Nantou, Taiwan, June 15 2023 -- Lotus Pharmaceutical Co., Ltd. (“Lotus” or “the Company”, TWSE ticker: 1795), a multinational pharmaceutical company, today held its 2023 Annual General Shareholders’ Meeting in Nantou, Taiwan. In addition to adopting all resolutions submitted to the vote, which included a cash distribution of NT$3.46 per share, this meeting also successfully completed the election of the 21st term of board of directors. Following the shareholders' meeting, the board of directors held the first board meeting for the new board and elected Róbert Wessman to be the Chairman to lead the company for substantiable growth.
- Lotus today successfully completed its 2023 AGM to approve all the proposals by the Board of Directors, including a cash distribution of NT$3.46 per share to shareholders.
- The newly formed Board of Directors comprises individuals with diverse backgrounds, professions, experiences, and gender representation. This diverse composition will greatly contribute to Lotus' transformation strategy and global expansion, as it brings forth new opportunities, experiences, and resources.
- In the second quarter of 2023, Health Canada approved Pomalidomide, paving the way for its launch in non-IP restricted countries. Building on the success in the field of oncology, Lotus is committed to launching new products that will further solidify its leading position in the global oncology pharmaceutical industry.
The 2023 AGM elected a total of 8 directors and 3 independent directors who will serve from June 15th, 2023, to June 14th, 2026. Among the newly elected independent directors are Mr. Karl Alexius Tiger Karlsson, with nearly 20 years of experience in the pharma industry, and Ms. Jennifer Wang, a partner at Chen & Lin Attorneys-at-Law specializing in mergers and acquisitions, joint ventures, privately offered funds, venture capital, and related areas. Lotus' board members possess extensive global market experience in pharmaceuticals, finance, management, and law, ensuring a balanced diversity of professions, experiences, and gender representation. The new Board of Directors will play a pivotal role in assisting Lotus' transformation and global expansion strategy by bringing in new professional backgrounds, industry experiences, and resources.
From a generics-focused company located in central Taiwan, Lotus has successfully transformed into a global pharmaceutical platform, encompassing Brands and New Chemical Entities (“NCEs”), biosimilars, 505(b)(2)s, as well as complex generics. The simultaneous growth of Asia and export markets has propelled Lotus to achieve its most successful financial year on record in 2022. Total consolidated revenue in 2022 reached NT$14,633 million, representing 16% year-on-year growth. Net profit increased to NT$3,020 million, growing by 115% YoY. The gross margin for the full year also improved significantly, rising from 45% in 2021 to 53%. Additionally, Lotus achieved a historic record high full year EPS of NT$11.59. The outstanding performance in 2022 continued into the first quarter of 2023, with consolidated revenue growing by 43% YoY to NT$4,524 million and EPS reaching NT$4.58, marking the best first quarter ever.
Lotus is actively working towards establishing a diversified product portfolio. In Taiwan, the company has strengthened its therapeutic focus in Lung Cancer by adding the brand Alimta®, soft gel capsules Vinorelbine, and the soon-to-be-approved New Chemical Entity ("NCE") Zepzelca to the portfolio. The launch of Alyssa® and Cialis® has also contributed to significant growth in the Taiwan business, particularly in the drugstore channel. In emerging markets in Southeast Asia, Lotus introduced Vinorelbine soft gel capsules in Vietnam and Lenalidomide in the Philippines. Additionally, during Q1 2023, the USFDA approved formally two additional strengths of Lenalidomide for sale in the US marketplace. Furthermore, the approval of Pomalidomide in Canada has strengthened Lotus' oral oncology product offering and positioned the company for global commercialization, starting with non-IP restricted markets. These achievements have further solidified Lotus' position in the oral oncology segment globally.
Founded in 1966, Lotus (1795: TT) is an international pharmaceutical company with global presence, focused on commercializing novel and generic pharmaceuticals, offering patients better, safer 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.
Susan Liao, IR/PR Director
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