China-based GenScript Biotech Corporation (HKG: 1548) has announced its financial results for 2023, reporting revenues of USD 839.5 million for the year, marking a 34.2% year-on-year (YOY) increase. External revenues from non-cell therapy business reached USD 554.5 million, up 8.9% YOY, while cell therapy sales soared to USD 285 million, reflecting a 144.2% YOY increase. The company’s losses narrowed from USD 428 million in 2022 to USD 355.1 million. As of the end of 2023, GenScript held cash and cash equivalents of USD 1.4464 billion.
GenScript’s extensive direct sales network extends to over 100 countries and regions globally. In 2023, sales revenue from customers in the United States, mainland China, Europe, Asia Pacific (excluding mainland China), and other regions were USD 506 million, USD 162.5 million, USD 99.5 million, USD 53.2 million, and USD 18.3 million, respectively. These figures accounted for 60.2%, 19.4%, 11.9%, 6.3%, and 2.2% of total external revenue.
Subsidiary Legend Biotech Corporation’s (NASDAQ: LEGN) BCMA-directed CAR-T therapy Carvykti (ciltacabtagene autoleucel), co-developed and commercialized with Johnson & Johnson, has received marketing approvals in the United States, EU, and Japan for heavily pre-treated patients with relapsed/refractory multiple myeloma (MM). The drug also obtained marketing approval for second-line MM in the US and EU in April this year, following USD 500 million in net sales for 2023.
GenScript ProBio, the company’s Contract Development and Manufacturing Organization (CDMO) unit, offers integrated services for the discovery, development, and production of macromolecular drugs. Services range from customized DNA synthesis to antibody development. During the reporting period, life science services and products revenue increased by 14.5% YOY to USD 412.9 million. Biopharmaceutical development services saw sales of USD 109.5 million, up 12.4% YOY, and industrial synthetic biological products recorded sales of USD 43.1 million, up 11.4% YOY.- Flcube.com
