KUALA LUMPUR (Feb 28): Pharmaniaga Bhd (KL:PHARMA) is banking on newly-approved products for growth in 2025 after turning around in the final quarter of 2024 on higher sales and absence of impairments.

Regulatory approval for eight insulin products has been secured, Pharmaniaga said in an exchange filing. Launches have been set in phases beginning February while the manufacturing line is undergoing sterility process simulations with full commercialisation targeted by end of 2025, it said.

"Pharmaniaga is well-positioned to achieve its strategic objectives in 2025 and beyond," the company said, noting that the company has also received government grants to develop two unspecified vaccines.

Net profit for the three months ended Dec 31, 2024 (4QFY2024) was RM2.35 million compared with a net loss of RM35.4 million in the same period a year ago, according to the pharmaceutical company’s exchange filing on Friday.

Quarterly revenue rose 17.3% year-on-year to RM926.4 million, supported by new products and price adjustments as well as growth in Indonesia, where the company opened new branches.

Pharmaniaga was also back in the black on a full-year basis with a net profit of RM131.8 million, compared to a net loss of RM80.2 million in FY2023. Revenue also increased 10.4% to RM3.76 billion.

No dividends were declared during FY2024. 

For its pharmaceutical business, the company has secured registration approval for 12 products across therapeutic areas. Key products set for launch in 2025 include Parecoxib and Etoricoxib for pain management and Tegoprazan for alimentary tract and metabolism

“These new products are expected to further enhance Pharmaniaga’s offerings and support growth in the domestic and regional market,” it said.

Under the renewed concession agreement with the government, Pharmaniaga is committed to increase the number of products under the Approved Product Purchase List (APPL) to over 1,200 from 815.

“This strengthens our domestic and regional presence, allowing us to better address evolving healthcare needs,” Pharmaniaga managing director Zulkifli Jafar said in a statement.

The Ministry of Health regulates the procurement of hundreds of pharmaceutical products and medical supplies for government hospitals and clinics through APPL.

In Indonesia, Pharmaniaga opened a branch in Permatang Siantar in 4QFY2024. The company added that its Bekasi branch is currently undergoing renovation and is expected to be operational by the end of 2025.