INNOCARE(SH:688428) Xin Lang Cai Jing·2025-04-02 02:35Core Insights - The company achieved a revenue of 1.01 billion yuan in 2024, representing a year-on-year growth of 36.7%, while narrowing its net loss to 440 million yuan, a decrease of 30.2% compared to the previous year [1] - The revenue from Oubatin increased significantly to 1 billion yuan in 2024, marking a 49.1% year-on-year growth, driven by the inclusion of r/r MZL indication in medical insurance and the strengthening of the commercialization team [1] - The gross profit improved significantly to 870 million yuan, with a gross margin of 86.3%, an increase of 3.7 percentage points year-on-year, primarily due to a decrease in unit sales costs [1] Revenue and Financial Performance - In 2024, the company reported a total revenue of 1.01 billion yuan, with a gross profit of 870 million yuan, reflecting a gross margin of 86.3% [1] - The company's expenses included sales, management, and R&D costs of 420 million, 170 million, and 820 million yuan respectively, with sales expenses increasing by 14.5% due to enhanced commercialization efforts [1] Product Development and Pipeline - Oubatin has three indications contributing to revenue in the hematological malignancies field, with one indication (1L CLL/SLL) currently in the NDA stage [1] - The company is advancing new indications in the autoimmune field, including ITP, MS, and SLE, which are in clinical phases 2/3 [1] - The company signed an exclusive licensing agreement for ICP-B02, granting Prolium rights for development and commercialization in non-oncology and global oncology markets outside Asia, with potential milestone payments totaling up to 502.5 million USD [2] Future Catalysts - Key upcoming catalysts for 2025 include the approval of Oubatin for 1L CLL/SLL, initiation of global phase 2 clinical trials for nodular prurigo, and submission of IND for ICP-B794 [3] - The company anticipates revenue growth projections of 1.383 billion, 1.797 billion, and 2.222 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 37.0%, 29.9%, and 23.7% [3]