Strong commercial performance and significant pipeline milestones
support sustained growth and innovation
SAN FRANSISCO and SUZHOU, China, Aug. 28, 2024 /PRNewswire/ -- Innovent Biologics, Inc. (Innovent) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of cancer, cardiovascular and metabolic, autoimmune, ophthalmology and other major diseases, announces its 2024 interim results and major business updates.
Dr. Michael Yu, Founder, Chairman and CEO of Innovent, stated: "For the first half of 2024, our company's strategy of sustainable growth and global innovation continue executing very well: we achieved strong revenue growth, improved operational efficiency in all areas, and reached significant milestones in our late-stage pipeline to support our sustained growth. We also reported promising data readouts from early-stage assets, reinforcing our confidence in achieving global innovation and contributing to new long-term opportunities. The successful first half of 2024 has laid a solid foundation for achieving our full-year's growth. With strong commercial and financial execution, a high-value late-stage pipeline, and disciplined investments in next-generation innovation, we are well-positioned to deliver long-term value for patients, employees, shareholders and society."
Enhanced operational efficiency and strong financial performance
Strong revenue growth momentum: total revenue was RMB3,952.3 million in the first half of 2024, with a strong year-over-year growth of 46.3%, reflecting robust demand for our innovative portfolio and the advantage of our sustainable business model.
Significantly improved financial performance: EBITDA Loss was significantly reduced, driven by strong revenue growth, enhanced operational efficiency and notable financial improvement.
The gross profit margin of total revenue was 84.1%, a year-over-year increase of 1.8 percentage points
The selling and marketing expenses of product revenue was 48.6%, a year-over-year decrease of 5.9 percentage points
The administration and expenses of total revenue was 5.2%, a year-over-year decrease of 4.9 percentage points
R&D expenses were RMB1,293.9 million; cash and short-term financial assets were RMB10,112.3 million, or approximately over USD1.4 billion, which enables us to focus on the long-term sustainable development
EBITDA loss was RMB160.8 million, a notable year-over-year decrease of 39.9%
Note: The financial numbers mentioned above were based on non-IFRS measure. Detailed disclosure can be found at the Company's 2024 interim results announcement.
Strong product revenue growth; preparing for CVM commercialization
Product sales revenue reached RMB3,811.4 million in the first half of 2024, a strong year-over-year growth of 55.1%.
Expansion of commercial portfolio into new approved products, new indications and broader NRDL coverage[1],[2] and patient access:
Eleven approved products: TYVYT®, BYVASDA®, SULINNO®, HALPRYZA®, PEMAZYRE®, Olverembatinib, CYRAMZA®, Retsevmo®, FUCASO® , SINTBILO® and DUPERT® (new product, KRAS G12C inhibitor) .
TYVYT® and PEMAZYRE® were newly approved in the Macau market.
TYVYT® and BYVASDA® were included in the NRDL for the treatment of EGFR-mutated NSCLC.
Solidify oncology leadership; in active preparation for new commercial opportunities in general biomedicine.
Oncology: we strengthened our leadership with a robust product portfolio, including TYVYT® (sintilimab injection), and expanded out oncology business with a 10th product, a ...
