GENSCRIPT BIO(HK:01548)2022-04-25 08:47Financial Performance - The group's revenue for the year ended December 31, 2021, was approximately $511.1 million, an increase of 30.8% compared to approximately $390.8 million for the year ended December 31, 2020[13]. - The adjusted net loss for the group was approximately $307.3 million, compared to an adjusted net loss of approximately $170.8 million for the year ended December 31, 2020[13]. - The net loss attributable to owners of the company was approximately $347.9 million, compared to approximately $204.9 million in the previous year[15]. - The group incurred a total loss of approximately $501.0 million for the year, compared to a loss of approximately $281.4 million in the previous year[14]. - The company reported a net loss attributable to shareholders of $347.865 million in 2021, worsening from a loss of $204.945 million in 2020[17]. - The company achieved a revenue of $511.062 million, representing a 31% increase from the previous year[17]. - The gross profit for 2021 was $303.484 million, which is an 18.5% increase compared to 2020[17]. - External revenue from non-cell therapy business was approximately $424.7 million, up 34.8% from approximately $315.1 million in the previous year[13]. Revenue Breakdown - The four main business segments generated external revenues of approximately $305.9 million (59.8%), $80.3 million (15.7%), $38.2 million (7.5%), and $86.4 million (16.9%) respectively[7]. - Revenue from the Life Sciences Services and Products segment was approximately $315.8 million, a 26.4% increase from about $249.8 million in the previous year[33]. - The cell therapy business reported an external revenue of approximately $86.4 million, an increase of 14.1% from approximately $75.7 million in the previous year[13]. - Revenue from biopharmaceutical development services reached approximately $81.4 million, a 101.5% increase from $40.4 million in the previous year[38]. - Revenue from industrial synthetic biological products was approximately $38.6 million, a 33.6% increase from $28.9 million[42]. - Revenue from the cell therapy division was approximately $89.8 million, an 18.6% increase from $75.7 million[45]. Research and Development - Research and development expenses for the year were approximately $358.4 million, a 36.1% increase from approximately $263.4 million in the previous year[15]. - The company plans to invest aggressively in R&D and business development to capitalize on new growth opportunities[20]. - The company aims to enhance operational efficiency through digital transformation and lean management systems[80]. - The company is committed to increasing R&D investment to improve product competitiveness and meet customer needs[80]. Operational Expansion - The company expanded its direct sales network to over 100 countries, generating approximately $267.2 million (52.3%) from the US, $144.4 million (28.2%) from mainland China, and $43.4 million (8.5%) from Europe[10]. - The company employed approximately 5,260 staff members as of December 31, 2021, reflecting its growth and operational expansion[7]. - The company plans to expand its capabilities in gene and cell therapy through new GMP facilities and enhance its quality systems to meet global standards[39]. - The company aims to leverage advanced technologies to improve service platforms and expand its global market presence through internal capabilities and external collaborations[39]. Strategic Initiatives - The company aims to enhance customer competitiveness through high-quality, timely, and cost-effective services and products[7]. - The company is developing a CAR-T therapy, cilta-cel, in collaboration with Janssen Biotech, with regulatory submissions made to both the EMA and FDA[10]. - The company aims to become a leading CDMO in gene and cell therapy, focusing on innovative tools and technologies to support this goal[19]. - The company is targeting the BCMA market, which is less crowded and presents greater opportunities compared to the CD-19 market[22]. Financial Position - Cash and cash equivalents increased to $1.180971 billion in 2021, up from $629.058 million in 2020[17]. - The net assets of the company reached $1.092955 billion in 2021, reflecting a significant increase from $815.591 million in 2020[17]. - The company had approximately $145.5 million in unused bank credit facilities as of December 31, 2021, down from about $178.3 million in 2020[62]. - The company’s property, plant, and equipment increased by 27.4% to approximately $439.9 million, up from about $345.2 million in 2020, due to ongoing facility construction and equipment procurement[59]. Corporate Governance - The board of directors consists of ten members, including three executive directors and four independent non-executive directors[87]. - The company emphasizes the importance of corporate governance with independent directors overseeing key committees[99]. - The leadership team includes professionals with advanced degrees, such as MBAs and PhDs, contributing to informed decision-making[100]. - The company has established a robust framework for compliance and risk management through its audit committee[99]. Market Outlook - The company provided guidance for 2022, projecting a revenue growth of 20% to 25%[28]. - Future outlook remains positive, with expectations of continued growth driven by innovation and market expansion[28]. - The company is expanding its market presence in Europe, targeting a 15% market share by 2023[28]. - The company is exploring potential acquisitions to strengthen its portfolio, with a focus on companies that align with its strategic goals[108].