Innovent Biologics, Inc., a leading biopharmaceutical company based in China and listed on the Hong Kong Stock Exchange (HKG: 1801), has announced its interim results for 2024 along with significant business updates. The company reported a robust year-over-year (YOY) growth in total revenue, which stood at RMB 3,952.3 million, marking an increase of 46.3%. Product sales revenue saw an even more substantial YOY increase of 55.1%, reaching RMB 3,811.4 million. Despite the overall positive financial performance, the EBITDA loss narrowed by 39.9% YOY to RMB 160.8 million.
Innovent boasts a portfolio of 11 commercialized products, with Dupert, a KRAS G12C inhibitor, being the latest to receive approval this month. The company has also expanded its market reach with new approvals for Tyvyt and Pemazyre in Macau. Building on the approval of its first Cardiovascular Medicine (CVM) product, Sintbilo (tafolecimab injection), in 2023, Innovent has submitted three new drug applications (NDAs): two for mazdutide, aimed at the obesity/overweight and Type 2 Diabetes (T2D) population, and one for IBI311 (IGF-1R) for the treatment of thyroid eye disease (TED).
The company is actively advancing its “IO+ADC” research and development strategy, with an investment of RMB 1.294 million in these initiatives. Innovent’s financial position remains strong, with cash and short-term financial assets amounting to RMB 10,112.3 million, which is approximately over USD 1.4 billion. The company has initiated a Phase 3 clinical trial for IBI310 in combination with sintilimab as a neoadjuvant therapy for colon cancer. Additionally, IBI343 has shown promising results in pancreatic cancer and has been granted FDA fast track designation, with plans for a clinical trial in the U.S. underway.- Flcube.com
