Everest Medicines (HKG: 1952), a China-based biotech company, has released its 2023 annual financial results alongside a corporate update, revealing a staggering 884% year-on-year revenue increase to RMB 125.9 million (USD 17.4 million). However, net losses widened by RMB 597.2 million, reaching RMB 844.5 million. Notably, research and development (R&D) expenses decreased by 33.3% to RMB 540.1 million, while cash and cash equivalents totaled RMB 2,349.7 million.
The firm’s recently launched antibiotic, Xerava (eravacycline), generated revenue of RMB 125.9 million in 2023, significantly surpassing initial guidance of RMB 70-100 million. Meanwhile, Nefecon (budesonide) received New Drug Application (NDA) approvals in Macau and mainland China in October and November 2023, respectively. Everest aims to provide Nefecon to an estimated 5 million patients in mainland China in 2024, enhancing access through its charity program and establishing a dedicated sales team of up to 120 nephrology representatives to target approximately 600 hospitals, covering around 60% of the IgAN patient population in the region.
In a strategic shift, Everest announced the termination of its collaboration and license agreements with Providence Therapeutics Holdings Inc. Moving forward, the company will independently develop its mRNA-based products, retaining full intellectual property and global rights, with the exception of future milestone or royalty obligations related to rabies or shingles vaccines developed in collaboration with Providence.- Flcube.com
