CSPC Pharmaceutical Group (HKG:1093) expects a 16% year-over-year decrease in profit attributable to owners for the nine months ended Sept. 30 from 4.49 billion yuan a year earlier, according to a Thursday filing with the Hong Kong bourse.

The company attributed this to lower revenue, which in turn was due to the implementation of volume-based procurement by hospitals, impacting sales in key therapeutic areas such as oncology, cardiovascular, and nervous systems.

The company plans to publish its quarterly results on or about Nov. 15.

The pharmaceutical company's shares were down over 8% in the recent trading.