Innovent Announces 2024 Interim Results and Business Updates

Core Viewpoint - Innovent Biologics reported strong commercial performance and significant pipeline milestones in the first half of 2024, indicating sustained growth and innovation in its operations [2][3]. Financial Performance - Total revenue reached RMB3,952.3 million, reflecting a year-over-year growth of 46.3% [3]. - EBITDA loss was reduced to RMB160.8 million, a notable year-over-year decrease of 39.9% [3]. - Gross profit margin improved to 84.1%, up by 1.8 percentage points year-over-year [3]. - Selling and marketing expenses decreased to 48.6%, down by 5.9 percentage points year-over-year [3]. - R&D expenses totaled RMB1,293.9 million, with cash and short-term financial assets amounting to RMB10,112.3 million (over USD1.4 billion) [3]. Product Revenue Growth - Product sales revenue was RMB3,811.4 million, showing a strong year-over-year growth of 55.1% [4]. - The company has eleven approved products, including TYVYT® and BYVASDA®, with new approvals in the Macau market [4]. - TYVYT® and BYVASDA® were included in the National Reimbursement Drug List (NRDL) for treating EGFR-mutated NSCLC [4][12]. Pipeline and Innovation - Seven new assets are in NDA review or pivotal registrational clinical trials, with 18 assets in early-phase clinical studies [6]. - Significant progress in late-stage assets, including new indications for TYVYT® and IBI310 [6]. - The company is actively preparing for commercialization in the cardiovascular and metabolic (CVM) field, with three new drug applications submitted [5]. Manufacturing and R&D Capacity - A new R&D center in Shanghai became operational in August 2024, enhancing research capabilities [7]. - The first manufacturing site has a production capacity of 60,000L for antibodies and ADCs, with a second site under construction [7]. ESG Commitment - Innovent is committed to sustainable development and ethical business practices, recently launching an ESG website to highlight its initiatives [7]. - The company received an 'A' level in MSCI ESG rating, positioning it at the forefront of the biotechnology industry [7].