Singapore, 12 November 2024 – Hyphens Pharma Limited, a leading specialty pharmaceutical and consumer healthcare company, today announced its financial results for the third quarter and nine months ended 30 September 2024, demonstrating consistent revenue growth and improved profitability.
Financial Performance Highlights
For the third quarter of 2024, the Group reported revenue of S$43.9 million, marking a 2.5% increase compared to the same period in 2023. Gross profit rose significantly by 12.1% to S$17.0 million, with gross profit margin improving to 38.7%, up from 35.4% in the previous year. Net profit after tax for the quarter stood at S$2.0 million, reflecting a slight decline of 5.6% due to higher operational costs, partially offset by favorable foreign exchange movements.
The nine-month period ending 30 September 2024 saw stronger growth, with revenue climbing 22.1% year-on-year to S$143.5 million. Gross profit followed this upward trend, increasing by 19.9% to S$51.8 million. Net profit after tax surged by 32.6% to S$7.5 million, driven by higher sales and disciplined cost management.
Key Growth Drivers
The Group’s performance was bolstered by robust demand across its business segments. The specialty pharma principals segment delivered exceptional growth of 32.6%, fueled by new distributorship agreements, including Laboratoires Gilbert S.A.S, and strong sales in the medical aesthetics range. Meanwhile, the proprietary brands segment grew by 16.9%, led by increased sales of Ceradan® dermatological products and Ocean Health® health supplements. The medical hypermart and digital segment also contributed with a steady 3.0% revenue increase.
Operational and Market Developments
Hyphens Pharma attributed its improved gross profit margins to strategic pricing adjustments and operational efficiencies. However, the Group noted higher distribution and administrative expenses during the quarter, reflecting investments in sales expansion and talent acquisition to support its growing business.
Ms. Flora Zhang, Chief Financial Officer of Hyphens Pharma, commented, “Our performance in the first nine months of 2024 underscores the resilience of our diversified portfolio and the success of our growth strategies. While we faced some cost pressures in Q3, our ability to maintain profitability and expand market share in key segments positions us well for sustained progress in the coming quarters.”
Outlook and Strategic Focus
Looking ahead, Hyphens Pharma remains focused on strengthening its product pipeline, optimizing operational efficiencies, and exploring new partnerships to drive long-term growth. The Group is confident in its ability to navigate market dynamics and deliver value to stakeholders.
