Taipei, Taiwan, 11 August 2025 — Lotus Pharmaceuticals (1795:TT; “Lotus” or “the Company”), a multinational pharmaceutical company, announced its audited financial results for the first half and second quarter ended 30 June 2025.
For the first half of 2025, Lotus saw a new first half revenue record of NT$9,477 million, 6% higher compared to the same period last year. This was mainly driven by a sustained growth of lenalidomide in the U.S. and a strong performance in Southeast Asian markets – in particular, a successful integration of Teva operations in Thailand and a smooth takeover of Alpha Choay business in Vietnam. Earnings per share (EPS) was NT$8.29, 8% lower compared to the same period last year, as it was impacted by a one-time FX loss of NT$537 million during the period, as a result of a drastic USD depreciation against NTD in May. Adjusting for this impact would have resulted in an adjusted EPS of NT$9.94, representing a 10% growth compared to the same period last year.
Revenue during the second quarter of 2025 was NT$4,747 million, flat compared to the same period last year, impacted by the timing of peak sales of lenalidomide in the US being shifted to Q4 this year. EPS was NT$2.81, 45% lower compared to the same period last year, impacted by a non-recurring FX loss of NT$673 million during the period. Eliminating the impact, the adjusted EPS was NT$4.88, representing a 4% YoY decline instead.
Leadership Comments
Petar Vazharov, Chief Executive Officer of Lotus, commented: “We are thrilled to report a new first half revenue record, a testament to our growth strategy. While some developments such as U.S. tariffs and drug pricing news added uncertainties, we remain steadfast in strengthening our pipeline in order to future-proof our business. Our internal development pipeline is progressing well, and we have also made significant progress in strengthening our business development pipeline by securing innovative products via key partnerships with Henlius, Supernus, and LENZ Therapeutics during the quarter. Moving forward, we remain focused on executing our strategy to build a hybrid R&D and BD pipeline to drive a sustainable profit growth for the company.”
1H 25 Financial Highlights:
- Record 1H Revenue: Consolidated revenue increased 6% YoY to NT$9,477 million
o Asian Markets: Revenue grew by 12% YoY, driven by the SEA markets with an exceptional growth of over 175% YoY thanks to the successful integration of Teva operations in Thailand and a smooth takeover of Alpha Choay in Vietnam
o Export Markets: Revenue was flat compared to same period last year, where a 17% YoY growth in lenalidomide in the U.S. was offset by lower contribution from Suboxone due to competition
o Revenue Mix: Asia/Exports contribution was 55%/45% for 1H 25. Asia was higher compared to 52% in the same period last year due to higher contributions from the SEA markets.
- Gross Margin: Gross margin was 60.2%, a 2.2ppt YoY improvement, up from 58.0% in 1H 24, supported by higher contributions from oncology export products which garners a higher-margin.
- Operating Profit and Margin: Operating profit grew 11% YoY to NT$3,218 million, with operating margin maintaining at a healthy level of 34.0%, reflecting a stringent cost control
- Net Profit and EPS: Net profit declined by 9% YoY to NT$2,164 million compared to NT$2,368 million in 1H 24. Earnings per share (EPS) declined by 8% YoY to NT$8.29 compared to NT$9.05 in 1H 24. This was impacted by a drastic depreciation of USD against NTD that began at the end of April 2025, as a result recognising a related non-operating loss of NT$537 million during the period, equivalent to EPS of NT$1.65. Adjusting for such an impact, the net profit would have been NT$2,594 million (+10% YoY) and EPS of NT$9.94 (+10% YoY) instead.
2Q 25 Financial Highlights:
- Consolidated Revenue: Consolidated revenue was NT$4,747million, flat compared to same period last year.
o Asian Markets: Revenue increased by 12% YoY, driven by the SEA market’s 101% YoY thanks to the successful integration of Teva operations in Thailand and a smooth takeover of Alpha Choay in Vietnam.
o Export Markets: Revenue declined by 11% YoY due to timing of peak sales of lenalidomide in the US shifting to Q4 and higher competition for Suboxone
o Revenue Mix: Asia/Exports contribution was 55%/45% for 2Q 25, same as when compared to 1Q 25. Asia was higher compared to 49% in the same period last year due to higher contributions from the SEA markets together with a YoY decline in Export.
- Gross Margin: Gross margin was at 58.8%, a decline of 1.9ppt YoY compared to 60.7% in 2Q 24, due to the lower contributions from higher-margin oncology export products.
- Operating Profit and Margin: Operating profit declined by 8% YoY to NT$1,504 million, with operating margin at 31.7%
- Net Profit and EPS: Net profit declined by 45% YoY to NT$728 million compared to NT$1,332 million in 2Q 24. Earnings per share (EPS) declined by 45% YoY to NT$2.81 compared to NT$5.09 in 2Q 24. Profitability during the quarter was severely impacted by a drastic depreciation of USD against NTD that began at the end of April 2025, as a result recognising a related non-operating loss of NT$673 million during the period, equivalent to EPS of NT$2.07. Adjusting for such an impact, the net profit would have been NT$1,267 million (-5% YoY) and EPS of NT$4.88 (-4% YoY) instead.
Key Business and Operational Achievements for Period Ending 30 June 2025:
Research & Development
- There are currently 32 ongoing projects, with main focus on areas of oncology and immunology.
Regulatory: 18 filings, gained 28 market approvals, 12 SKUs launched.
- Key launches include:
o Alpha Choay in Vietnam
o Darbepoetin alfa (biosimilar of Aranesp) in South Korea
o Adcirca in Taiwan
- Achieved key submission and approval for high-value products, including:
o Dydrogesterone approved in EU
o Bosutinib approved in Taiwan
o Apixabin approved in Thailand
Business Development (BD)
- 54 deals, of which 6 signed and the rest under discussions;
o Oncology and Immunology projects remain our core focus, representing 23 BD pipeline projects, closely followed by 18 projects in Primary Care and Lifestyle.
o Maintained a balanced portfolio of product type to mitigate risk profile and building long-term value; pipelines include generics (44%), NCE/NBE (33%), co-development projects (11%), 505(b)(2) products (4%), biosimilars (4%) and tail-end big pharma brand (2%).
o Entered into exclusive license agreement with Henlinus for Anti-PD-1 mAb Serplulimab for treatment of extensive-stage small cell lung cancer (ES-SCLC) in South Korea in April 25.
o Entered into an exclusive license agreement with Supernus Pharmaceuticals for the rights to seek regulatory approval and commercialize Qelbree®, a nonstimulant treatment for ADHD, in South Korea, Taiwan, Hong Kong SAR, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam, signed in May.
o Entered into an exclusive license and commercialization agreement with LENZ Therapeutics for LNZ100, an aceclidine-based eye drop for the treatment of presbyopia in South Korea, Thailand, Philippines, Vietnam, Malaysia, Brunei, Indonesia, and Singapore, signed in May.
o Entered into an asset purchase agreement with a Vietnamese pharmaceutical company to acquire the trademark, marketing authorization, and manufacturing supply rights for five drug products across hematology, cardiovascular, oncology, and anti-inflammation indications in Vietnam, signed in June.
Conference call and earnings material
There will a live audio conference call in Mandarin (hosted by Yuanta Securities) and in English (hosted by Morgan Stanley Securities) on 15 August 2025 to review Lotus Pharmaceutical's financial results for 1H 25 and business outlook.
About Lotus
Founded in 1966, Lotus (1795: TT) is an international pharmaceutical company with a global presence, focused on commercializing both novel and generic pharmaceuticals to provide patients with better, safer, and more accessible medicines. The company boasts a best-in-class R&D and manufacturing platform in Asia, certified by leading regulatory authorities around the world, including the US FDA, EU EMA, Japan PMDA, China FDA, and Brazil ANVISA. Lotus has established partnerships in nearly every major global market, including the U.S., Europe, Japan, China, and Brazil. The company is currently developing and registering over 100 strategically selected pharmaceutical projects across Asia and the U.S., with more than 250 commercial products. Lotus invests in a diversified portfolio, consisting of high-barrier oncology, complex generics, 505(b)2, NCEs, and biosimilars, through both internal R&D investments and licensing-in partnerships to strengthen its portfolio competitiveness
Media Inquiries:
Yihsuan Kuo, Investor Relations Assistant Manager
Jeffrey Tsang, Head of Investor Relations and Corporate Communications
+886 2 2700 5908
investor@lotuspharm.com