Bloomage Biotech reports 28.53% YoY revenue increase, reaches $927.8 million in 2022
Bloomage Biotech 2022 Financial Report
Parsippany, New Jersey, USA, April 12, 2023 (GLOBE NEWSWIRE) — Bloomage Biotech (688363.SH) released its 2022 Financial Report on March 30, 2023, posting a revenue of $924 million, an increase of 28.53% year-over-year (YoY). The net profit attributable to the owners of the parent company was $151 million, an increase of 24.11% YoY, and the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses was $133 million, an increase of 28.46% YoY.
During the reporting period, all four business segments of Bloomage Biotech experienced overall revenue growth and enhanced profitability due to increased scale. According to the annual report, the company’s raw materials business achieved a revenue of $153 million, an increase of 8.31% YoY, accounting for 15.41% of the company’s total business revenue. Among them, the highly-technical pharmaceutical-grade sodium hyaluronate maintained a high growth rate, with sales revenue of $53 million, an increase of 33.73% YoY, and is projected to increase.
By continuously promoting its internationalization strategy, Bloomage Biotech’s raw materials business has shown significant growth momentum in international markets such as Europe, Asia, and the Americas. In addition to hyaluronic acid, the company is also continuously launching new products through foundational research and development.
During the reporting period, the sales of non-hyaluronic acid raw materials increased significantly, among which sales revenue of Ectoine doubled. In the future, the company will optimize existing products and continuously develop new biologically active substances with growth potential to provide new impetus for the raw materials segment.
In 2022, Bloomage Biotech also entered new fields and established new businesses. For example, it entered the collagen field through self-research and acquisition of an animal-derived collagen protein company. It also formed strategic partnerships with Japanese companies such as Rohto Pharmaceutical Co., Ltd and BioMimetics Sympathies, officially entering the regenerative medicine and cell culture medium track.
Zhao Yan, Chairman and General Manager of Bloomage Biotech, announced that in 2023, the company will focus on seven key areas: strategy, research and development, operation management, supply chain, marketing, branding, and social responsibility, in order to strengthen their competitive edge.
The company is striving to become an internationally leading benchmark enterprise that combines the three strengths of “research and development innovation, pilot and industrial transformation, and market transformation.” To achieve this, the company is focusing on five areas of operational management: digital transformation, organizational capacity building, compliance management, safety, and cost reduction and efficiency improvement. Additionally, they are expanding production capacity and new strategies, building a “biological intelligent manufacturing factory,” and implementing excellent lean management of the entire product lifecycle and operation process.
To win the market, the company is focusing on building a flagship product and strategically advancing its global strategy. Additionally, Bloomage Biotech is strengthening its brand and growing internationally. Finally, the company is systematically planning ESG management work, establishing an “ESG Strategic Management Center” to reinforce its social and environmental responsibilities.
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CONTACT: Cecilia Qian Bloomage Biotech cecilia@ecoinst.ca
