BD之王遇冷？和铂医药出海背后的隐忧：收入倒退回两年前，研发缩水超5成 ｜ 创新药观察

Core Insights - The company reached a global strategic cooperation agreement with Otsuka Pharmaceutical for the development, manufacturing, and commercialization rights of its BCMAxCD3 bispecific T cell engager HBM7020 outside Greater China, receiving an upfront payment of $47 million and potential milestone payments of up to $623 million, totaling approximately 4.8 billion RMB [2] - Despite facing challenges such as revenue fluctuations, declining R&D investment, and ongoing patent disputes, the company has completed 17 business development (BD) transactions, making it the domestic leader in BD deals [4][5] - The company's revenue heavily relies on BD activities, with 2024 revenue recorded at $38.1 million, a 57.43% decline year-on-year, while net profit dropped 87.95% to $2.74 million [5][6] Financial Performance - The company's revenue structure is primarily composed of molecular licensing fees, research service fees, and technology licensing fees, with a significant drop in molecular licensing fee prepayments to $21.2 million in 2024, down over 70% from 2023 [6][7] - Regular income saw a substantial increase to $16.9 million in 2024, up 196.5% from $5.7 million in 2023, although total revenue remained below 2022 and 2023 levels [7] - R&D expenditures have decreased significantly, from $135.1 million in 2022 to $20.99 million in 2024, reflecting a decline of over 50% [7] Patent Dispute Developments - The company successfully maintained its core patent related to the "combination molecule" technology, which is crucial for its HarbourMice® platform, amidst a legal dispute with Baidu Aotai [9][10] - The ongoing patent dispute highlights the shift in the biotech industry from passive defense to proactive rights assertion, emphasizing the importance of early patent strategies and protection mechanisms [11] - The outcome of this patent battle is expected to influence the competitive landscape of the domestic antibody drug sector significantly [11]