Ascentage Pharma (HKG: 6855), a biopharmaceutical company based in China, has announced its 2024 interim results for the first half of the year, setting a new revenue record with a staggering 477% year-on-year (YOY) increase, reaching RMB 824 million (USD 115.4 million). The lion’s share of this revenue came from the sales of its sole marketed product, the BCR-ABL inhibitor olverembatinib, along with income from license deals. In a historic turn for the company, Ascentage reported its first-ever profitability, with net profits amounting to RMB 163 million (USD 22.87 million).
Throughout the reporting period, Ascentage Pharma has been diligently executing its global innovation strategy, achieving significant breakthroughs in external collaborations, commercialization, and clinical development. The commercialization of its first approved product, olverembatinib (HQP1351), has been particularly rapid. Sales revenue from olverembatinib reached RMB 113 million, marking a 120% increase from the second half of 2023 and a 5% YOY growth. As of June 30, 2024, olverembatinib has penetrated 670 hospitals and direct-to-patient (DTP) pharmacies across the nation, with a 79% increase in the number of listed hospitals compared to the end of the previous year.
In a landmark move during the reporting period, Ascentage Pharma entered into a global collaboration with Takeda, valued at up to USD 1.3 billion for olverembatinib. The company has already secured a USD 75 million equity investment from the Japanese pharmaceutical company.
Ascentage Pharma’s robust pipeline includes 9 clinical-stage drug candidates, featuring innovative and potent Bcl-2 and dual Bcl-2/Bcl-xL inhibitors, as well as candidates targeting the IAP and MDM2-p53 pathways, and next-generation TKIs. The company has an extensive clinical trial footprint, with over 40 trials conducted across the US, Australia, Europe, and China, including 11 registrational studies that are either completed, ongoing, or planned.- Flcube.com
