Innovent Biologics Inc. (HKG: 1801), a China-based biotechnology firm, has released its 2023 financial report, revealing a robust revenue growth of 36.2% year-on-year (YOY) to RMB 6.21 billion (USD 862 million). Product sales constituted RMB 5.73 billion (USD 796 million), marking a 38.4% YOY increase. Despite reporting a loss of RMB 1.03 billion (USD 143 million) for the year, this reflects a significant 52.8% improvement compared to the previous year.
The company now boasts 10 commercial-stage products, including the PD-1 inhibitor Tyvyt (sintilimab), which recently received its seventh indication approval in China. The sales performance of Tyvyt has been described as ‘robust,’ although specific figures were not disclosed.
In 2023, Innovent secured two major approvals: the BCMA-targeted CAR T cell therapy Fucaso (equecabtagene autoleucel), co-developed with IASO Biotherapeutics, was approved by China’s National Medical Product Administration (NMPA) in June for treating fourth-line relapsed refractory multiple myeloma. Additionally, in August, the NMPA approved the PCSK9 inhibitor Sintbilo (tafolecimab injection) for treating primary hypercholesterolemia and mixed dyslipidemia in patients who do not achieve lipid-lowering goals with statins.
Looking ahead, Innovent has three products under New Drug Application (NDA) review: IBI351 (fulzerasib), a novel KRAS G12C inhibitor for NSCLC; IBI344 (taletrectinib), a next-generation ROS1 tyrosine kinase inhibitor for ROS1-positive NSCLC; and IBI362 (mazdutide), a GLP-1R/GCGR dual agonist with promising clinical data for type 2 diabetes and obesity, which is set for a first approval filing in February 2024.- Flcube.com
