A Diversified Drugmaker in the Process of Transformation

CSPC operates in a fast-growing and rapidly changing environment. Like most healthcare sectors in China, drug manufacturing has grown faster than GDP, and is projected to continue this trend over the next two decades. Additionally, this industry is undergoing massive regulatory change, which will likely be supportive of CSPC's drug portfolio and pipeline for at least the next decade. As of 2021, about 80% of revenue comes from finished drugs, and the remainder comes from bulk drugs like vitamin C, caffeine, and antibiotics. The firm's flagship drug is NBP, which is indicated for acute ischemic stroke and constitutes approximately 25% of total revenue. CSPC also boasts a fast-growing portfolio of chemotherapy drugs, mostly early-to-market generics or new preparations.