Pharmaceutical company, Hyphens Pharma, has reported earnings of $10.9 million for its FY2024 ended Dec 31, 2024, a 26.5% y-o-y increase.
However for the 2HFY2024 reporting period, the group reported a 1.5% y-o-y decrease in earnings of $4.98 million.
Earnings per share for FY2024 came in at 3.30 cents per share, up from the 2.77 cents per share declared in FY2023.
For FY2024, revenue for the group came in 14.6% higher y-o-y at $195.4 million. For 2HFY2024, revenue dropped by 0.1% y-o-y to $95.8 million.
Gross profit for the FY2024 came in 12.3% higher y-o-y to $69.5 million, and 2.5% y-o-y higher for the 2HFY2024 to $34.7 million.
The group says its FY2024 revenue growth is due to the acquisition of Ardence Pharma which contributed $7.2 million in revenue.
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The group’s speciality pharma principals segment saw revenue growth across all geographies. Gross profit margin decreased due to increase in cost of sales from the principals and suppliers.
Meanwhile, distribution costs increased 10.7% in FY2024 in line with higher sales, while administrative expenses increased by 7.8% due to higher manpower costs and amortisation of tangible assets.
Other losses decreased by 26.6% y-o-y due to foreign exchange gains.
The group says it will continue to grow its Hyphens’ Proprietary Brands which includes Ocean Health, Ceraden, TDF and CG 210. However, specialty pharma remains its key revenue driver.
The group is also working to improve its pharmaceutical product marketplace, and continues to look for acquisition targets after increasing its stake in Ardence in November 2023.
The group notes that it will be a challenging operating environment ahead, with one key pressure being the rising cost from the group’s principals, which has led to a squeeze on its profit margins.
Hyphens Pharma has declared a final dividend of 1.50 cents per share.
Shares in Hyphens Pharma closed flat at 28 cents on Feb 25.
