KUALA LUMPUR: Duopharma Biotech Bhd has reaffirmed its commitment to expanding its portfolio diversity, including halal pharmaceuticals and plant-based products, and growing its product availability and affordability.
Group managing director Leonard Ariff Abdul Shatar said Duopharma was doing its part to support the government's goals by making its products available and affordable to everyone, while continuously expanding its portfolio of products to serve more diverse patient and consumer needs.
This includes pursuing collaborations to expand offerings in preventive medicine and early detection.
"On Duopharma Biotech's business outlook, we are extremely encouraged by the healthcare reforms direction taken in the revised Budget 2023, which includes a record 12 per cent increase from Budget 2022 in healthcare allocation amounting to RM36.3 billion – for the purchase of pharmaceutical products and medical consumables, and to expand accessibility to healthcare services among lower income residents," he said in a statement today.
Duopharma group chairman Tan Sri Siti Sa'diah Sheikh Bakir said in 2022, it continued to create value by offering access to effective and affordable treatments for all consumers.
Duopharma is also continuing its efforts to meet targeted needs among patients and consumers, such as halal pharmaceuticals and plant-based products.
"Our milestones continue to be a source of pride, such as receiving the world's first halal certification for a cancer drug awarded by the Department of Islamic Development Malaysia (JAKIM).
"At the same time, keeping abreast of global industry standards, we are committed to integrating environmental, social and governance (ESG) principles into our business operations and corporate policies – and we are heartened by industry recognition for our efforts," she said.
For the first quarter ended March 31, 2023 (1Q23), Duopharma's net profit rose 11.54 per cent to RM22.63 million from RM20.29 million a year earlier, driven by the higher revenue amid increased sales to the prescription pharmaceutical market.
The company's revenue grew 7.82 per cent to RM200.48 million from RM185.94 million last year.
Duopharma ended financial year 2022 (FY22) with its highest ever revenue of RM696.72 million, a nine per cent increase from RM638.18 million in FY21.
In the same period, pre-tax profit increased 2.25 per cent to RM84.85 million from RM82.98 million the previous year.
The company's total revenue comprised 94 per cent from local sales with the segment also accounting for 94.9 per cent of total gross profits.
Duopharma's performance was boosted by higher sales generated from prescription pharmaceuticals under the Ethical Classic Business and the public health sector.
The company won a three-year contract worth RM375 million to supply Insugen to the Ministry of Health's facilities from April 29, 2022 to April 28, 2025.