Cenexi SAS

本次大会的主题为“砥砺深耕·笃行致远”，热情邀请全国相关领域专家、学者、科研骨干、企业代表与会交流。 最近，传奇生物或将被并购一闻，真正触动了中国创新药行业敏感神经。 前有亘喜生物、葆元医药、普方医药风光“卖身”，彼时讨论尚且集中在出海和投资回报。而传奇生物此次收到并购邀约，指向了更深层的成长命题——当中国创新资产日益受到全球关注，MNC纷纷来华扫货之际，本土创新成果归属将何去何从？“物美价廉”的中国土壤何时能孕育出一家自己的MNC？ 无并购不巨头，但中国医药产业尚不成熟、矛盾酝酿已久。 并购首要依靠资金能力，中国大药企基本盘规模却十分有限。有数据显示，中国TOP 10创新药企和全球TOP 10药企收入规模相差约8～20倍，研发投入相差约17～20倍，纵是资金相对充沛的少数“国”字头药企，也很难与出手阔绰的MNC相当。 此外，前几年，绝大多数Biotech认知面上，仍将并购作为IPO的Plan B。一级市场和二级市场之间巨大的估值差距，使Biotech背后资本犹豫不决。 不过从监管部门推出的多项对并购重组影响较大的政策、法规反响，我们能够明确看到，行业情绪正在发生转变——T20大会上，并购论坛座无虚席，热度奇高。 同时，国内大药企动作频频。复星医药54.07亿港元私有化复宏汉霖；远大医药宣布以7.48亿总金额收购天津田边、百济制药，加码心脑血管和呼吸领域；华东医药5.28亿元收购恒霸药业；华润医药旗下博雅生物宣布18.2亿元收购绿十字香港控股100%股权，拿下其在中国境内血液制品业务…… 这一波创新的并购时代，已进入最后的“热身阶段”。经过多年布局，远大、复星、华润系等大型药企，能否成就全新的中国版并购巨头案例？ 1 复星系：兼容并包，消化不易 1995年，复星医药凭借PCR乙型肝炎诊断试剂先赚了一个亿，3年后于上交所上市。此后，这家药企开始了“百余起”并购组成的扩张进程，陆续搭建药品制造与研发、医疗器械与医学诊断、医疗服务、医药分销与零售网络。 总体上，这条道路可以分为几个关键阶段：早期并购（2005年以前）、中期并购（2006-2015年）和近期并购（2016年至今）。 早期阶段，除了维护诊断产品客源和新建生物医学技术研究中心外，复星医药上市募集所得资金，大多被用于收购和投资。上海五洋药业、上海永信维生素有限公司、上海创新科技成为其在生物医药领域的起始布局基点。 生物制药方面，复星医药三年内（2002～2004）集中并购拓展市场：先收购了以仿制药业务出名的药友制药，而后收购了主营胰岛素药品的万邦医药，又收购了研发生产的中国001号新药——抗疟药青蒿琥酯的桂林南药。 医药销售网络同步搭建。复星实业和友谊集团（在全国拥有超过2000家的联华超市）出资4亿元组成“友谊复星”，在全国成立了联华超市药房。此后，复星医药收购豫园商城、与国药集团合作，建立药品分销及配送网络。 2005年，复星医药总营收达到29.89亿元，净利润2.38亿元。 此后的中期阶段（2006-2015年），复星医药陆续并购实现外延式扩张，一步步走上本土生物制药首席位置。 最近被私有化的复宏汉霖，于2009年由复星医药与Henlix合资组建，主要研发单克隆抗体生物类似药、生物改良药以及创新型单抗。2010年，复星医药完成了对四川合信药业有限公司、亚能生物技术（深圳）有限公司、邯郸摩罗丹药业股份有限公司、沈阳红旗制药有限公司等多项收购，丰富了复星医药的产品线，增强了其在抗感染药品、基因芯片诊断、传统中药生产及抗结核药物等多个领域的市场地位。 近年来，复星医药的并购策略更加注重全球化和高端市场的布局，投资类似，范围更广。 值得注意的是，2016年，复星以12.6亿美元收购印度Gland Pharma 86%的股权，该交易当时创下中国药企海外并购金额新纪录。Gland Pharma成立于1978年，曾是印度第一家获得FDA批准的注射剂药品生产企业。去年，Gland Pharma又收购了欧洲合同定制研发和生产服务公司Cenexi的100%股权。 此外，复星医药以约2.2亿美元的价格收购以色列Alma Lasers公司95.20%的股权，这是迄今为止我国企业最大一笔对以色列公司的并购案。Alma Lasers是一家全球高端美容动力设备制造商，此次并购进一步拓展了复星医药在医疗器械领域的业务范围。 从并购策略分析来看，复星医药主要考虑了市场互补性、全球化布局、财务风险控制和持续的创新研发等方面。投资并购版图讲究全面，业务基本覆盖了整个医疗行业，但生物制药仍是其核心业务，占到70%以上。这一策略优点在于很容易碰到热门风口，比如医美、mRNA、CAR-T、手术机器人等等。 有人说，比起说复星医药是一家医药公司，不如说这是一家风投公司。复星医药的资本运作模式主要是，通过银行贷款、股权融资、发行债券等融资渠道获得资金，实现并购，并购后的公司通过整合提高效益，推动上市或配股融资，或发行可转换债券融资，获得更多新的资金再投资新的项目。 但另一方面，大规模网络状拓展会使一体化管理运作变得困难。其子公司近年来管理问题频发。同时，虽然复星医药拥有极强的资本运作能力，但许多子公司没有独立融资的能力，这使复星医药的对外担保及负债率都比较高，存在风险。有数据显示，复星医药的实际对外担保金额高达300亿，超过其净资产的60%。 如《大并购时代》一书中所讲，收购交易完成仅是第一步收购交易完成仅是第一步“结婚”，结婚后的经营过程才是真正的价值所在。要想收购有诱人的回报，首先要对收购后的资产网络进行有效的管理，找到可持续的运作模式。 2 远大系：双头并行，先守后攻 远大系包含华东医药、远大医药集团、雷允上集团和远大生命科学集团四大板块，天眼查数据显示，成员企业多达数百家。 近日，远大系医药版图又添两新子——天津田边、百济制药，这两家公司均属于远大医药长期布局的心脑血管慢病领域。 新收购的天津田边，来之不易。远大医药早在去年12月，就以约3.68亿元的价格，收购日本田边三菱制药株式会社持有的天津田边75.35%的股权；今年，它从力生制药手中，又拿到田边制药24.65%股权。这家公司主要业务是心脑血管、内分泌代谢、胃肠道等慢性疾病领域高质量原研药品的生产与销售，主要补足了远大医药在心脑血管急救板块布局，并为深入慢性疾病市场做准备。 百济制药被看重，则是因为拥有技术领先的鼻喷制剂平台。这次收购使得远大医药有望成为中国治疗过敏性鼻炎产品管线最全的企业之一。 在远大系全版图中，在创新药方面布局较多的华东医药和远大医药，分别在A股和H股上市，是本土MNC预备役中的有力竞争者。其业绩表现一直都吸引业界关注——2023年，远大医药收入超过105亿港元，华东医药收入达406亿元。二者总市值已近700亿元。 相比复星系，远大系这两家龙头公司更倾向于各自细分领域深度布局。 华东医药以仿制药起家，逐步转向创新和医美领域。数据显示，自2006年4月11日起，华东医药记录37起收并购事件，除2项显示失败外其余均显示完成或正在进行。并购总数不算太高，但基本都是具有战略意义的标的。 关于ADC、医美和合成生物学等新兴领域，华东医药密集收购了Viora、Sinclair、 Provention Bio、High Tech等公司，深化全球医美市场的布局。同时，华东医药还收购Heidelberg Pharma等国际企业的大额股权加码ADC。 当然，实际效益还未能完全体现在账面上，在子公司和控股增多的现实情况下，也带来了华东医药管理复杂性的问题。 远大医药的则侧重持续性的大额并购，主要围绕心脑血管、肿瘤和慢病市场，站稳优势板块。 例如，该公司与ITM合作超过5.2亿欧元，用近百亿元并购Sirtex，获得其重要产品SIR-Spheres®钇[90Y]，并成功将其引入中国市场。以不超3750万美元收购BlackSwan Vascular87.5%股权，其核心产品LavaTM可与放射性同位素的近距离放射疗法和介入疗法产生协同作用。此外，通过买入多普泰医药科技股权，远大医药进一步丰富了其在心脑血管慢病领域的产品管线。 总体来看，远大系既通过横向并购扩展产品线和市场份额，同时也重视细分领域的纵向并购，以实现产业链的垂直整合。但其策略大方向、内生创新动力、资产的协同效应能创造多大的价值，还需要时间来证明。 3 华润系：背靠国资，稳字当头 作为中国规模最接近MNC的药企之一，华润三九却有着明显不同的特质：资金雄厚，远离风险。 华润三九的前身是华源集团和三九集团，通过不断的战略重组和整合形成了今天的规模。 早期前身之一华源集团通过并购进军医药领域：2002年，11亿元收购上药集团40%股份；2003年，13亿元取得华北最大流通商之一北京医药（北药）40%股权，将其旗下双鹤药业和万东医疗一并收入囊中。此后，国内第二大维生素C（VC）生产商江山制药、第一大VC厂家东北制药相继加入华源阵营，几乎算是掌控了当时中国医药半壁江山。 然而，高达250亿的负债引发了一系列危机，超级国企巨头华润出手力挽狂澜，接下华源复杂的资产。 接手之后，在新世界、复星等诸多竞争对手的虎视眈眈下，为提升医药业务收入，华润决定拿下好坏参半的三九集团，保留其OTC业务，剥离非主营业务。2007年，华润三九正式诞生。 OTC之后，华润医药瞄准了处方药市场，北药集团下的双鹤承担了这一任务。后续入局的赛科、利民药业，使双鹤在输液产品的基础上，增加了原料药和制剂的业务。 在后来医药版图扩张计划中，华润三九作为财大气粗的国资企业，依然将整合资源作为核心策略，重点关注细分领域中的“龙头型企业和重点产品线的并购整合机会”，吸收既有企业的市场份额来快速占领地区市场。 例如，在心脑血管中成药领域，通过并购江中药业等企业，进一步丰富了产品组合；通过收购海南中化联合制药，增强了消化道、抗感染及抗肿瘤药品的实力；48亿元拿下博雅生物控股权，在血液制品市场建立稳固的营收基础；还有拿下立方制药、济南中信医药、苏州礼安的流通业务等等。此外还有金蝉生化、合肥神鹿、广东顺峰药业、桂林天和、浙江众益、昆明圣火、山东圣海、澳诺制药、昆药集团、润生药业等多家知名企业。 现在，“超级买手”华润医药旗下共有成员企业超过700家，其体系内控制8家上市公司，合计市值超过2000亿元。华润双鹤是其主要买手之一。 以上并购绝大多数集中在国内市场。近几年，华润医药也有一些国际化方面的努力，但鲜少通过并购方式进行。 在国际市场中，华润医药通常倾向于合作形式，此前与罗氏、辉瑞等跨国制药企业建立长期合作关系，引进优质产品。最近，华润医药收购由韩国资本控制的绿十字香港，意在打造血制品龙头。 大手笔、大规模收购成熟公司形成了现在的华润医药。然而，这与MNC的投资逻辑似乎背道而驰。不需要冒险的华润医药，在创新风口之下，依然算不得把握主动权。 无论是复星、远大还是华润，都代表了和MNC不甚相同的生长路径，这既是时代的选择，也可能是创新土壤孕育的必然。值得思考的是，它们将以什么样的姿态走向未来？6000余家中国医药企业，又将如何在资本浪潮里浮沉？ 更多优质内容，欢迎关注↓↓↓

（2024年3月26日，中国上海）3月26日，植根中国、创新驱动的全球化医药健康产业集团复星医药（“本集团”；股票代码：600196.SH；02196.HK）公布2023年度（“报告期”）经营业绩。报告期内，复星医药坚持创新引领，进一步夯实全球运营能力，加速创新产品本土化，营业收入人民币414亿元，不含新冠相关产品，营业收入同比增长约12.43%。创立30年来，复星医药与中国医药健康产业高质量发展同频共振，聚焦科技创新，以患者为中心，围绕未被满足的临床需求，形成了以自主研发、合作开发、许可引进、深度孵化为主的多元化、多层次的开放式创新模式，聚焦肿瘤（实体瘤、血液瘤）、自身免疫、中枢神经、慢病（肝病/代谢/肾病）等核心治疗领域，加快创新技术和产品的研发和转化落地，推动企业高质量发展。01创新转型持续推进 创新产品收入保持快速增长2023年，复星医药持续推进创新转型，共有6个创新药的8项适应症获批上市，汉斯状（斯鲁利单抗注射液）、注射用曲妥珠单抗（中国境内商品名：汉曲优）、苏可欣（马来酸阿伐曲泊帕片）等重点创新产品收入保持快速增长。汉斯状于报告期内实现收入超11亿元，同比增长230.20%；汉曲优收入超27亿元，同比增长58.19%；苏可欣收入超9亿元，同比增长19.67%。报告期内，复星医药自主研发的首款生物创新药汉斯状于中国境内新增获批广泛期小细胞肺癌（ES-SCLC）及食管鳞状细胞癌（ESCC）两项适应症，成为全球首个获批用于一线治疗广泛期小细胞肺癌（ES-SCLC）的靶向PD-1单抗药品。目前，汉斯状于中国境内已获批4项适应症，上市迄今已惠及6万余名中国患者。此外，斯鲁利单抗注射液亦已获印度尼西亚食品药品监督管理局（BPOM）批准用于治疗广泛期小细胞肺癌（ES-SCLC），系该产品首次于海外市场获批上市，也是首个在东南亚国家获批上市的国产PD-1单抗。合营公司复星凯特在国内上市的第一款 CAR-T细胞治疗产品奕凯达（阿基仑赛注射液）于2023年6月于中国境内新增获批二线适应症，惠及更多一线免疫化疗无效或复发患者。截至报告期末，奕凯达已累计惠及超过600位淋巴瘤患者，被纳入超过100款省市惠民保和超过75项商业保险，备案的治疗中心覆盖全国超25个省市、数量超过160家。2024年1月，奕凯达在国内率先推出按疗效价值支付的创新方案，为国内高值创新药品的支付模式探索出一条新的路径。报告期内，复星医药获独家商业化许可的4款产品分别于中国境内获批上市，包括我国自主研发的首款钾离子竞争性酸阻滞剂（P-CAB）倍稳（盐酸凯普拉生片）、长效重组人粒细胞集落刺激因子产品珮金（拓培非格司亭注射液）、新一代拟钙剂旁必福（盐酸依特卡肽注射液）以及创新晶型的心衰和高血压治疗药物一心坦（沙库巴曲缬沙坦钠片）。02研发体系不断优化，多项在研管线快速推进复星医药不断优化研发体系，在日渐完善的研发战略下，重点布局小分子、抗体/ADC、RNA和细胞疗法四大核心技术平台，打造开放式、全球化的创新研发体系，并积极探索肿瘤疫苗、AI药物研发等前沿技术的布局，持续提升核心研发能力和管线价值，以推动更多FIC（First-in-class，即同类首创）与BIC（Best-in-class，即同类最佳）产品的研发及商业化。2023年，复星医药研发投入共计人民币59.37亿元，同比增加0.88%；其中，研发费用为人民币43.46亿元，同比增加1.02%。制药业务研发投入人民币51.72亿元，同比增长1.47%，主要在研创新药、生物类似药项目超过70项（按适应症计算）。2023年，复星医药多项在研管线快速推进，自主研发、合作开发及许可引进的5个产品共7项适应症进入上市前审批阶段。其中，本集团自主研发的生物创新药斯鲁利单抗注射液（PD-1抑制剂）于欧盟的上市许可申请（MAA）获受理，该产品第5项适应症一线治疗非鳞状非小细胞肺癌（nsNSCLC）的上市注册申请也已获国家药品监督管理局（“国家药监局”）受理。自主研发的注射用曲妥珠单抗（中国境内商品名：汉曲优）用于治疗乳腺癌的上市许可申请已获美国FDA受理，并有望成为首个在中国、欧盟、美国获批的国产生物类似药，进一步覆盖欧美主流生物药市场。复星医药拥有自主知识产权的创新型小分子CDK4/6抑制剂FCN-437c的上市注册申请亦于2023年11月获国家药监局受理。复星医药许可引进并经后续自主研发的创新型定点抗体偶联药物FS-1502（注射用重组HER2人源化单克隆抗体单甲基奥瑞他汀F偶联剂）用于治疗HER2阳性不可手术切除的局部晚期或转移性乳腺癌于中国境内启动III期临床研究。报告期内，复星医药持续推动管线内疫苗的研发和产业化落地。2023年4月，复星医药自主研发13价肺炎球菌结合疫苗已完成III期临床入组。2024年3月，本集团自主研发的冻干人用狂犬病疫苗（Vero细胞）已于中国境内获批上市。此外，包括DaxibotulinumtoxinA型肉毒杆菌毒素（项目代号：RT002）、盐酸替纳帕诺片（项目代号：Tenapanor）及注射填充产品Profhilo（即注射用透明质酸钠溶液）在内的多款在研产品在中国境内的上市申请获国家药监局受理。03夯实全球运营能力 加速创新产品本土化落地复星医药作为一家全球化布局的医药健康产业集团，持续在创新研发、许可引进、生产运营及商业化等多维度践行国际化战略，提升运营效率，强化全球市场布局，并已主要覆盖美国、欧洲、非洲、印度和东南亚等海外市场，海外商业化团队约1,000人。报告期内，复星医药在美国市场组建美国创新药团队，并开展斯鲁利单抗注射液的商业化筹备工作以及创新产品许可引进的前期布局，在非洲等新兴市场建立了5个区域性分销中心。在欧洲市场，控股子公司Gland Pharma完成对欧洲CDMO公司Cenexi的收购，战略布局欧洲市场CDMO业务，构建欧洲本土化制造能力，进一步拓展客户群体。复星医药积极将国际领先技术和产品引入中国市场，惠及更多患者、客户。2023年12月，控股子公司美中互利与Insightec正式签署合作协议，双方将在中国境内成立合资公司，致力于磁共振引导聚焦超声脑部治疗系统（即“磁波刀”脑部治疗系统）在中国境内及港澳市场的商业化拓展、临床应用及研究，帮助帕金森病患者和特发性震颤患者重获高质量生活。“磁波刀”脑部治疗系统可在核磁共振图像引导下，实现对人体脑部多种神经性疾病的无创治疗，精度可达毫米级，是目前最尖端的无创经颅治疗科技产品之一。报告期内，全球领先的外科手术机器人“达芬奇手术机器人”加速本土化进程，于中国境内及中国香港的装机量共计55台，2023年6月国产达芬奇Xi系统（即“胸腹腔内窥镜手术控制系统”）获国家药监局国产医疗器械注册批准，可应用于泌尿外科、普通外科、妇产科、胸外科等腔镜手术，2023年12月首台国产达芬奇手术机器人正式落户中山大学附属肿瘤医院甘肃医院。2024年3月，直观复星本土化手术机器人生态系统再获新进展，旗下Ion支气管导航操作控制系统（“Ion系统”）获国家药监局批准，Ion系统采用形状感知技术的柔性机器人，可通过支气管对肺外周病灶进行精准诊疗操作。Ion系统在中国的上市，将帮助更多肺癌患者通过更微创的方式获得早期的诊断和治疗。04践行ESG理念，推动企业可持续发展2024年，复星医药正式发布第一本《ESG暨可持续发展报告》。这是继连续十五年发布企业社会责任报告以及连续三年发布ESG报告后，复星医药推进可持续发展战略，向利益相关方展现本公司在环境保护、社会责任及公司治理等方面实践和成果的一个新的里程碑。2023年，复星医药加快推动新品上市，多款创新药物及新适应症纳入国家医保目录，进一步提高创新药物的可及性及可负担性。在罕见病领域，复星医药加快罕见病药物和临床急需药物的研发，自主研发及生产的注射用人干扰素γ（商品名:克隆伽玛）持续为慢性肉芽肿病罕见病患儿带来新的治疗希望。截至目前，复星医药在慢性肉芽肿病、婴儿痉挛症、特发性肺动脉高压等罕见病领域已有4款药物上市，并拥有10项在研罕见疾病药物。立足中国，布局全球。复星医药还充分发挥自身优势助力解决发展中国家药物可及性问题。在抗疟疾领域，复星医药自主研发的创新药Artesun（注射用青蒿琥酯）已成为世界卫生组织推荐的重症疟疾治疗一线药物，并救治了全球超6,800万重症疟疾患者，帮助有效降低了当地疟疾死亡率。2023年6月，复星医药自主研发的第二代注射用青蒿琥酯（商品名：Argesun）成为首个通过WHO预认证的“一步配制青蒿琥酯注射剂”，进一步提升创新抗疟药品的可及性，挽救更多生命。2023年，复星医药凭借在持续创新及提升药物可及性领域的出色表现，登榜《财富》最受赞赏的中国公司全明星榜单，并荣获德勤2023中国卓越管理公司新晋获奖企业。报告期内，复星医药MSCI ESG评级维持A级、恒生ESG评级为A-，位列医疗保健业-药品及生物科技行业第一梯队，并入选恒生A股可持续发展企业基准指数，恒生A股可持续发展企业指数和恒生内地及香港可持续发展企业指数。复星医药董事长吴以芳表示，复星医药创立30年以来，始终以患者为中心，围绕未被满足的临床需求，持续加强创新投入，高效推进全球领先技术和创新产品的研发和转化落地，致力于成为全球医疗健康市场的一流企业。展望未来，复星医药将坚持创新驱动，稳健国际化布局，聚焦肿瘤、自身免疫、中枢神经、慢病等核心治疗领域，积极探索并推动源头创新成果转化，引领医药行业高质量发展！

SHANGHAI, Aug. 29, 2023 /PRNewswire/ -- On August 29, 2023, Shanghai Fosun Pharmaceutical Co., Ltd.* (Stock Code: 600196.SH; 02196.HK) announced its 2023 Interim Results for the first half of 2023. (the "Reporting Period"). During the Reporting Period, Fosun Pharma achieved revenue of RMB21.395 billion; the net profit attributable to shareholders of the listed company was RMB1.777 billion, with a period-on-period growth of 15.74%. As a global innovation-driven pharmaceutical and healthcare industry group, Fosun Pharma directly operates businesses including pharmaceuticals, medical devices, medical diagnosis, and healthcare services. As a shareholder of Sinopharm Group Co. Ltd., Fosun Pharma expands its areas in the pharmaceutical distribution and retail business. The pharmaceuticals business is the core business of Fosun Pharma. For the first half of 2023, pharmaceuticals business achieved revenue of RMB15.995 billion, with a period-on-period growth of 11.64%. Fosun Pharma's innovative products mainly covered core therapeutic areas such as tumors (solid tumors and hematologic tumors), immunology, central nervous system, and chronic diseases (liver disease/metabolism/kidney disease). Over the years, through diversified and multi-level innovation models such as independent R&D, cooperative development, license-in, and in-depth incubation, Fosun Pharma accelerated the R&D and launch of innovative technologies and products, further expanded its innovative product portfolio, and continued to bring new momentum to performance growth. Adheres to open innovation strategy and speeds up the launch of new products In the first half of 2023, a number of innovative products and indications self-developed and co-developed by Fosun Pharma were approved for launch, further expanding the innovative product portfolio, contributing to the continuous optimization of product structure and maintaining rapid growth of revenue from innovative products. Among them, revenue from Han Si Zhuang which was approved for launch in March 2022 achieved RMB556 million during the Reporting Period, entering the "speeding up period" of commercialization. Revenue from Han Qu You increased 57.1% period-on-period, while revenue from Su Ke Xin increased 32.7% period-on-period. Han Si Zhuang is the first self-developed biopharmaceutical innovative drug of Fosun Pharma, as well as the world's first monoclonal antibody drug targeting PD-1 approved for the first-line treatment of extensive small cell lung cancer, which has been approved for three indications including the treatment of Microsatellite Instability-high (MSI-H) solid tumors, Squamous Non-small Cell Lung Cancer (sqNSCLC) and Extensive-Stage Small Cell Lung Cancer (ES-SCLC). The NDA for fourth indication for first-line treatment of esophageal squamous cell carcinoma (ESCC) has also been accepted in Chinese Mainland. As at the end of Reporting Period, Han Si Zhuang has completed the online bidding in 29 provinces/ autonomous regions/ municipalities in Chinese Mainland and was included in the customized commercial insurance catalogue in various cities, including Shanghai, Ningbo, Zhuhai, benefiting more than 34,000 Chinese patients. During the Reporting Period, Yi Kai Da (ejilunsai injection), the domestic first CAR-T cell therapy product, obtained new approval for second-line indication in Chinese Mainland (for the treatment of adult patients with large B-cell lymphoma that is refractory to first-line immunochemotherapy or that relapses within 12 months of first-line immunochemotherapy (r/r LBCL)) to benefit more lymphoma patients in China. Fosun Pharma adheres to an open innovation strategy and actively expands its pipelines through BD. During the Reporting Period, Bei Wen (Keverprazan Hydrochloride tablets), the first potassium ion competitive acid blocker (P-CAB) independently developed in China and exclusively commercialized by Fosun Pharma, Pei Jin (Telpegfilgrastim injection), the long-lasting recombinant human granulocyte colony-stimulating factor product, and Pang Bi Fu (Etelcalcetide Hydrochloride injection), the newgeneration of calcimimetic, were approved for launch in Chinese Mainland, further enriching its product portfolio in the innovative drugs field. Meanwhile, Fosun Pharma has been making rapid progress in its pipeline, with many products successively entered the critical clinical/approval stage. Up to now, the phase III clinical research of MEK1/2 selective inhibitor FCN-159 self-developed by Fosun Pharma for the treatment of neurofibromatosis type I in adults has commenced in Chinese Mainland. Two indications of ongoing projects have been included in the breakthrough therapy drug program; the enrollment of the phase III clinical trial of self-developed 13-valent pneumococcal conjugate vaccines (multivalent combinations) has been completed. In addition, the NDA for several pipeline drugs, including DaxibotulinumtoxinA (RT002) and Tenapanor, has been accepted in Chinese Mainland. Continues to optimize the R&D system and improve R&D efficiency Fosun Pharma continued to optimize its R&D system. Under an increasingly refined R&D strategy, it has promoted the layout of four core technology platforms such as small molecules, antibody/ADC, RNA and cell therapy, and continues to promote the R&D and launch process of various innovative products. In the first half of 2023, Fosun Pharma continued to increase its expenditures in innovative R&D, with a total R&D expenditures of RMB 2.88 billion during the Reporting Period, with a period-on-period growth of 19.77%, among which, the R&D expenses amounted to RMB 2.13 billion, with a period-on-period growth of RMB 0.31 billion or 16.80%. The R&D expenditures in the pharmaceutical manufacturing business amounted to RMB 2.52 billion, with a period-on-period growth of 22.16%, and the R&D expenditures in the pharmaceutical manufacturing business accounted for 15.75% of the revenue from the pharmaceutical manufacturing business, among which, the R&D expenses amounted to RMB 1.79 billion, accounting for 11.20% of the revenue from the pharmaceutical manufacturing business. As at the end of the Reporting Period, Fosun Pharma had over 70 major pipeline projects on innovative drugs and self-developed biosimilars. During the Reporting Period, 5 innovative drugs (indications) and 10 generic drugs (indications) were approved for launch; 4 innovative drugs/ biosimilar (indications) and 34 generic drugs (indications) had applied for launch (NDA); 7 innovative drugs/ biosimilar (indications) were approved for clinical trials (IND) in Chinese Mainland. To further strengthen scientific and technological innovation strategy and improve R&D efficiency, during the Reporting Period, Fosun Pharma has established a Scientific Advisory Board (SAB) at the group level, further endeavored to optimize the top-level structure of the innovation, introduced a number of senior scientists and C-level talents, and comprehensively upgraded domestic and overseas capabilities in early R&D, CMC, clinical medicine and clinical operations. At the same time, the Company reorganized its innovative drug project establishment and dynamically evaluated its pipeline value and competitiveness, thereby improving the quality and effectiveness of R&D. Steadily promote the multi-dimensional internationalization of R&D, production and marketing to enhance global operational capabilities While accelerating the development of innovation transformation, Fosun Pharma continues to uphold the internationalization strategy in multiple dimensions, such as innovative R&D, two-way license, production and operations as well as commercialization to enhance operational efficiency and strengthen global market layout, while covering major overseas markets, including the United States, Europe, Africa, India, and Southeast Asia. Fosun Pharma actively promotes the overseas expansion of high-quality products. The mature generic drug sales team of the Company in the United States has established collaborations with 5 large distributors and 16 group purchasing organizations (GPOs) to promote the sales of preparations products. At the same time, Fosun Pharma has initiated the establishment of an innovative drug team in the United States to advance the commercialization of Serplulimab Injection (PD-1 inhibitor, trade name in China: Han Si Zhuang). As China's first independently developed monoclonal antibody drug approved in both China and Europe, the U.S. biologics license application (BLA) of Trastuzumab for Injection (trade name in China: Han Qu You) has been accepted by the U.S. FDA; the marketing authorization application (MAA) of Serplulimab Injection (PD-1 inhibitor) for the treatment of extensive-stage small cell lung cancer (ES-SCLC) has also been accepted in the European Union. Furthermore, through licensing collaborations with internationally renowned pharmaceutical companies such as Boston Oncology and KGbio, Fosun Pharma is expanding its presence in numerous emerging markets to enhance the accessibility and recognition of its high-quality products in the international market. In emerging markets, with a sales network covering more than 40 countries and regions, Fosun Pharma's pharmaceutical export and distribution business in the African market mainly targets the English-speaking and French-speaking regions of sub-Saharan Africa. During the Reporting Period, the Côte d'Ivoire hub, integrating drug R&D, manufacturing, and logistics distribution, has been constructed, aiming to achieve localized drug manufacturing and supply in Africa. With the purpose of consolidating the foundation for the overseas expansion of preparations products, Fosun Pharma continues to promote the certification of international production quality standards. The second-generation artesunate for injection (Argesun) independently developed by Fosun Pharma passed the WHO Prequalification (WHO PQ), becoming the first artesunate injectable presented with a single solvent system approved by WHO PQ. Gland Pharma, the Indian subsidiary of Fosun Pharma, completed the acquisition of European CDMO company Cenexi, to strategically establish its CDMO business presence in the European market and build up local manufacturing capabilities in Europe. In addition, Fosun Pharma has established a global marketing network combining direct sales and distribution for the medical device business. In the field of professional medical devices, the joint venture company Intuitive Fosun continues to promote the localization of medical devices, helping more Chinese surgeons master the world's leading robotic-assisted surgical technology. During the Reporting Period, the installation volume of the "Da Vinci Surgical System" is 34 units, and the "Thoracoabdominal Endoscopic Surgical Control System" obtained medical device registration approval from the National Medical Products Administration in June 2023, indicating that the locally produced Da Vinci Surgical System will soon be introduced to the public. Building an industry leading ESG system to improve product accessibility and affordability Fosun Pharma has always regarded innovation as the most important social responsibility for its sustainable development. It is committed to improving product accessibility and affordability. As of the end of the Reporting Period, Fosun Pharma has already launched two rare disease or orphan drug products, i.e. Su Ke Xin (Avatrombopag Malate tablets) and Wei Ge Ding (Vigabatrin powder for oral solution), and continuously promoted the construction of rare disease product lines, showing care for the rare disease community through innovative R&D. In addition, as of the end of June 2023, Yi Kai Da (Ejilunsai injection) has been included in over 90 urban customized commercial health insurances and over 60 commercial insurances, while the number of treatment centers on record exceeded 140, covering more than 25 provinces and municipalities across China, benefiting more than 500 lymphoma patients in China. Meanwhile, as one of the world's largest manufacturers of antimalarial drugs, as of the end of the Reporting Period, Fosun Pharma has supplied over 300 million injections of self-developed Argesun injection to the international market. In Africa alone, over 245 million children have benefited from the Seasonal Malaria Chemoprevention Program, which is based on the SPAQ-CO series of drugs, effectively reducing the incidence of malaria among local children. In terms of internal compliance supervision, Fosun Pharma has further strengthened the openness and transparency of the management system. In January 2023, it publicized a number of internal systems on the company's official website, including the " Regulations on Anti-Corruption ", "Provisions on Integrity Administration of Engineering Construction Projects (Trial))" and "Regulations on the Management of Integrity in Practice ", etc., aiming to creating a fair and honest business environment and culture. At the same time, Fosun Pharma continues to improve the ESG (Environmental, Social and Governance) system and improve the overall level of ESG to help maintain its long-term sustainable development. In 2023, Fosun Pharma maintained an A grade rating in MSCI ESG Ratings and an A- rating in HSI ESG, ranking among the top tier in the healthcare industry for pharmaceuticals and biotechnology. It was also selected as a constituent of the Hang Seng (China A) Corporate Sustainability Benchmark Index ("HSCASUSB"), Hang Seng (China A) Corporate Sustainability Index ("HSCASUS"), and Hang Seng (Mainland and HK) Corporate Sustainability Index ("HSMHSUS"). "At present, China's healthcare industry is undergoing a period of accelerated adjustment. Fosun Pharma has maintained its strategic focus in the face of challenges, continued to promote innovation transformation, optimized product structure, adhered to an open innovation strategy and steady internationalization." Wu Yifang, Chairman of Fosun Pharma said, "Looking forward, the company will continue its technology-driven and product-driven approach, with a further expand into therapeutic areas with significant unmet needs. Also, Fosun Pharma will continue to enhance its R&D efficiency, strengthen independent research capabilities, foster external collaborations, and enrich its product pipeline. In addition, the company will focus on improving global operational capabilities, pursuing lean operations, enhancing quality and efficiency, and leveraging digital technology to drive business growth. These endeavors align with Fosun Pharma's vision to contribute to Healthy China and promote better health for families worldwide." About Fosun Pharma Founded in 1994, Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* ("Fosun Pharma"; stock code: 600196. SH, 02196. HK) is a global innovation-driven pharmaceutical and healthcare industry group. Fosun Pharma directly operates businesses including pharmaceuticals, medical devices, medical diagnosis, and healthcare services. As a shareholder of Sinopharm Group Co., Ltd., Fosun Pharma expands its areas in the pharmaceutical distribution and retail business. Fosun Pharma is patient-centered and clinical needs-oriented. The company continuously enriches its innovative product pipeline through independent research and development, cooperative development, license-in, and in-depth incubation. Fosun Pharma improves the research and clinical development capabilities of FIC (First-in-class) and BIC (Best-in-class) new drugs as well as accelerates the R&D and launch of innovative technologies and products. Guided by the 4IN strategy (Innovation, Internationalization, Intelligentization, and Integration), Fosun Pharma will uphold the development model of "Innovation Transformation, Integrated Operation and Steady Growth", with the mission of creating shareholder values through strengthening its independent R&D and external cooperation and enriching its product pipelines, as well as promoting the global networks and enhancing operational efficiency. Fosun Pharma will actively promote the digital and physical business layout in the pharmaceutical and healthcare industry and is committed to becoming a first-class enterprise in the global pharmaceutical and healthcare markets. For more information, please visit our official website: SOURCE Fosun Pharma