04 February 2015 | Company results | By BioSpectrum Bureau
ScinoPharm's revenue falls flat in 2014
ScinoPharm has a declined revenue in 2014
Singapore: Taiwan-based biopharmaceutical firm, ScinoPharm, had a sluggish revenue in 2014, generated $135 million (unaudited revenue) as compared to $167.6 million in 2013 which was recorded 11 percent high from 2012.
The company performed an unimpressive business in contract manufacturing services and its Topiramate, the API used in the weight loss drug Qsymia, fell as market demand for Qsymia was weak in the US. The year also marked a steep rise in raw material cost for ScinoPharm's two main anti-cancer products, Paclitaxel and Docetaxel, coupled with supply shortages, negatively affecting revenues and profits.
Additionally, the recently completed large Changshu plant in China, scheduled for a US FDA inspection in late 2015 or early 2016, is currently not yet approved for commercial production, resulting in idle capacity and addition to amortization and depreciation expenses. The price erosion on existing generic APIs further affected ScinoPharm's performance over the past year.
Dr Yung-Fa Chen, president and CEO, ScinoPharm said, "Faced with ever increasing competitive challenges, ScinoPharm plans to accelerate the process of new product development and expand its product pipleline, expediting its corporate transformation by creating new products with its own research and development capabilities and through collaboration with its global strategic partners."
"ScinoPharm also aims to expand its Contract Research and Manufacturing (CRAM) services to carry out projects with diversified manufacturing processes and indications for international new drug development companies, thus leveraging risks, improving capacity utilization, and cultivating future volume sales for the yet-to-be inspected Changshu plant in China. Moreover, ScinoPharm will continue to optimize its manufacturing processes and operational efficiency to create more value", he added