China-based RemeGen Ltd (SHA: 688331, HKG: 9995) has released its financial report for the first half of 2023, recording revenues of RMB 422 million, an increase of 20.56% year-on-year (YOY). The company has also ramped up its research and development (R&D) costs to RMB 540 million, marking a 20.19% YOY increase.
Clinical Development and Commercialization Progress
RemeGen currently has 9 molecules in clinical development, targeting a variety of indications. The company’s novel fusion protein, telitacicept, and antibody-drug conjugate (ADC) candidate, disitamab vedotin, have both been commercialized and are undergoing multiple clinical trials in China and the US, with several positive developments reported.
Sales Expenditure and Operating Income
Sales expenditure for the period was reported to be over RMB 350 million, a significant increase of 133.51% YOY, accounting for 83% of operating income. This increase is attributed to the expansion of sales activities, team building, and academic promotion efforts due to the early stage commercialization of the company’s products.
Financial Position and Support for Future R&D
Despite the increased expenditure, RemeGen maintains a robust financial position with RMB 1.264 billion in currency capital, sufficient to support two years of research and development activities. This financial stability provides a solid foundation for the company to continue its innovative work in the biopharmaceutical sector.-Fineline Info & Tech
