Everest Medicines (HKG: 1952) reported 2024 financial results, with revenue skyrocketing 142% YoY to RMB 1.707 billion (USD 247 million) driven by Nefecon (budesonide delayed-release capsules) rapid commercial uptake. The world’s first etiological treatment for IgA nephropathy became the first non-oncology drug to exceed RMB 1 billion revenue within its first year of NRDL inclusion (January 2025). Non-IFRS net loss narrowed 71% to RMB 298 million, with strong cash balance of RMB 2.731 billion (USD 395 million) supporting pipeline advancement.
Financial Highlights
Metric
2024 Result
YoY Change
Strategic Driver
Total Revenue
RMB 1.707 billion (USD 247M)
+142%
Nefecon NRDL inclusion + rapid market penetration
Non-IFRS Net Loss
RMB 298 million (USD 43.2M)
-71% (narrowed)
Operating leverage from commercial scale
Cash Balance
RMB 2.731 billion (USD 395M)
Strong
3+ years runway for pipeline execution
Nefecon Revenue
>RMB 1 billion (USD 144M+)
First-year NRDL record
First non-oncology drug to achieve milestone in debut NRDL year
Commercial Success: Nefecon (IgA Nephropathy)
Achievement
Significance
World’s First Etiological Treatment
Addresses root cause of IgA nephropathy (gut mucosal immunity) vs. symptomatic management
NRDL Inclusion
January 2025 – national reimbursement unlocks volume access
Revenue Milestone
>RMB 1 billion in first NRDL year – unprecedented for non-oncology innovative drug in China
Market Position
Category leader in IgA nephropathy; ~500,000 diagnosed patients in China with high unmet need
Clinical Pipeline Progress
Asset
Indication
2024/2025 Milestone
2026 Catalyst
EVER001
Membranous nephropathy (MN)
Positive Ib/IIa data
Phase II basket trial (H1 2026) – IgA nephropathy, FSGS, MCD
Forward‑Looking Statements This brief contains forward‑looking statements regarding 2026 clinical trial initiations, NDA filings, and regulatory approvals for EVER001, VIS-101, LEROCHOL, and Cardamyst. Actual results may differ due to clinical efficacy outcomes, competitive dynamics in IgA nephropathy (sparsentan, iptacopan), and reimbursement negotiations for pipeline assets.-Fineline Info & Tech
By Fineline Cube 