Heparin Sodium

CHENGDU, China, Dec. 19, 2024 /PRNewswire/ -- BGM Group Ltd. (NASDAQ: BGM) ("the Company" or "BGM"), Mr. Xin Zhanchang, Chairman of the Board of Directors of BGM Group and Chairman of Gansu Qilianshan Pharmaceutical Co., Ltd., led the sales team to visit their long-term strategic partner, Jointown Pharmaceutical Group. They were warmly welcomed by Mr. Liu Shulin, one of the founders and Honorary Vice Chairman of Jointown, along with Vice Chairman Mr. Liu Dengpan and other senior executives. The two sides held a cordial, productive meeting, further consolidating and deepening their strategic partnership. They also signed a strategic cooperation agreement for Qilianshan Pharmaceutical's licorice fluid extract and Gandixin (Compound Licorice Tablets) series products. Jointown Pharmaceutical Group, as a leading enterprise in China's pharmaceutical industry with the most extensive sales network, focuses on Western medicine, traditional Chinese medicine, and medical devices. It is committed to providing medical institutions, wholesale companies, and retail pharmacies with pharmaceutical products, logistics, and other value-added services. Meanwhile, BGM Group has demonstrated exceptional performance in the research, development, production, and operation of its "Qilianshan" brand pharmaceutical products. The long-standing partnership between the two companies stems from their outstanding achievements in their respective fields and a shared commitment to development philosophies. Over the years, BGM Group and Jointown have demonstrated a high degree of synergy in several areas. First, in product research, development, production, and sales, Qilianshan Pharmaceutical, a subsidiary of BGM Group, leverages its strong R&D capabilities and advanced production technologies under the "Qilianshan" brand. Combined with Jointown's comprehensive sales network and logistics distribution system, BGM's products have gained widespread recognition and acceptance in domestic and international markets. Second, BGM Group's rigorous quality testing system ensures product safety and quality. Both companies share a commitment to customer service excellence, offering comprehensive after-sales support and prioritizing consumer satisfaction. Lastly, in market expansion and brand building, the two companies maintain close collaboration, enhancing the influence of both the BGM and Jointown brands. During the meeting, the two parties engaged in in-depth discussions on market demand, quality control, and sales channel expansion for licorice-based products. They agreed that as the pharmaceutical industry continues to evolve, consumer demand for high-quality, high-efficiency pharmaceutical products will grow significantly. Both companies are dedicated to driving product innovation and quality improvement to meet the diverse needs of the market. In the presence of both teams, BGM Group and Jointown signed a strategic cooperation agreement for the licorice fluid extract and Gandixin (Compound Licorice Tablets) series products. This agreement marks a new milestone in their collaboration in the pharmaceutical sector, particularly in licorice-based products, with injecting strong momentum into their future development. Both parties reaffirmed their commitment to maintaining a close partnership and contributing to the prosperity and advancement of the pharmaceutical industry. This successful meeting between BGM Group and Jointown Pharmaceutical Group not only further solidified their strategic partnership but also paved the way for broader opportunities for future cooperation. Together, BGM Group and Jointown are poised to create an even brighter chapter in the pharmaceutical industry. Attendees of the meeting included Mr. Gong Li, Vice President of Jointown; Ms. Zhang Meiqin, General Manager of the Active Pharmaceutical Ingredients Division; Ms. Fu Qian, Deputy General Manager of Jiuxin Clinic under Jointown's Health Group; Mr. Liu Hui, Deputy General Manager of Quanqing Health; Mr. Wang Xiaoyan, Deputy General Manager of the Group Procurement Division; and Ms. Liu Yingmei, Sales Director of BGM Group. About BGM Group Ltd BGM Group Ltd,headquartered in Chengdu, China, is an innovative company dedicated to the fields of biopharmaceuticals, bio-extraction, and medical health. Our current product range includes oxytetracycline APIs, licorice preparations, and crude heparin sodium. The oxytetracycline API not only provides raw materials for pharmaceutical companies to produce human antibiotics but also supports the global breeding and livestock industries to ensure the safety of poultry and seafood. The crude heparin sodium, after processing by downstream companies, is transformed into refined heparin sodium and heparin sodium injection solutions, which are major anticoagulants. Licorice preparations, such as compound licorice lozenges, are used as cough suppressants and supplied to retail pharmacies. For more information, visit the Company's website at: Forward-looking Statements This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. 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Operating revenue in the first nine months of 2024 was 564.6 million euros, a 5% decrease on the first nine months of 2023, mainly due to the performance of the contract development and manufacturing business ("CDMO"). This division generated (i) lower revenues from the manufacture of the COVID-19 vaccine in comparison to the first nine months of 2023, when ROVI had booked higher encone related to the production of the "pandemic" COVID-19 vaccine; and (ii) lower revenues related to the activities carried out to prepare the plant for production of the vaccine under the agreement with Moderna. However, CDMO sales increased by 16% to 134.4 million euros in the third quarter of 2024 compared to the third quarter of 2023, as a result of (i) higher revenue from existing customers (excluding Moderna); and (ii) higher revenue related to production of the COVID-19 vaccine due to a more concentrated seasonality in the third quarter. It should likewise be noted that the third quarter of 2024 is expected to be the strongest of the year in terms of CDMO sales performance. Positive evolution of Okedi® (Risperidone ISM®), sales of which increased 126% compared to the first nine months of 2023, totalling 20.3 million euros. ROVI announces that Risvan® (Risperidone ISM®), a product indicated for the treatment of schizophrenia in adults, will not be marketed in the United States, following an assessment of the uncertainties and opportunities associated to this launch. ROVI has, therefore, chosen to focus on the European development of Okedi® and expects this product to reach global potential sales of between 100 and 200 million euros in upcoming years. Sales of the heparin franchise (low-molecular-weight heparins (LMWH) and other heparins) decreased by 2% to 177.8 million euros in the first nine months of 2024, mainly due to lower orders from enoxaparin partners. Bemiparin sales, however, increased by 6% to 71.1 million euros in the first nine months of 2024. Additionally, ROVI forecasts full-year sales of bemiparin to increase by a low-single-digit percentage in 2024 compared to 2023, and the fourth quarter of 2024 to be the strongest quarter of the year in terms of enoxaparin sales, as a higher volume of orders from partners is expected. Good performance of Neparvis®, sales of which increased by 13% in the first nine months of 2024 compared to the same period of 2023, rising to 38.1 million euros. Gross margin was 63.6% in the first nine months of 2024, an increase of 4.7 percentage points on the first nine months of 2023. This increase was mainly due to: (i) the decrease in the contribution to the manufacturing business (CDMO) of revenue relating to activities to prepare the plant to produce medicines under the agreement with Moderna, which contributed lower margins to Group sales; (ii) the increased contribution to the CDMO business by existing customers (excluding Moderna), which contributed higher margins; and (iii) the increased contribution of sales of Okedi®, which likewise added higher margins. EBITDA margin increased 0.8 percentage point to 29.6% in the first nine months of 2024 from 28.8% in the same period of 2023. Net profit was 113.5 million euros in the first nine months of 2024. The ROVI General Shareholders Meeting, held on 24 June 2024, approved the payment of a gross dividend of 1.1037 euros per share; which represents approximately a 35% pay-out. This dividend was paid on 10 July 2024. Effective 13 September 2024, ROVI delisted 2,780,395 shares from the Stock-Exchange Interconnection System (Sistema de Interconexión Bursátil) and the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges. As a result, the share capital of ROVI is now EUR 3,074,145.72, divided into 51,235,762 ordinary shares. By redeeming these shares, the shareholders have automatically increased their percentage interest in the capital stock. OUTLOOK For 2024, ROVI expects its operating revenue to decrease by a mid-single-digit percentage in comparison with 2023. For 2025, ROVI expects its operating revenue to decrease by a mid-single-digit percentage in comparison with 2024. Notwithstanding, this guidance is calculated using certain factors that could be relevant to the estimates and that are difficult to specify at the present time. They include, among others, the following: First, the 2024 vaccination campaigns, for flu and COVID-19, are still in progress and, as of today’s date, the Company is unable to forecast how the demand and production might evolve for the vaccination campaigns that will take place in 2025. Second, it is hoped that the expansion of the compounding, aseptic filling, inspection, labelling and packaging capacities at the ROVI facilities in Madrid and the current high market demand for contract manufacturing services (CDMO) will favour obtaining new customers, with the resulting sales impact. This would have to be considered but is impossible to estimate at this time.