Innovent Biologics (1801) H2 2024 earnings summary

Executive summary

• Achieved first-ever positive net profit (RMB 331.6m) and EBITDA (RMB 411.6m) on a non-IFRS basis in 2024, with total revenue up 51.8% to RMB 9,421.9m, driven by strong product sales and license fee income.

• Oncology leadership solidified with TYVYT® and rapid uptake of new launches; five new medicines approved, expanding the portfolio to 15 commercialized products.

• Dual growth strategy in oncology and cardiovascular/metabolic (CVM) diseases, with general biomedicine emerging as a second growth engine.

• Strategic collaborations expanded with Roche, Lilly, ASK Pharm, and IASO Bio, enhancing global innovation and pipeline value.

• Robust late-stage pipeline and global R&D expansion, including multiple FDA fast-track designations, Phase 3 data readouts, and global collaborations.

Financial highlights

• Gross profit margin increased to 84.9% (up 2.1pp yoy); gross profit rose 56.1% to RMB 7,911.7m.

• SG&A expenses as a percentage of revenue decreased by 7.1pp to 50.9%, reflecting improved operational efficiency.

• IFRS loss narrowed by 90.8% to RMB 94.6m; Non-IFRS profit turned positive at RMB 331.6m (vs. loss of RMB 514.5m in 2023).

• Cash and cash equivalents stood at RMB 10,221.1m as of year-end 2024.

• License fee income and new product launches contributed to revenue growth.

Outlook and guidance

• Targeting RMB 20bn product revenue by 2027 and five pipeline assets in global MRCT Phase 3 by 2030.

• Six new product launches anticipated in 2025, with continued strong growth expected in both oncology and CVM segments.

• Focus on dual-driven growth: strengthening oncology leadership and accelerating commercialization in chronic diseases.

• Continued global expansion, with more clinical trials in the U.S. and other key markets.

• Ongoing investment in R&D and commercialization to sustain innovation and global expansion.