CSPC Pharmaceutical：Innovative platforms to drive future growth
Sales of legacy products to remain stable. CSPC has nurtured marketleading products in nervous system, oncology, anti-infective and cardiovascular disease, etc. NBP, Duomeisu, Jinyouli, Keaili, and Xuanning contribute to most of the Company’s product sales. NBP recorded sales growth of 10.8% YoY in 1Q23, while pressures remain on the future sales of NBP upon the launch of generics and NBP’s inclusion in centralized procurement, which we think will take time. We expect the sales of NBP to remain stable over the next two years. Jinyouli won the tender at the volumebased procurement of Guangdong Alliance in 2022, while CSPC is expanding the coverage in prefecture-level markets to boost the drug’s sales. The sales of Keaili may be under pressure due to the full implementation of the new VBP prices across the nation in 2023, while a new version product (fast-dissolving paclitaxel nanoparticles) is currently in Ph3 development. Overall, we expect the sales of the legacy produc