Shanghai Henlius Biotech Inc., (HKG: 2696), a China-based biopharmaceutical company, has released a positive profit forecast, anticipating a minimum profit of RMB 500 million (USD 72.4 million) in 2023, marking the company’s first profitable year. This forecast is attributed to the sustained sales growth of its products Hanquyou (trastuzumab injection, EU trade name: Zercepac) and the anti-programmed death-1 (PD-1) monoclonal antibody HanSiZhuang (serplulimab), along with cost reductions and efficiency improvements under the company’s streamlined management practices.
In parallel, Akeso Biopharma (HKG: 9926), another Chinese biotech firm, has also announced its first annual profit, earning RMB 1.85 billion, a significant turnaround from a RMB 1.42 billion loss in the same period of the previous year.
Akeso Biopharma’s landmark USD 5 billion licensing agreement with US-based Summit Therapeutics, concerning the bispecific antibody (BsAb) ivonescimab (AK112) that targets both PD-1 and vascular endothelial growth factor (VEGF), included an initial payment equivalent to USD 500 million received in the first quarter of 2023. The majority of this down payment has been recognized as license fee income, amounting to approximately RMB 2.9 billion. The remaining portion of the down payment will be recognized as operating income over time. Additionally, the BsAb drug candidate cadonilimab (AK104) contributed significantly to the company’s financial performance in 2023, owing to its notable clinical value.- Flcube.com
