia.
The Group also signed in-license regional agreements with reputable manufacturers in Europe and South Korea for a total of 15 specialised drugs covering the central nervous system, infectious diseases, gastrointestinal, and other therapeutic classes.
Resilient Performance of Branded Healthcare Business
The branded healthcare business of the Group recorded revenue of HK$397.1 million during the Reporting Period, up by 4.1% year-on-year. The growth was mainly attributable to the robust sales of Hoitin in concentrated Chinese medicine granules products of the Orizen Group, coupled with the resilient performance of AIM Atropine Eye Drops and Flying Eagle Woodlok Oil albeit market challenges.
Distribution of Fosun BioNTech Comirnaty Vaccine in Hong Kong and Macau
The Group is the distributor of Fosun Pharma/BioNTech Comirnaty COVID-19 mRNA Vaccine ("Fosun BioNTech Comirnaty Vaccine") in Hong Kong and Macau under an exclusive distribution agreement with Fosun Pharma Group. The Fosun BioNTech Comirnaty vaccination programme started in Hong Kong on 10 March 2021, and as at 31 May 2021, over 1.3 million doses of the vaccine have been administered.
Fosun BioNTech Comirnaty Vaccine is an mRNA based vaccine developed by German biotech company BioNTech SE with a clinically-tested efficacy rate of 95%. The Advisory Committee of the United States Centers for Disease Control and Prevention (CDC) has recently endorsed the safety and effectiveness of the vaccine and its use in 12-through 15-year-old adolescents, which represented important progress on COVID-19 infection control within the population.
Successful Spin-off of JBM Healthcare
The Group successfully spun off and separately listed its branded healthcare business, JBM Healthcare, on the Main Board of the Stock Exchange on 5 February 2021. After the spin-off and public listing, the Group holds 53.74% stake in JBM Healthcare in effect, which remains as a subsidiary of the Group.
JBM Healthcare is a Hong Kong-based branded healthcare company with a product footprint covering Greater China, Southeast Asia and other selected countries. It principally engages in the manufacturing and trading of branded healthcare products, comprising consumer healthcare products and proprietary Chinese medicines. The spin-off will create two distinct platforms for the Group and JBM Healthcare to enhance their strategic focuses and sharpen the execution of their growth strategies respectively.
Mr. Derek Sum, Chairman and Chief Executive Officer of Jacobson Pharma, concluded, "Although market situations have been challenging, the Group has remained steadfast in delivering its growth strategies and fortifying its leadership in the generic drugs market in Hong Kong. In our collaborative fight against the pandemic, Jacobson took pride in playing a part in introducing the Fosun BioNTech Comirnaty Vaccine into the markets of Hong Kong and Macau. I am particularly thankful for the dedicated efforts of our professional pharmacist teams who worked diligently with our business partners in setting up the systems on regulatory compliance, pharmacovigilance and medical information dissemination for seamless execution of the vaccination program."
"Looking ahead, with proven technological know-how, commercial strengths and priding operational excellence, the Group remains confident in delivering sustainable growth and creating values to our shareholders in the long term."
About Jacobson Pharma Corporation Limited (Stock Code: 2633)
Jacobson Pharma is a leading pharmaceutical company in Hong Kong vertically integrated with the research, development, production, sale and distribution of essential medicines and specialty drugs. As a major provider of generic drugs in Hong Kong, the Group has one of the most extensive sales and distribution coverage for both the private and public market sectors in Hong Kong, with an expanding reach into strategically selected Asian markets. Carrying a broad product portfolio and taking a pre-eminent market position in a number of therapeutic categories, the Group operates a host of 10 PIC/S GMP licensed production facilities for generic drugs in Hong Kong.
The Group aims at the continued strategic enrichment of its generic drug portfolios through the addition of high value-added products. With its corporate headquarters based in Hong Kong, the Group has also established its operating subsidiaries in China, Macau, Taiwan, Singapore and Cambodia forming a regional commercial platform to tap the market potential in the Asia Pacific and Greater China region. Jacobson Pharma has been a constituent stock of MSCI Hong Kong Micro Cap Index since 1 June 2017. For more details about Jacobson Pharma, please visit the Group's website: http://www.jacobsonpharma.com
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