China-based Everest Medicines (HKG: 1952) has announced its 2024 financial results, marking a significant milestone in its growth trajectory. The company reported a remarkable 461% year-on-year increase in revenues, reaching RMB 707 million (USD 97 million). Concurrently, the non-IFRS net loss narrowed by 25% to RMB 537.6 million (USD 74 million), supported by a robust cash balance of RMB 1.6 billion (USD 221 million).
Commercial Success of Core Products
In 2024, Everest Medicines successfully commercialized three core products. Nefecon, the world’s first targeted-release budesonide for IgA nephropathy, achieved sales of RMB 353.4 million (USD 48.6 million), representing a 1581% year-on-year increase. Xerava (eravacycline), the first tetracycline-based antibacterial drug, generated RMB 352.8 million (USD 48.6 million) in sales, reflecting a 256% expansion. Additionally, Velsipity (etrasimod), approved in Macau and Singapore, gained access to medical institutions in the Greater Bay Area through the “Hong Kong-Macau Drug and Device Access” policy, with market filings under review in mainland China and Hong Kong.
R&D Pipeline Progress
The company’s investigational drug pipeline continues to advance. EVER001, a next-generation covalent reversible BTK inhibitor, has delivered positive results. EVM16, an individualized mRNA tumor therapeutic vaccine, has entered clinical development, while the universal off-the-shelf mRNA tumor therapeutic vaccine EVM14 has received clinical approval in the United States. Everest Medicines will continue to prioritize the research and development of EVER001 and its AI+mRNA technology platform.-Fineline Info & Tech
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