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Lotus marked historical high for 2023 revenues, profit and cash dividend

14 March 2024

Taipei, Taiwan, 14 March 2024 -- Lotus Pharmaceuticals (1795:TT; “Lotus” or “the Company”), a multinational pharmaceutical company, today reported full year 2023 audited financial results.

Full year 2023 financial highlights:

  • Lotus achieved its most successful financial year on record, marked by high double-digit revenue growth for the fifth year in a row. The company reached 36% year over year (YoY) net profit from NT$ 3,021 million in 2022 to NT$4,106 million in 2023 and EPS of NT$15.72.
  • Consolidated full year net sales were NT$16,958 million, growing approximately 16% YoY.

o   Asian Business demonstrated topline growth of 21%; driven by rapid growth of Taiwan and Vietnam business, thanks to successful expansion into the lung cancer segment and pharmacy channel in Taiwan and launching of first-to-market product Vinorelbine soft-gel in Vietnam.

o   Export revenues outside of Asia grew 10% YoY, mainly fueled by strong growth of Lenalidomide and Buprenorphine/Naloxone sales in the U.S.

o   Revenues from Asia and exports were evenly balanced, with Asia accounting for approximately 54% of total revenues and exports representing approximately 46%.

  • Full year gross margin increased to 55%, driven by a higher contribution from more profitable exports of oncology products, as well as the hybrid brand and generic portfolio in Asia.
  • Operating profits reached 19% YoY to NT$4,902 million, resulting in a 28.9% operating margin for the year, highest for company record.
  • The Board of Lotus proposed paying a cash dividend of NT$4.66 per share, 35% increase from 2022, highest of company record.


Robert Wessman, Chairman of Lotus said: “Lotus has achieved another remarkable milestone in 2023, adding to its impressive track record. We are confident in our ability to reach ambitious objectives and believe that the company is primed for significant expansion. I eagerly anticipate the remarkable accomplishments that Lotus will undoubtedly achieve in the next five years.”

Petar Vazharov, Chief Executive Officer of Lotus, continued: " I am thrilled to share Lotus's achievement of attaining high double-digit growth for the fifth consecutive year. This consistent success underscores our talented people, resilient business model and strong pipe line . We are steadfast in our commitment to identifying and capitalizing on new opportunities to expand our diverse and specialized product portfolio, laying the groundwork for future growth. I am confident that with 2023 achievements we have set very strong foundation for another year of success".


Operational results for the Year ending on December 31, 2023

Total consolidated net sales were NT$16,958 million for the year, compared to NT$14,633 million in 2022, representing an increase of approximately 16%.

  • Lotus realized its biggest global product launch with Lenalidomide in 2022, which continued its strong growth in 2023. Lotus has been expanding Lenalidomide’s outreach to new markets and successfully launched as a first-wave generics in Brazil and Japan. Along with Lenalidomide, the major CNS product Buprenorphine /Naloxone also maintain a double-digit growth in 2023. These products contributed to a 10% YoY increase in global export revenues.
  • In Asia, the growth was driven by rapid expansion to lung cancer segment and pharmacy channel in Taiwan and first-to-launch product Vinorelbine in Vietnam.  The acquisition of Alimta® and Cialis® in 2022 opened up new sales channels, enabling Lotus to offer synergic portfolio of brands, generics and innovative products.  This approach in Taiwan resulted an increase of more than NT$ 900 million in 2023 revenue, demonstrating Lotus' success in transforming to a pharmaceutical platform beyond generics. Lotus’ Asian markets grew 21% YoY.

Gross margin was 55% for the year and improved from 53.3% in 2022.  The higher gross margin was mainly due to a revenue mix featuring more profitable export oncology products, as well as the branded portfolio in Asia.

R&D expenses were NT$720 million in 2023, 39% higher than the year before.  Higher R&D expenses were mainly due to increased new R&D projects.

SG&A expenses saw an increase of 18% compared to the prior year, mostly because of RSA, product amortization and growing promotional activity.

The Company delivered an operating margin of 28.9% this year, similar to 28% last year.

The Company reported NT$15.72 EPS for the full year 2023, which is 36% above the NT$11.59 EPS for 2022. The Board of Directors of Lotus proposed a cash distribution of approximately 30% of 2023 net earnings or NT$4.66 per share to the shareholders of Lotus, highest for company history.


2023 Business Update

R&D: Initiated 7 projects, filed 6 dossiers, currently there are 22 projects ongoing.

Regulatory: 113 filings, gained 77 market approvals, 123 SKUs (27 INN) launched.

In 2023, Lotus continued maturing into a highly capable end-to-end global pharmaceutical player.  As of December 2023, Lotus had more than 1,400 employees from 18 different countries.  Notably, the company achieved tentative Abbreviated New Drug Application (ANDA) approval in the U.S. for Nintedanib (generic of Ofev®) & Midostaurin (generic of Rydapt), and approval of Pomalidomide (generic of Pomalyst) in Canada. Lotus’ regulatory teams made 113 filings around the world and received 77 market authorization approvals globally. Lotus' Nantou factory has once again been certified by the EMA, reaffirming the high-quality products that Lotus consistently delivers.

BD: 25 deal signed, including 9 high value projects: 1 NCE, 2 Biosimilars, 3 505(b)2s and 3 complex generics.

In addition to in-house product development, Lotus’ in-licensing team supplemented the Company’s portfolio with 25 deals including exclusive license for 505(b)2 product VAZKEPA, ADLARITY in Asia, and global commercial right of NRX-101, a potential first FDA-approved treatment in Bipolar Depression with Subacute Suicidal Ideation. Moreover, Lotus also licensed-in complex injectable products Leuprolide and Semaglutide to further strength its portfolio. 

Out-licensing: 29 deals signed, partners including Sandoz and Teva.

Moreover, Lotus signed 29 additional out-licensing agreements during the year, partnering with global leading pharmaceutical companies such as Sandoz and Teva. Currently, the Company’s licensing agreements cover more than 160 markets globally.

Corporate sustainability

In 2023, Lotus was honored with the "Asia's Best Employer Award" by HR Asia, recognizing our commitment to fostering cultural understanding and collaboration among our workforces. Furthermore, with a gender ratio achieving parity among employees and a 6:4 ratio among senior executives, we uphold a culture of equal opportunity for career advancement.

Lotus received the first MSCI ESG rating in 2023. Out of the 8,500 companies evaluated under the MSCI ESG rating, only seven belong to Taiwan's pharmaceutical industry. This recognition from MSCI underscores Lotus' commitment to ESG principles and reflects investors' keen interest in the company.

Conference call and earnings material

Lotus Pharmaceutical will host a live audio conference in Mandarin at 2pm on March 19, 2024 and will conduct a conference call in English at 3:30pm on March 19, 2024 to review the Company's financial results for full year 2023 and business outlook for 2024. Information about the earnings call is available at the following address on the Company's website:

About Lotus

Founded in 1966, Lotus (1795: TT) is international pharmaceutical company with global presence, focused on commercializing novel and generic pharmaceuticals, offering patients better, safe and more accessible medicines. The Company has a recognized best-in-class R&D and manufacturing platform in Asia and has established partnerships in nearly every global market including the U.S., Europe, Japan, China, and Brazil. Lotus runs over 100 strategically selected pharmaceutical projects in development and registrations across Asia and the US, with over 250 commercial products. The Company invests in diversified best portfolio consisting of high-barrier oncology, complex generics as well as 505(b)2 and NCE via internal R&D investment and licensing-in partnership, and also strengthens its portfolio competitiveness by adding biosimilar products with support from strategic partners. Its industry-leading infrastructure certified by most of the advanced regulatory authorities around the world, including US FDA, EU EMA, Japan PMDA, China FDA, and Brazil ANVISA. 


Forward looking statements disclaimer

Except for historical information contained herein, the matters set forth in this document are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. These forward-looking statements are not based on historical facts but rather on management’s expectations regarding future growth, results of operations, performance, future capital and other expenditures, competitive advantages, business prospects and opportunities. Statements in this presentation about our future plans and intentions, results, level of activities, performance, goals or achievements or other future events constitute forward looking statements. Wherever possible, words such as “anticipate”, “believe”, “expect”, “may”, “could”, “will”, “potential”, “intend”, “estimate”, “should”, “plan”, “predict”, or the negative or other variations of statements reflect management’s current beliefs and assumptions and are based on the information currently available to our management. Investors are cautioned not to place undue reliance on these forward-looking statements, which are made as of the date of this document and we assume no obligation to update or revise any forward-looking statements.


Investor enquiries:

Yu-Ying Yang, Associate Director, Cooperate Communication

+886 2 2700 5908