Innovent Announces 2024 Annual Results and Business Updates

PR Newswire

SAN FRANSISCO and SUZHOU, China, March 26, 2025

First-ever positive profit, entering a new era of growth and global innovation

SAN FRANSISCO and SUZHOU, China, March 26, 2025 /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 annual results, including major business updates, financial performance and the strategy and outlook for 2025 and beyond.

Dr. Michael Yu, Founder, Chairman and CEO of Innovent, stated: "2024 marked a year of historic milestones--Innovent's Non-IFRS net profit and EBITDA both turned positive for the first time, underscoring our strategic excellence and execution as a pioneer in sustainable biopharmaceutical operations. Meanwhile, we achieved record revenue, expanded our robust product portfolio to 15 approved products and delivered all late-stage development milestones to secure sustained growth momentum. We are also advancing breakthrough innovations in our early-stage pipeline for global opportunities while strengthening both global and local partnerships to accelerate innovation and growth.

With a clear strategy outlined above and a strong track record of execution, we are laying a solid foundation to enter a new phase of growth and global innovation. In the coming years, we aim to achieve RMB20bn product revenue in 2027 and advance five pipeline assets to the global MRCT Phase 3 stage by 2030. Through these efforts, we will evolve into a premier global biopharmaceutical company, delivering long-term value for patients, employees, shareholders and society."

Pioneering profitability with RMB20bn sales target in 2027

   -- First-ever Non-IFRS Positive Profit and EBITDA* 
 
          -- Non-IFRS profit was RMB331.6 million and Non-IFRS EBITDA was 
             RMB411.6 million 
 
          -- The gross profit margin was 84.9%, a year-over-year increase of 
             2.1 percentage points 
 
          -- The S,G&A expenses ratio was 50.9%, a year-over-year decrease of 
             7.1 percentage points 
 
          -- R&D expenses were RMB2,499.8million; Cash and short-term financial 
             assets were RMB10,221.1 million, or approximately over USD1.4 
             billion, providing a solid foundation to our long-term ambitions 
   -- Revenue reached new height with solidified oncology leadership 
 
          -- Total revenue reached RMB9,421.9 million, growing by 51.8% 
             year-over-year. 
 
          -- Product sales revenue reached RMB8,227.9 million, growing by 43.6% 
             year-over-year. 
 
          -- Expansion of oncology product portfolio with new indications and 
             broader NRDL coverage and patient access 
 
          -- Building CVM commercialization as another core capability 
 
* Note: The financial numbers mentioned above, unless stated, were based 
on non-IFRS measure. Detailed disclosure can be found at the Company's 2024 
annual results announcement. 
 
   -- Six new product launches in 2025 with growth momentum anticipated 
 
          -- Three additional approved precision therapies to strengthen lung 
             and hematological cancer franchises: 
 
                 -- Dovbleron$(R)$ (taletrectinib) : Potentially best-in-class 
                    ROS1 inhibitor 
 
                 -- Limertinib: Third-generation EGFR TKI 
 
                 -- Jaypirca(R)(pirtobrutinib) : First non-covalent BTK 
                    inhibitor launched in China 
 
          -- Build chronic disease as another growth engine: 
 
                 -- SINTBILO(R) (tafolecimab injection): First PCSK-9 inhibitor 
                    successfully included in the NRDL 
 
                 -- SYCUME(R) (Teprotumumab N01 injection): First approved 
                    anti-IGF-1R monoclonal antibody, ending a 70-year drought 
                    of no new treatment options for thyroid eye disease in 
                    China new studies for front-line treatment and inactive 
                    thyroid eye disease in plan 
 
                 -- Mazdutide (GCG/GLP-1) : Global first GCG/GLP-1 dual 
                    receptor agonist, with two NDAs under NMPA review -- first 
                    NDA for weight management in obese or overweight 
                    populations and second NDA for glycemic control of T2D 
                    adults. In addition, new Phase 3 studies are in plan for 
                    adolescent obesity, obstructive sleep apnea (OSA) and 
                    obesity with metabolic dysfunction-associated fatty liver 
                    disease (MAFLD, head-to-head with semaglutide 2.4mg). New 
                    clinical studies are also in plan for metabolic 
                    dysfunction-associated steatohepatitis (MASH), heart 
                    failure with preserved ejection fraction (HFpEF), and 
                    higher dose of mazdutide for obesity. 
 
                 -- Picankibart (IL-23p19): Potentially best-in-class YTE 
                    IL-23p19 monoclonal antibody, with an NDA for 
                    moderate-to-severe plaque psoriasis under NMPA review. New 
                    studies for psoriasis with prior inadequate response to 
                    IL-17, adolescent psoriasis, and psoriatic arthritis(PsA) 
                    in plan. 
 
   -- 2027 RMB20bn sales target with clear growth trajectory 
 
          -- With ever-growing innovative pipeline, sustainable growth is 
             anticipated to continue even beyond 2027 

Embarking on a new era of global innovation

   -- Innovent Academy powers core technology platforms 
   -- Robust High-potential Pipeline Targeting 5 Assets in MRCT Phase 3 by 2030 
   -- Encouraging data readouts of key pipeline in support of next-step pivotal 
      development 
 
          -- IBI363 (PD-1/IL-2<ALPHA>-bias): Unleashing potential as a 
             next-generation IO therapy with global first-in-class design 
 
                 -- Promising Phase 1 results reported in NSCLC, CRC and 
                    melanoma, aiming to address some of the most challenge 
                    cancer types including IO-failed, PD-L1 low expression and 
                    cold tumors; 
 
                 -- Two Fast-track Designations from U.S. FDA for IO-treated 
                    melanoma and IO-treated squamous NSCLC; 
 
                 -- First pivotal clinical trial has been initiated, in 
                    head-to-head comparison with pembrolizumab in IO-naïve 
                    mucosal and acral melanoma. 
 
          -- IBI343 (CLDN18.2 ADC): Novel Site-specific TOPO1i CLDN18.2 ADC 
 
                 -- First MRCT Phase 3 of GC has been initiated in China and 
                    Japan 
 
                 -- MRCT Phase 1 of PDAC is underway in China and U.S. 
 
                 -- NMPA CDE Breakthrough Therapy Designation (BTD) and FDA 
                    Fast-track Designation (FTD) granted. 
   -- Nearly 10 next-generation programs aiming for global development 
 
          -- Oncology: IBI3009 (DLL3 ADC), IBI3001 (EGFR/B7H3 ADC), and IBI3020 
             (CEACAM5 dual-payload ADC) 
 
          -- CVM: IBI3016 AGT siRNA , IBI3032 GLP-1 oral , IBI3012 (GGG 
             Antibody-peptide conjugate, APC), IBI3030 GGG-PCSK9 APC 
 
          -- Autoimmune: IBI356 (OX40L) and IBI3002 (IL-4R<ALPHA>/TSLP) 
 
   -- Hybrid models to accelerate innovation 
 
          -- IBI3009 (DLL3 ADC): global rights granted to Roche, to benefit 
             SCLC patients worldwide 
 
   -- Research innovation showcased at medical conferences, including: 
 
          -- AACR, ASCO, ESMO GI, ESMO plenary, ESMO, WCLC, SITC, ESMO Asia for 
             oncology pipeline innovation 
 
          -- ADA, APAO, ICE, CSE for general biomedicine pipeline material 
             progress 

Facilities and manufacturing capacity adhering to high-quality standards

   -- Shanghai R&D Center (medical) is newly operational in August 2024 
 
   -- Building U.S. lab in San Francisco 
 
   -- First manufacturing site: 60,000L antibody production capacity and ADC 
      production lines in operation 
 
   -- Second manufacturing site: first phase of 80,000L completed construction 

Committed to responsible business practices and enhancing ESG management practices

   -- Innovent has been graded 'AAA' rating in MSCI ESG rankings, positioning 
      us at the forefront of the biotechnology industry. 
 
   -- We recently launched our ESG website to further strengthen commitment to 
      sustainability, corporate responsibility and ethical business conduct. 
 
   -- We initiated the "Warmth Stations" program to support frontline urban 
      workers (e.g., sanitation workers, delivery personnel), by providing rest 
      areas and essential supplies. Additionally, we launched the third annual 
      "Children's Book Donation" campaign, bringing hope and support to 
      underprivileged children through book donations. 
 
   -- We have supported over 200,000 patients through our dedicated patient 
      assistance programs, with drug donations totaling RMB 3.6 billion. 
 
   -- Our commitment to medical philanthropy has been recognized through 
      prestigious awards, including the "Medical Philanthropy Promoter" title 
      and designation as a "China Philanthropic Enterprise". 
 
   -- We were recognized on the "2024 China's Most Attractive Employers List," 
      with a workforce of 7,000 employees. 

About Innovent

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