GENSCRIPT BIO(HK:01548)2023-08-20 10:19Financial Performance - For the six months ended June 30, 2023, the group's revenue was approximately $391.3 million, an increase of 26.4% compared to approximately $309.6 million in the same period of 2022[2]. - The gross profit for the same period was approximately $175.0 million, up 3.9% from approximately $168.5 million in the prior year[2]. - The group reported a loss of approximately $245.8 million, compared to a loss of approximately $233.6 million in the same period of 2022[2]. - The adjusted net loss for the six months was approximately $162.0 million, compared to an adjusted net loss of approximately $134.8 million in the same period of 2022[2]. - The loss attributable to owners of the company was approximately $93.6 million, compared to a loss of approximately $135.5 million in the same period of 2022[2]. - The comprehensive loss for the period totaled $258.170 million, with the loss attributable to the parent company amounting to $161.901 million[25]. - The company reported a pre-tax loss of $93,581 for the six months ended June 30, 2023, compared to a loss of $135,507 in the same period of 2022, indicating an improvement[42]. - The net loss for the group during the reporting period was approximately $245.8 million, compared to a net loss of $233.6 million in the same period last year[84]. Revenue Breakdown - The external revenue from non-cell therapy business was approximately $281.8 million, a 13.8% increase from approximately $247.7 million in the same period of 2022[2]. - The external revenue from cell therapy business was approximately $109.5 million, a significant increase of 76.9% from approximately $61.9 million in the same period of 2022[2]. - Revenue from the Life Sciences Services and Products segment was approximately $203.0 million, a 15.3% increase from approximately $176.0 million in the previous year[67]. - Revenue from biopharmaceutical development services was approximately $65.1 million, a slight increase of 3.8% compared to approximately $62.7 million in the same period of 2022[68]. - Revenue from industrial synthetic biological products was approximately $18.2 million, an increase of 8.3% compared to approximately $16.8 million in the same period of 2022[70]. - Revenue from cell therapy was approximately $109.7 million, a significant increase of 76.9% compared to approximately $62.0 million in the same period of 2022, primarily due to collaboration revenue from CARVYKTI sales[71]. Assets and Liabilities - As of June 30, 2023, total non-current assets increased to $915,969 thousand from $781,433 thousand as of December 31, 2022, representing a growth of approximately 17.2%[11]. - Current assets rose significantly to $2,468,352 thousand from $1,764,950 thousand, marking an increase of about 40%[12]. - The total liabilities decreased from $1,183,715 thousand as of December 31, 2022, to $1,298,277 thousand as of June 30, 2023, indicating a reduction of approximately 7.5%[13]. - The company reported a net asset value of $2,086,044 thousand as of June 30, 2023, compared to $1,362,668 thousand at the end of 2022, representing a growth of approximately 53%[13]. - The company’s total liabilities as of June 30, 2023, were not explicitly stated but can be inferred to have increased due to the rise in lease liabilities and other financial obligations[59]. Cash Flow and Investments - The company's cash and bank balances surged to $1,397,334 thousand, up from $941,937 thousand, reflecting a growth of approximately 48.4%[12]. - The company reported cash and bank balances of $1,397,334,000, an increase from $941,937,000 as of December 31, 2022, representing a growth of approximately 48.4%[53]. - The group held significant investments valued at approximately $259.4 million as of June 30, 2023, compared to $222.5 million as of December 31, 2022[87]. - The company invested $40 million in credit-linked notes issued by JPMorgan, rated A- by S&P, with a fixed annual interest rate of 5.2%[90]. - The company holds $60 million in JPMorgan's U.S. Government Money Market Fund, rated AAAm by S&P, and $62 million in JPMorgan's 100% U.S. Treasury Money Market Fund, also rated AAAm by S&P[90]. Operational Highlights - The company is engaged in the development and commercialization of CARVYKTI, sharing profits with partners, which may impact future revenue streams[20]. - The company plans to expand production capacity globally to meet strong customer demand, particularly in life sciences services and products[101]. - In China, the company aims to enhance its capabilities in antibody discovery, process development, and GMP production, along with building plasmid and virus GMP production facilities in both China and the US[101]. - The company continues to focus on the CGT industry, leveraging partnerships to enhance R&D efficiency and cost-effectiveness[109]. - The life sciences business has served over 200,000 customers across more than 100 countries since its establishment in 2002[110]. Employee and Compensation - As of June 30, 2023, the company had approximately 6,414 employees[64]. - The total number of employees is 6,414, with production accounting for 49.6% (3,183 employees) of the workforce[113]. - The total employee compensation expenses were about $260.9 million, accounting for approximately 66.7% of total revenue[111]. Compliance and Governance - The Audit Committee has reviewed the unaudited interim results for the six months ending June 30, 2023, ensuring compliance with relevant accounting standards and regulations[121]. - The company has adopted a self-developed code for securities trading, which is stricter than the standards set by the listing rules[119]. - The company has established a Sanctions Risk Control Committee to monitor activities potentially subject to economic sanctions, ensuring effective oversight[122].