Pharma company posts higher revenue as reforms lift performance

Northeast Pharmaceutical (NEPHARM) said in its semiannual report that its revenue rose 9.65 percent year-on-year to 4.11 billion yuan ($582 million) while indicating that mixed-ownership reforms are contributing to the revival of the State-owned enterprise.

"In 2019, our goal was to achieve revenue of 15 billion yuan and a net profit growth of no less than 50 percent," said NEPHARM Chairman Wei Haijun. He added the company invested heavily in research and development.

NEPHARM was founded in 1946 and was a backbone pharmaceutical SOE in China for decades. Its main businesses include active pharmaceutical ingredients, chemical preparation and commerce. But the past 10 years saw it lag far behind due to its rigid mechanism.