Innovent Biologics Inc. (HKG: 1801) announced product revenues of RMB 1 billion (USD 148.2 million) during Q4 2022. Despite COVID-19 disruptions impacting sales, the company managed to offset these challenges with strong performances from new products and its anti-tumor drug Cyramza (ramucirumab), which was launched during the period. Innovent expects marketing activities to normalize this year, with product revenues continuing to grow.
Quarterly Revenue Performance
Innovent Biologics posted product revenues in excess of RMB 1 billion during each quarter of 2022, with Q1, Q2, and Q3 revenues reaching RMB 1 billion, RMB 1 billion, and RMB 1.1 billion (USD 163 million), respectively. This consistent performance underscores the company’s resilience and ability to navigate market challenges effectively.
Product Portfolio and Approvals
Innovent Biologics boasts a robust portfolio of eight products with marketing approvals in China. These include Tyvyt (sintilimab), Bevagen (bevacizumab), a biosimilar version of Avastin, Sulinno (HLX03), a biosimilar version of AbbVie’s Humira (adalimumab), HALPRYZA (rituximab biosimilar), Pemazyre (pemigatinib), olverembatinib, Cyramza (ramucirumab), and Retevmo (selpercatinib). Tyvyt gained additional indication approvals for Bevagen and HALPRYZA, while Sulinno had new indications included in the 2022 National Reimbursement Drug List (NRDL).
Pipeline and Future Outlook
Innovent’s product pipeline, covering cancer, metabolism, autoimmune diseases, and other therapeutic areas, includes three products awaiting regulatory decisions and five at Phase III or pivotal clinical stages. This strong pipeline positions the company for continued growth and innovation in the biopharmaceutical sector.-Fineline Info & Tech
