Biopharmaceutical company Innovent Biologics Inc., (HKG: 1801), has reported revenues of RMB 4.55 billion (USD 660.6 million) for 2022, reflecting a 6.7% year-on-year (YOY) increase. Product revenues specifically reached RMB 4.139 billion (USD 600.9 million), up 3.4% YOY. This growth was driven by increased volumes and new product revenues, despite challenges posed by COVID-19 and reduced pricing for Tyvyt (sintilimab). The company’s research and development (R&D) expenditure also saw a significant increase, jumping to RMB 2.664 billion (USD 386.7 million) from RMB 2.118 billion (USD 307.4 million) in 2021. As a result, Innovent recorded a loss of RMB 2.461 billion (USD 357.2 million) for the year, compared to a loss of RMB 2.028 billion (USD 294.4 million) in 2021, due to continuous R&D investment.
Expansion of Commercial Portfolio and New Indications
Over the period, Innovent expanded its commercial portfolio to encompass eight products. Notably, Cyramza (ramucirumab) and Retevmo (selpercatinib) received their first approvals in China. The company’s product, sintilimab, gained new indication approvals for treating first-line squamous cell carcinoma of the esophagus and first-line gastric cancer. Byvasda (bevacizumab biosimilar) obtained approvals for ovarian cancer and cervical cancer treatments, and Pemazyre (pemigatinib) was approved for treating Crohn’s disease in both adults and children.
Pending Regulatory Decisions for Innovative Therapies
Innovent is anticipating regulatory decisions in China for several of its therapies. These include the PCSK-9 monoclonal antibody IBI-306 (tafolecimab) for primary hypercholesterolemia and mixed dyslipidemia, the BCMA-targeted CAR-T cell therapy IBI-326 (equecabtagene autoleucel) for recurrent and/or refractory multiple myeloma (r/rMM), and the BCR-ABL TKI olverembatinib for chronic phase (CML-CP) chronic myeloid leukemia in patients with resistance and/or intolerance to first and second-generation TKIs.-Fineline Info & Tech
