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15 May 2023

Lotus Reports Strong First-Quarter 2023 Results with EPS of NT$4.58


Taipei, Taiwan, 16th May 2023 -- Lotus Pharmaceuticals (1795:TT; “Lotus” or “the Company”), a multinational pharmaceutical company, reported first quarter 2023 audited financial results.

Q1 2023 financial highlights:

  • Lotus reported the strongest First-Quarter to date, with a Year over Year (YoY) revenue growth of 43%; EPS grew 167% YoY to NT$4.58
  • First-Quarter consolidated revenue reached NT$4,524 million, with approximately half from the Asian businesses and the other half from exports outside Asia
  1. Asian businesses grew 30% YoY, with the Taiwan domestic market leading the way with 124% YoY revenue growth
  2. Korean and SEA markets also delivered double-digit topline growth
  3. Exports outside of Asia delivered 60% more revenue compared to the same period in the prior year, driven by replenishment orders of Lenalidomide to the Americas, as well as the launch of the two additional strengths of Lenalidomide in the US
  • Gross margin this quarter rose to 60% from 43% in the same period last year, mainly attributable to a higher portion of revenue coming from branded products in Asia and a more profitable export portfolio
  • Operating expenses comparable with the previous quarter, at approximately NT$ 1 billion; Operating profit reached NT$1,664 million with an operating margin exceeding 36%

Dr. Petar Vazharov, Chief Executive Officer of Lotus, stated, "This first quarter marks the strongest in our company’s history, a testament to the growth and improvement across all business segments. Our transition from a pure-play generic-focused company to a global pharma platform, encompassing branded and innovative products, biosimilars, and 505(b)(2)s, is well underway and has served as the foundation for our recent achievements. As we progress through 2023, we remain steadfast in our commitment to executing our strategic objectives. We are excited to establish several cornerstones in the Southeast Asia markets and some key therapies in 2023. Our focus remains on executing our strategy throughout the year, and I am confident that we have laid a strong foundation to drive future improvements."

Operational results for the Quarter ending March 31, 2023

Lotus Group reported consolidated net revenues of NT$4,524 million for the quarter ending March 31, 2023. Revenue was equally divided between the Asian businesses and the export business outside Asia, each accounting for 50%. This quarter's revenue grew 43% as compared to the same period last year and a 43% increase compared to the previous quarter.

  • Lotus' Asian businesses grew significantly, with its Taiwan business growing a remarkable 124% compared to the same period last year. This growth was mainly driven by the strong uptake of the Taiwan drugstore business, especially the erectile dysfunction brand Cialis®, and the launch of Alimta® after its acquisition from Eli Lilly. The South Korean business also grew by 12% year-over-year, mainly driven by the strong performance of weight management medicine Qsymia®. The Southeast Asian segment grew by 27%, largely contributed by the launch of the non-small cell lung cancer treatment Vinorelbine softgel in Vietnam.  Lotus’ Asian businesses also benefited from the post-COVID recovery and the relaxation of social distancing restrictions.
  • Exports outside Asia grew by 60% compared to the same period the prior year, primarily from the replenishment of Lenalidomide to the Americas. Lotus delivered replenishment of Lenalidomide to the US and Brazil and launched two additional strengths in the US market this quarter.

The gross margin for the quarter was approximately 60%, marking a significant increase from the 43% reported during the corresponding period last year.  The higher margin can be attributed to the enhanced profitability of the export portfolio in 2023, with the addition of products like lenalidomide, and increased contribution from branded products in Asia. 

Lotus reported an operation margin exceeding 36%, significantly higher than the 26% from one year ago.

The adjusted EBITDA for the quarter amounted to NT$ 1,970 million, representing a 133% increase versus the same period the prior year. Reported EBITDA for the last twelve months (LTM) was NT$6.350million, an 94% increase compared to the same period for the prior year.  The Company's net debt to LTM EBITDA ratio landed at 1.41x as of the first quarter of 2023, compared to 2.05x last year.

For the first quarter of 2023, Lotus reported an EPS of NT$4.58, reflecting a 167% increase from the NT$1.72 EPS recorded in the corresponding quarter of 2022. Despite a slight delay in the US collections related to the 2022 Lenalidomide launch stock, Lotus generated cash inflows from operations of NT$247.5 million before tax and interest.  Receivables for the U.S. have been normalized in in the second quarter.


2023 Q1 Business Updates

Asia Business Highlights:

  • In Taiwan, Lotus initiated a therapeutic focus in Lung Cancer by fortifying its portfolio with the additions of Alimta®, Vinorelbine softgel, and soon to be approved New Chemical Entity (“NCE”) Zepzelca.
  • The company introduced Alyssa®, a next-generation contraceptive in Taiwan. The new launch adds another strong brand to the Taiwan drugstore business, which also markets the well-known erectile dysfunction brand, Cialis®.
  • Lotus launched the first generic version of Vinorelbine softgel in Vietnam.
  • The first commercial launch in the Philippines was executed with the launch of Lenalidomide, marking the 1st commercial sales in a key emerging market. Three further products in Oncology and CNS are expected to be launched in the second quarter
  • The company launched a total of 15 SKUs across various markets across Asia.

Export Business Highlights:

  • Export Business outside of Asia benefited from the launch of 15 additional SKUs, including new introductions for both the US and European markets.
  • Lotus has received U.S. FDA approval and has launched new strengths of lenalidomide (2.5 and 20 mg) in the US market.

Portfolio Highlights

  • A total of 17 approvals were granted, comprised of 11 approvals for markets in Asia and 6 for markets outside of Asia.
  • Lotus’s South Korean business received approval for Gralise® SR (Gabapentin SR) by MFDS; Gralise® SR is indicated for post-herpetic neuralgia.
  • Lotus executed licensing agreement for Renazorb® (lanthanum dioxycarbonate) for the South Korean Market from Unicycive, a U.S. based biotechnology company developing therapies forvpatients with unmet medical needs.
  • The company received approval for Sitagliptin/Dapagliflozin, an in-house developed 505(b)2 product, by MFDS for the S. Korean market.
  • Tentative approval for Nintedanib (generic to Ofev®) was received.


  • Lotus was honored with the LinkedIn Diversity Reward, a testament to the company’s commitment to fostering a workplace where every employee, regardless of their background, feels appreciated and empowered to deliver their best performance.
  • LinkedIn has also named Lotus as a finalist for the Best Talent Acquisition Team award; acknowledging the company’s exceptional recruitment strategies and its ability to attract and retain top level talent.