Essex Bio-Technology Limited, a leading biologic Group that develops, manufactures and commercialises genetically engineered therapeutic recombinant bovine basic fibroblast growth factor (rb-bFGF), announced its interim results for the six months ended 30 June 2025 (the period under review).
In the first half of 2025, the industry continued to face challenges from global geopolitical uncertainties and evolving domestic centralised procurement dynamics. However, supportive government policies that foster innovation and streamlined drug approval processes have accelerated reimbursement cycles.
Essex leveraged favourable trends and emerging opportunities, driving strong profitability growth and expanding its market footprint. Our relentless focus on R&D innovation, strategic investments in flagship biologics, and expanded patient access in lower-tier cities in China contributed to resilient operational performance. The ongoing advancements in its healthtech e-platform also supported our growth momentum.
Our achievements underscore Essex’s unwavering dedication to innovation and operational excellence, which drive sustained momentum in both revenue and profit growth.
Strengthening Financial Position and Shareholder Returns
During the period under review, the Group’s revenue was chiefly derived from its operations in the PRC and denominated in Renminbi. The Group achieved a consolidated turnover of approximately HK$876.5 million, representing a 5.8 per cent increase compared to approximately HK$828.5 million for the same period last year. The Group’s profit increased by 3.8 per cent to approximately HK$163.4 million as compared to approximately HK$157.4 million for the same period last year.
As of June 30, 2025, the Group had cash and cash equivalents of approximately HK$640.5 million (as of December 31, 2024: approximately HK$557.2 million). The Group's gearing ratio remained stable at 29.7 per cen (31 December 2024: 28.8%), reflecting the Group’s prudent financial management capabilities and strong liquidity.
The Board is pleased to propose an interim dividend of HK$7.0 cents (for the six months ended 30 June 2024: HK$6.0 cents) per ordinary share for the six months ended 30 June 2025, underscoring the Group’s commitment to delivering shareholder value.
Diversified Growth Fueled by Flagship Biologics
The Group’s turnover is primarily made up of Ophthalmology and Surgical (encompassing wound care and healing) and provision of services segments. For the six months ended 30 June 2025, Ophthalmology contributed approximately HK$417.4 million to the Group’s turnover, while Surgical recorded a total turnover of approximately HK$449.0 million, representing about 47.6 per cent and 51.2 per cent of the Group’s total turnover, respectively. The core products that are current growth drivers under each segment are:
Currently, the Group has 6 self-developed and manufactured commercialised biologics (collectively referred to as the “bFGF Series”) that are marketed and sold in the PRC, and 3 of them were approved by NMPA as Category I biologics. The combined turnover of the bFGF Series represented about 83.5% of the Group’s total turnover for the period under review. Besides, the Group has a portfolio of commercialised preservative-free unit-dose eye drops and 2 oral care products, as well as a range of Ophthalmology and Surgical products and medical devices to complement the Group’s therapeutics business.
Strategic R&D Secures Market-Leading Milestones
The Group strategically invests in innovative products and technologies to enhance its R&D pipeline, focusing on novel therapies that address critical unmet medical and market needs. In the first half of 2025, total R&D expenditures were approximately HK$66.5 million, representing 7.6 per cent of the turnover, of which approximately HK$44.8 million were capitalised.
During the period, the Group obtained NMPA approval for the registration and commercialisation of the multi-dose Diquafosol Sodium Eye Drops in the PRC. The approval is expected to enrich treatment options for chronic dry eye patients and further solidify the Group’s leading position and overall competitiveness in the ophthalmology sector.
The global phase 3 clinical project of bevacizumab ophthalmic injection (EB12-20145P) has completed the last visit for patient enrollment across multiple regions, including the PRC, Australia, European Union countries and the United States. Notably, NMPA accepted the Biologics License Application (BLA) for this innovative therapy in August 2025, marking a crucial regulatory milestone.
The Group holds a total of 111 patent certificates or authorisation letters, comprising 81 invention patents, 15 utility model patents and 15 design patents.
The Group has multiple R&D sites located in Zhuhai (PRC), Boston (USA), London (UK) and Singapore, facilitating the development of innovative therapeutics and the attraction of international talent.
To date, the Group has 18 R&D programmes ranging from pre-clinical to clinical stages, with 4 ophthalmology programs currently in late clinical stage, specifically Bevacizumab intravitreal injection, SkQ1 eye drops, Azithromycin eye drops, and Cyclosporine eye drops, which are aimed at being mid-term growth drivers.
Market Expansion and Operational Enhancements
As at 30 June 2025, the Group maintains an extensive network of 46 regional sales offices in the PRC. With a vast distribution network, the Group’s products are prescribed in more than 14,100 hospitals and medical providers, as well as approximately 2,100 pharmaceutical stores, covering major cities throughout the PRC. The Group’s Singapore base has been gaining good development traction since 2020.
In business development, the Group entered into a strategic cooperation with Airdoc to jointly operate fundus AI business. In addition, the Group has entered into an exclusive distribution agreement with Seefunge for the Seefunge’s Emedastine Difumarate and Oxybuprocaine Hydrochloride Eye Drops. Emedastine Fumarate Eye Drops is primarily used for treating allergic conjunctivitis in adults and children aged 3 years and above while Oxybuprocaine Hydrochloride Eye Drops is primarily used for corneal surface anaesthesia. The new additions will further enrich the Group's ophthalmic product portfolio and strengthen its market positioning in ophthalmology.
To sustain growth and expand its product portfolio, the Group has been actively enhancing competitiveness and market reach by broadening clinical indications of commercialised products, increasing patient access in lower-tier cities across the PRC, developing complementary sales channels, and advancing its healthtech e-platform to further improve patient accessibility.
The Group’s second factory at Zhuhai Hi-Tech Industrial Park, covering approximately 58,000 square meters for R&D, manufacturing, office and dormitory, is expected to be completed between 2026 and 2027.
Patrick Ngiam, Chairman of Essex Bio-Technology, stated, “Our innovation-driven strategy, fueled by operational excellence, a strong financial foundation, and a growing market presence, positions us for sustainable growth and global expansion. We remain committed to improving patient outcomes and creating long-term value for shareholders.”
