Lotus Pharmaceutical Co (美時化學製藥) on Monday reported record earnings per share of NT$4.22 for last year, up from NT$2.74 in 2019, thanks to increased revenue and improved operating profit.
The company, one of the nation’s leading specialty generic drug developers, said that revenue hit a record NT$10.72 billion (US$375.9 million) last year on the back of robust exports.
Sales generated by its Asian operations grew 10.8 percent year-on-year, supported by accelerated growth in Thailand and Vietnam, as well as steady expansion in Taiwan and South Korea, the company said in a statement.
The company’s gSuboxone, a generic version of Indivior Inc’s Suboxone, which is used in the treatment of opioid use disorder, had as of the end of last year seized a 38 percent market share in the US — making it the market leader and boosting its export business, it said.
Lotus said that improved operating profit came as research and development expenses last year declined 8.7 percent, while marketing expenses fell 3.9 percent.
“Most major objectives set throughout the year were delivered as scheduled and we are confident of kicking off substantial growth in 2021,” Lotus Pharmaceutical chief executive officer Petar Vazharov said in the statement.
Last year, a new warehouse was built and the company’s oncology production line was upgraded, which would increase efficiency, Vazharov said.
The company has not finalized the distribution of a cash dividend this year, but it did not distribute cash dividends for the past nine years due to accumulated losses, which totaled NT$995 million at the end of 2019.
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