China-based Innovent Biologics, Inc. (HKG: 1801) has released its 2022 interim report, recording RMB 2.24 billion ($311.2 million) in revenue during the first half of this year, up 15.3% year-on-year (YOY). Product sales increased 10% YOY to RMB 2.04 billion ($283.4 million), driven by Tyvyt (sintilimab), a programmed death-1 (PD-1) inhibitor included in the National Reimbursement Drug List (NRDL), and contributions from new products. However, disruptions caused by COVID-19 in the second quarter impacted the growth rate of some products in the relevant cities and regions.
R&D Expenditure
During the period, Innovent spent RMB 1.07 billion ($148.6 million) on research and development (R&D), up 22.5% YOY. This increase was primarily due to clinical studies for late-stage products and priority products, indication expansion for existing products, and pre-clinical development of novel drugs.
Regulatory and Commercial Milestones
The anti-tumor drug Cyramza (ramucirumab) was approved for marketing in China during the period, marking the company’s 7th commercialized product. Additionally, sintilimab gained approvals in first-line ESCC and first-line GC. Pemazyre (pemigatinib) obtained approvals in mainland China and Hong Kong, and Bevagen (bevacizumab), a biosimilar version of Avastin, was approved in Indonesia. The RET inhibitor Retevmo (selpercatinib) is expected to receive a market nod during the second half of this year.
Partnerships and Future Outlook
Innovent and its US partner Eli Lilly expanded their cooperation scope in March this year. Innovent gained exclusive commercialization rights to both Cyramza and Retevmo in mainland China, along with the first option to negotiate similar rights to Lilly’s pirtobrutinib in the future. In August, Innovent struck a partnership with French major Sanofi, licensing two Sanofi drugs for China development in clinical trials alongside Tyvyt: SAR408701 (tusamitamab ravtansine), a CEACAM5 antibody drug conjugate (ADC) at Phase III stage; and SAR444245, a non α biased IL-2 at Phase II stage.-Fineline Info & Tech
