China-based Innovent Biologics Inc., (HKG: 1801) has released its financial results for the first half of 2023, reporting a total revenue of RMB 2.7 billion (USD 374 million), marking a 20.6% year-on-year (YOY) increase. The actual product sales contributed RMB 2.458 billion (USD 340 million) to the total, also up 20.4% YOY.
Significant Decrease in LBITDA and R&D Expenditure
The company’s Losses Before Interest, Taxes, Depreciation, and Amortization (LBITDA) saw a remarkable decrease of 74.2%, dropping to RMB 267.4 million from RMB 1.03 billion in the same period of 2022. Innovent Biologics’ commitment to research and development (R&D) was evident with an expenditure recorded at RMB 826 million.
Product Approvals and NRDL Inclusions
During the period, Innovent Biologics received approval for tafolecimab (IBI306), a recombinant fully human anti-PCSK-9 monoclonal antibody (mAb), for the treatment of primary hypercholesterolemia and mixed dyslipidemia. Additionally, Fucaso (equecabtagene autoleucel), a BCMA-directed chimeric antigen receptor (CAR) T cell therapy co-developed by IASO, was approved for the treatment of relapsed or refractory multiple myeloma (r/r MM). The company also saw two additional indications (1L GC and 1L ESCC) of Tyvyt (sintilimab), olverembatinib for the first listing, and multiple additional indications of Byvasda (bevacizumab), Halpryza (rituximab), and Sulinno (adalimumab) included in the updated National Reimbursement Drug List (NRDL).
Commercial Network Expansion and Therapeutic Area Diversification
Innovent Biologics has expanded its commercial network to cover over 5,000 hospitals and has established a robust commercial team of nearly 3,000 professionals. The company has also expanded its commercial presence into non-oncology therapeutic areas such as metabolism, cardiovascular, and autoimmune diseases, demonstrating its commitment to addressing a broad range of healthcare needs.-Fineline Info & Tech
