Universe Pharmaceuticals INC Reports Financial Results for the First Six Months of Fiscal Year 2024

JI’AN, Jiangxi, China, Sept. 20, 2024 (GLOBE NEWSWIRE) — Universe Pharmaceuticals INC (the “Company,” “we,” “our” and “us”) (Nasdaq: UPC), a pharmaceutical manufacturer and distributor in China, today announced unaudited financial results for the first six months of its fiscal year 2024 ended March 31, 2024.

Mr. Gang Lai, Chairman of the Board and CEO of Universe Pharmaceuticals INC, commented: “During the first six months of fiscal year 2024, we have overcome the uncertainties of the business and adjusted our business strategy to offset the impact of the global economic slowdown. As a result, we generated $12.9 million in revenue for the six months ended March 31, 2024, lower than the $18.5 million in revenue generated in the same period last year. We have made significant efforts to implement our growth strategies during this challenging period. To complement our offline sales channels, we have started developing online sales channels, which has helped us capture more opportunities and we expect online sales to drive our business growth in the rapidly evolving market. By executing our growth strategy, focusing on digital marketing and expanding our sales on e-commerce platforms, we aim to enhance our brand recognition, deliver products to more customers and expand our business scale. Looking ahead, we plan to continue implementing our expansion strategy, which we hope will achieve greater market penetration and customer base expansion, with the aim of creating long-term value for our shareholders.”