Profit Setback For Simcere Pharma In Novel Drugs Quest

alvarez The pharmaceutical company’s profits have been buffeted by erratic returns on an equity stake in a fellow developer of innovative drugs Chinese drugs maker Simcere Pharmaceutical Group Ltd. (OTCPK:SMHGF, 2096.HK) is reinventing itself as a maker of novel medicines after starting out in the generics business. The strategy is producing results, but the pivot towards innovation has had some painful side effects. In its latest earnings guidance, Simcere predicted a modest rise in annual revenue but said its net profits for 2023 would shrink by at least a fifth, hit by the falling value of an investment bet on…