China-based biotech RemeGen Co., Ltd (HKG: 9995, SHA: 688331) released its 2024 financial report, recording RMB 1.717 billion (USD 236.3 million) in revenues, a 58.54% year-on-year (YOY) increase. Product sales reached RMB 1.699 billion (USD 233.9 million), up 61.9% YOY. The annual loss decreased by 2.8% YOY to RMB 1.468 billion (USD 202 million), while R&D expenses grew by 17.9% YOY to RMB 1.5398 billion (USD 212 million). As of December 31, 2024, the company’s bank balance and cash amounted to RMB 763.1 million (USD 105 million).
Product Performance
The revenue growth was driven by strong sales of telitacicept (RC18), a commercialized autoimmune drug, and disitamab vedotin (RC48), a listed anti-tumor drug. Telitacicept, awarded fast-track status in the US in March 2024 for treating primary Sjögren’s syndrome (pSS), is awaiting regulatory decisions in China for generalized myasthenia gravis (gMG). Disitamab vedotin has initiated a Phase III study in first-line advanced urothelial carcinoma when combined with a PD-1 inhibitor in China, following positive Phase III results in advanced breast cancer with HER2 positivity and liver metastasis.-Fineline Info & Tech
