金斯瑞生物科技(01548) - 2023 - 年度财报

Revenue Distribution and Growth - Life Science Services and Products accounted for 48.2% of the company's total revenue, while Biologics Development Services, Industrial Synthetic Biology Products, and Cell Therapy accounted for 12.7%, 5.1%, and 33.9% respectively[5] - The company's revenue distribution by region for 2023 was approximately $506.0 million (60.2$162.5 million (19.4%) in Mainland China, $99.5 million (11.9$53.2 million (6.3%) in the Asia-Pacific region (excluding Mainland China), and $18.3 million (2.2$839.5 million in 2023, compared to $625.7 million in 2022[14] - Non-cell therapy external revenue grew by 8.9$554.5 million in 2023, up from $509.0 million in 2022[14] - Cell therapy external revenue surged by 144.2$285.0 million in 2023, compared to $116.7 million in 2022[14] - Revenue in 2023 reached$839.529 million, a significant increase from $625.698 million in 2022[17] - Total revenue for the year ended December 31, 2023, was approximately$839.5 million, a 34.2% increase compared to $625.7 million in the previous year[28] - Revenue breakdown by business unit: Life Science Services and Products (48.2$506.0 million, 60.2%), Mainland China ($162.5 million, 19.4$99.5 million, 11.9%), Asia-Pacific excluding Mainland China ($53.2 million, 6.3$18.3 million, 2.2%)[27] - Life Science Services and Products revenue increased to $412.9 million in 2023 from$360.5 million in 2022[30] - Cell Therapy revenue grew significantly to $285.1 million in 2023 from$117.0 million in 2022[30] - The company's total revenue for 2023 was approximately $839.5 million, a 34.2$625.7 million in 2022, driven by growth in non-cell therapy business and CARVYKTI sales[50] Gross Profit and Net Loss - Group gross profit increased by 34.7% to $409.6 million in 2023, up from$304.1 million in 2022[14] - Non-cell therapy gross profit (before elimination) rose by 5.3% to $270.6 million in 2023, compared to$257.1 million in 2022[14] - Cell therapy gross profit (before elimination) jumped by 173.1% to $140.9 million in 2023, up from$51.6 million in 2022[14] - Group net loss narrowed to $355.1 million in 2023 from$428.0 million in 2022[15] - Adjusted net loss decreased to $298.2 million in 2023, compared to$359.4 million in 2022[15] - Non-cell therapy adjusted net profit (before elimination) was $58.1 million in 2023, slightly down from$62.4 million in 2022[15] - Cell therapy adjusted net loss (before elimination) improved to $356.6 million in 2023 from$422.1 million in 2022[15] - Gross profit for 2023 was $409.553 million, up from$304.083 million in 2022[17] - Net loss attributable to the company's owners in 2023 was $95.477 million, a decrease from$226.851 million in 2022[17] - Gross profit for 2023 was approximately $409.6 million, a 34.7$304.1 million in 2022[28] - The company's net loss narrowed to approximately $355.1 million in 2023, compared to$428.0 million in 2022[28] - Adjusted gross profit for Life Science Services and Products increased to $224.5 million in 2023 from$201.1 million in 2022[30] - The company reported an adjusted net loss of $298.2 million for 2023, an improvement from the$359.4 million loss in 2022[49] - The company's adjusted operating loss for the cell therapy segment in 2023 was $394.5 million, compared to$422.1 million in 2022, with R&D investment costs of 356.9 million[47] Business Units and Subsidiaries - The company's Life Science Services and Products division has been cited in over 87,745 peer-reviewed academic journal articles as of December 31, 2023[6] - The company's CDMO division, GenScript ProBio, provides end-to-end services from concept to commercialization for antibody/protein therapy, cell therapy, and gene therapy development[8] - Legend Biotech, a subsidiary of the company, is developing advanced cell therapy platforms including CAR-T, γδ T cells, and NK cell immunotherapies[8] - Bestzyme, another subsidiary, focuses on industrial enzyme and functional protein production using synthetic biology for industries such as feed, alcohol, food, and home care[8] - The company's cell therapy subsidiary, Legend Biotech, treated over 1,000 patients with CARVYKTI in 2023[20] - The company's synthetic biology business saw significant growth, with AI technology deployment improving R&D efficiency[20] - The company is actively conducting clinical trials to expand CARVYKTI's target market for early-stage multiple myeloma patients[21] - The company optimized its management team and market strategy to address production difficulties in its Bestzyme business[22] - The company operates in four business units: (i) Life Science Services and Products, (ii) Biologics Development Services, (iii) Industrial Synthetic Biology Products, and (iv) Cell Therapy[155] - The company's products and services are used by scientists and researchers for basic life science research, translational biomedical research, and early-stage drug development activities[155] - The company's cell therapy products are used to treat refractory diseases, including cancer and inflammatory diseases[155] Financial Position and Investments - Non-current assets increased to 1,034.191 million in 2023 from $781.433 million in 2022[17] - Cash and cash equivalents rose to$1,446.403 million in 2023 from $1,023.999 million in 2022[17] - The company's cash and cash equivalents increased to approximately$1.4 billion as of December 31, 2023, compared to $1.0 billion in 2022[69] - The company's property, plant, and equipment increased by 16.6$608.1 million as of December 31, 2023, compared to $521.6 million in 2022[66] - The company's contract costs increased by 8.5$17.9 million as of December 31, 2023, compared to $16.5 million in 2022[65] - The company's cash inflow from financing activities was approximately$1.1 billion, primarily due to the issuance of new ordinary shares and warrants by Legend[70] - Capital expenditures for the period included $4.1 million for intangible assets (software, patents, and licenses),$98.8 million for cooperative use rights, and $153.6 million for property, plant, and equipment[71] - The company held significant financial assets valued at$137.5 million as of December 31, 2023, including $105.3 million in liquid financial products and$31.9 million in non-liquid investments[72] - The company invested in low-risk, highly liquid financial products such as money market funds and credit-linked notes, with expected annual returns ranging from 1.4% to 5.9%[72] - As of December 31, 2023, the company held $75.0 million in credit-linked notes, with$43.0 million issued by J.P. Morgan Financial and $32.0 million by J.P. Morgan Structured Products B.V.[77] - The credit-linked notes provided fixed annual interest rates of 5.20$117.5 million, with a fair value of $118.3 million[76] - The company's financial products included non-principal-guaranteed floating income products and credit-linked notes, with investments in major banks and financial institutions in China, Hong Kong, the Netherlands, and the U.S.[76] - The company's financial products were not used as collateral for borrowing, and no defaults were reported by the issuing banks or financial institutions[76] - The company's investment strategy focused on enhancing cash utilization through financial products, with purchases approved by the CFO or subsidiary CFOs[74] - The company's financial products were primarily issued by major banks such as China Merchants Bank, Bank of China, and J.P. Morgan, with maturities ranging from 1 day to approximately 2 years[76] - The fair value gains on financial assets measured at fair value through profit or loss were approximately$2.4 million, with investment income of approximately $4.4 million during the reporting period[79] Financing and Loans - Probio Cayman raised a total of$150.0 million through the sale of 300,000,000 Probio A Class Preferred Shares and warrants[58] - Probio Cayman completed a Series C financing round, raising approximately $224.0 million by issuing 319,998,370 Probio C Class Preferred Shares[59] - The fair value of Probio A Class Preferred Shares, Probio C Class Preferred Shares, and Probio warrants was assessed at approximately$350.2 million as of December 31, 2023[59] - Probio Cayman completed a Series B financing round, raising approximately $37.3 million by issuing 57,314,000 Probio B Class Preferred Shares[60] - Nanjing Bestzyme Biotechnology Co., Ltd. raised RMB 250.0 million (approximately$35.2 million) through a Series A financing round, acquiring 10.4168% equity[61] - Probio Cayman completed a Series C financing round, raising a total of $224.0 million by issuing 319,998,370 Series C preferred shares[82] - Nanjing Bestzyme completed a Series A financing round, raising RMB 250.0 million (approximately$35.2 million) by issuing new registered capital of RMB 37,609,070 (approximately $5.3 million)[82] - Legend Biotech completed multiple financing rounds, including a private placement and registered direct offering, raising funds through the sale of shares at prices ranging from$26.12 to $64.0 per share[84] - GenScript Japan Inc. secured a long-term mortgage loan of JPY 10.0 million (approximately$71,000) from Mizuho Bank at a floating interest rate of TIBOR plus 0.25%[88] - Nanjing GenScript Biotech Corporation borrowed short-term loans totaling RMB 94.0 million (approximately $13.3 million) from Citibank at a fixed annual interest rate of 2.4$7.1 million) from China Merchants Bank at a fixed annual interest rate of 2.5%[88] - Nanjing GenScript Biotech Corporation borrowed short-term loans totaling RMB 121.2 million (approximately $17.1 million) from China CITIC Bank at fixed annual interest rates ranging from 1.4$3.4 million) from China CITIC Bank at fixed annual interest rates ranging from 1.4% to 1.5%[88] - Nanjing Probio borrowed a short-term interest-bearing loan of RMB 10.0 million (approximately USD 1.4 million) from China Merchants Bank with a fixed annual interest rate of 2.6% for daily operations[89] - Nanjing Probio borrowed a short-term interest-bearing loan of RMB 72.4 million (approximately USD 10.2 million) from CITIC Bank with a fixed annual interest rate of 1.5% to 1.7% through bank bill discounting[89] - Jiangsu Probio borrowed a short-term interest-bearing loan of RMB 10.0 million (approximately USD 1.4 million) from China Merchants Bank with a fixed annual interest rate of 2.6% for daily operations[89] - Jiangsu Probio borrowed a long-term interest-bearing loan of RMB 41.6 million (approximately USD 5.9 million) from China Construction Bank and Jiangsu Bank with a fixed annual interest rate of 4.2%, using land use rights as collateral for factory construction[89] - Legend received prepaid funds totaling USD 250.0 million from a partner, with interest payable of USD 31.3 million as of December 31, 2023[91] - The group's current ratio improved to 4.8 (from 3.2 in 2022), and the debt-to-asset ratio decreased to 39.6% (from 46.5% in 2022)[94] - The group has USD 60.0 million in outstanding foreign exchange forward and option contracts as of December 31, 2023, to manage currency risk[98] - The group's assets in Tokyo, Japan, valued at approximately JPY 1.2 billion (USD 8.3 million), were mortgaged for a JPY 10.0 million (USD 71,000) loan[92] - Jiangsu Probio's land use rights valued at RMB 35.7 million (USD 5.0 million) were mortgaged for a RMB 41.6 million (USD 5.9 million) loan[92] R&D and Clinical Trials - The company plans to invest in R&D to enhance capabilities in cell and gene therapy (CGT) and other advanced therapies[34] - R&D expenses for 2023 increased by 10.9% to $432.8 million, compared to$390.1 million in 2022, driven by increased investment in cilta-cel clinical trials and other pipeline projects[55] - The company is actively conducting clinical trials to expand CARVYKTI's target market for early-stage multiple myeloma patients[21] - Legend Biotech submitted a supplemental Biologics License Application to the FDA to expand the indication of CARVYKTI® for multiple myeloma treatment[43] - CARVYKTI® (cilta-cel) received FDA approval in April 2024 for the treatment of relapsed or refractory multiple myeloma in adult patients who have received at least one prior line of therapy, including a proteasome inhibitor and an immunomodulatory agent, and are lenalidomide-resistant[44] - CARVYKTI® is currently marketed in the U.S., Germany, and Austria, with growing commercial demand from both the U.S. and Europe[44] - The cell therapy segment revenue for 2023 was approximately $285.1 million, a 143.7$117.0 million in 2022, driven by collaboration revenue from CARVYKTI sales under the Janssen agreement[47] - The cell therapy segment's adjusted gross profit for 2023 was approximately $143.9 million, a 171.5$53.0 million in 2022[47] - Legend Biotech received milestone payments of $15 million and$20 million from Janssen for regulatory submissions in Europe and the US, respectively[107] - Legend Biotech entered into a licensing agreement with Novartis, receiving a $100 million upfront payment and potential milestone payments of up to$1.01 billion[107] Operational Efficiency and Market Strategy - The company optimized its management team and market strategy to address production difficulties in its Bestzyme business[22] - The company's inventory turnover days decreased to 62 days in 2023 from 71 days in 2022[17] - The company plans to increase R&D investment, enhance operational efficiency through digital transformation, and expand global production capacity to mitigate supply chain risks[111] - In the life sciences division, the company aims to improve throughput and reduce costs through automation and AI-driven R&D capabilities[112] - The group plans to expand production capacity globally, including molecular biology and protein business capacity in China and overseas markets, and GMP production facilities for plasmids and vectors in China and the US[95] - The company aims to expand production capacity in the US, Singapore, and mainland China to support long-term growth[34] - The company intends to increase market penetration in North America and expand production capacity to reduce supply chain risks[39] - The company plans to leverage its synthetic biology capabilities to provide innovative products in new application areas[41] Employee and Management - As of December 31, 2023, the company had a professional team of approximately 6,937 members[5] - The company's total employee compensation expenses (excluding equity-settled share-based compensation) amounted to approximately $449.8 million, representing 53.6% of total revenue[113] - The company has adopted multiple equity incentive plans, including pre-IPO and post-IPO share option plans, to reward employees and directors for their contributions[114][115] - Total number of employees as of December 31, 2023, is 6,937, with production staff accounting for 53.4% (3,706 employees), sales and marketing for 9.2% (639 employees), administration for 15.7% (1,090 employees), R&D for 9.8% (677 employees), and management for 11.9% (825 employees)[116] - The company's compensation policy for directors and senior management is based on the company's operating performance, individual performance, and comparable market data, and is regularly reviewed by the Remuneration Committee[116] - The company invests in continuous education and training programs for employees to enhance their skills and knowledge, covering technical knowledge, environmental protection, health and safety management systems, and mandatory training required by applicable laws and regulations[117] - The board of directors consists of 13 members, including 4 executive directors, 3 non-executive directors, and 6 independent non-executive directors