Harbour BioMed (HKG: 2142), a biopharmaceutical company with a global presence in Suzhou, China, Cambridge in the US, has announced its financial results for the full year of 2023. The company reported a significant leap in revenues, reaching USD 89.5 million, which marks an increase of 119.9% year-on-year (YOY). In a notable achievement, Harbour BioMed also posted net profits for the first time, amounting to USD 22.8 million.
The substantial revenue growth was propelled by payments from license out and collaboration agreements. Harbour BioMed and its subsidiary, Nona Biosciences, have established significant deals with industry giants such as Pfizer, Cullinan Oncology, AstraZeneca, Hualan Genetic, and Kelun-Biotech.
In addition to these partnerships, Harbour BioMed is advancing its own pipeline, which comprises over 10 potentially differentiated drug candidates, with four currently in clinical development. The lead candidates include Batoclimab (HBM9161), Porustobart (HBM4003), HBM7008, and HBM1020. The company reported a considerable decrease in research and development expenses for 2023, down by 66.6% YOY to USD 45.1 million. This reduction is mainly due to optimized investments in its clinical programs and molecule assets in discovery and pre-clinical stages, as well as the effective implementation of cost control measures.- Flcube.com
