KUALA LUMPUR (Nov 26): Pharmaniaga Bhd (KL:PHARMA) on Tuesday reported that it has turned around in the third quarter thanks to higher sales and the reversal of penalty charges from the government.

Net profit for the three months ended Sept 30, 2024 (3QFY2024) was RM101.03 million compared to net loss of RM49.34 million over the same quarter last year, Pharmaniaga said in an exchange filing. The company did not elaborate on the penalty. Revenue for the quarter rose 16% year-on-year to RM1.03 billion.

“Pharmaniaga is well-poised for a strong close to 2024 and a promising outlook for 2025,” the company said.

The number of active products under the approved product purchase list is expected to increase to 832 products by the end of 2025 from 655 products at the end of September, helping to boost its concession business, Pharmaniaga said.

“This expansion is projected to drive both sales and volume within the concession segment, reinforcing Pharmaniaga's commitment as a strategic partner to the Ministry of Health in serving the nation,” the company said.

The company also plans to launch in 2025 seven new ‘small molecule’ products across key areas — anti-infectives, alimentary tract and metabolism, as well as cardiovascular — which could eventually generate an additional RM30 million in revenue annually.

For its first nine months, the company reported a net profit of RM129.48 million compared to a net loss of RM44.73 million over the same period last year. The company also recorded an 8.4% year-on-year increase in cumulative revenue to RM2.83 billion.

Shares of Pharmaniaga were unchanged at 35.5 sen at Tuesday's midday trading break ahead of the results announcement, valuing the company at RM504.53 million. Year to date, the stock fell nearly 8%.