FY2021 financial highlights:
Lotus continued to deliver double digit growth in top-line revenue and bottom-line profitability in 2021. The company also reported a new record basic EPS of
Total net sales were
Asian Business segment increased by 6.4% to
Export Business segment reported sales of
Average Gross margin improved to 44.6%, vs 42.8% in the previous year, driven by COGS management as well as product mix.
Operating profits were up 42.3% to
Basic EPS reached
The Board of Directors today approved cash dividends of
Petar Vazharov, Chief Executive Officer of Lotus, continued to indicate: 'This is an exciting day for Lotus, as we share our strong 2021 financial results. Lotus continues to be the largest pharma company in
Such great results are thanks to Lotus team efforts in executing company's two-pronged strategy. In 2021, we have seen more diversified contribution from individual business units as the business lines continued to grow. In
We have been also making a significant progress in expanding our product portfolio by internal R&D as well as business development to ensure sustainable growth going forward. Lotus R&D team has delivered, for the first time in Lotus history, a major first to file filling in US. Business Development team executed more than 25 In-licensing deals, including Evista brand acquisition for
Based on the strong foundation build over the last 6 years and outstanding results achieved in 2021, we have entered in 2022 with very strong confidence that it will be a remarkable year for Lotus!'
Operational results for FY2021
Total net sales were
Net sales from Asian Business increased by 6.4%, or 8.3% excluding foreign exchange impact, over last year despite the COVID restrictions in the region. All the key markets grew steadily across the region -
Revenues of Export Business showed strong performance. The Company's gSuboxone maintained the market share of 34% as of the year end and delivered another 39% growth in sales versus the previous year despite the pricing challenge around mid-year. Export Oncology also increased by almost 39% over the prior year with increasing supply revenues and launch of new product, Enzalutamide, in November to boost the future momentum.
Gross margin was 44.6% for the year of 2021, 1.8 percentage points better than 2020, mainly driven by better product mix with more contribution from high margin Export Oncology and COGS management.
R&D expenses was
SG&A expenses saw a moderate increase of 10.9% over FY2020 driven by higher amortization from licensed-in products as per commercial launches and expenses related to plant optimization programs in
With steadily growing top-line and well-managed spending throughout 2021, Lotus delivered operating margin above 18.1% for the full year, significantly improved from 15.0% in 2020.
The Company's leverage, supported by solid growth and enhanced profitability, has reduced significantly with effectively lowering its net debt to LTM EBITDA ratio from 1.93x as of FY2020 to 1.49x as of FY2021. Its finance costs were also further reduced by 11.1% to
With all the major deliverables achieved on track, the Company set another milestone to deliver double-digit growth on top of its over
Pipeline and business development update
During 2021, Lotus has been aggressively expanding the addressable markets with more diversified portfolio, especially oncology products, both in Asian countries and for global markets. 121 submissions were made around the world either by its own regulatory team or through its strategic partners, including 2 biosimilar products to enhance the overall portfolio. In addition, the Company received 100 approvals from its Asian footprints as well as additional 42 countries outside
As of the end of 2021, the Company has 94 countries covered in the world, which includes the single largest market in the US and several major European countries, for its Lenalidomide - 56 counties approved with 1 more tentative approval, 28 countries under registration, and 9 submissions under preparation. Moreover, the Company has launched its Lenalidomide in 39 countries, including first-to-market launch in 14 EU countries in
There are 54 countries covered for Lotus' Gefitinib - 35 approved, 10 under registration, and 9 submissions under preparation.
50 countries are covered for Lotus' Vinorelbine - 37 approved including full strengths approvals in
The Company also has 38 countries covered for Enzalutamide, 49 countries for Sunitinib, 31 countries for Pazopanib, as of the year end. Moreover, in addition to the 3 leading products under roll-out over 90 countries, the Company has also launched its Enzalutamide in 2 markets since
In addition to its internal R&D projects continuously building up, the Company has signed 28 business development deals to bring in additional drivers to accelerate the substantial growth for both top line and bottom line. Among these 28 deals, the Company acquired Evista (Raloxifene) in
Contact:
Corporate Headquarters
17F, No. 277,
E: info@lotuspharm.com
Tel: +886 2 2700 5908
(C) 2022 Electronic News Publishing, source