Summary of Everest Medicines Conference Call Company Overview - **Company Name**: Everest Medicines - **Founded**: 2017 - **Public Listing**: Hong Kong Stock Exchange, 2020 - **Market Capitalization**: Approximately $2 billion - **Employee Count**: About 800 globally, primarily in China - **Business Focus**: Integrated biopharma company with a focus on revenue growth and long-term sustainability through in-licensing and proprietary discovery platforms [2][3] Core Business Strategy - **Revenue Growth**: Aiming for near-term revenue growth while ensuring long-term sustainability through in-house R&D and in-licensing [3][5] - **Product Pipeline**: Focus on renal, autoimmune, infectious disease, and cardiovascular diseases with three commercial products: Nefercon, Zerava, and Valsipidy [4][5] - **Commercialization Platform**: Utilizes an innovative pharmaceuticals commercialization platform called AMMS (A2MS) to effectively market products in China [6][7] Product Highlights - **Nefercon**: - Approved for IgA nephropathy in May 2024 - Price: CNY 5,000 (~$700) per month - Estimated patient population in China: up to 5 million, with an incidence of 100,000 new patients annually - Sales in 2024 (partial year): CNY 350 million; guidance for 2025: CNY 1.2 billion - CNY 1.4 billion (~$200 million) [8][10] - Expected sales in 2026: CNY 2.4 billion - CNY 2.6 billion [10] - **Valsipidy**: - S1P modulator for ulcerative colitis, partnered with Pfizer - Approved in Macau and Singapore; aiming for approval in Mainland China in 2026 [11][12] - **Lyrical**: - PCSK9 inhibitor, expected to file a BLA in China in the first half of 2026 - Anticipated to capture significant market share due to its efficacy and safety profile [13][15] Financial Projections - **CSO Portfolio**: Expected to add CNY 500 million - CNY 600 million in top-line revenue over three years [13] - **Overall Revenue Goal**: Targeting over $2 billion in revenue by 2030 [24] Research and Development - **mRNA Therapeutics**: Significant investment in mRNA capabilities, with a focus on in vivo CAR-T and mRNA cancer vaccines [20][21] - **BTK Inhibitor (EVER001)**: Currently in phase 1B/2A trials for primary membranous nephritis, showing promising results in autoantibody reduction and proteinuria [17][18] Market Position and Future Outlook - **Competitive Advantage**: Emphasis on the ability to commercialize innovative therapeutics effectively in China, which is seen as a scarce capability [6] - **Expansion Plans**: Plans to continue in-licensing products globally and enhance in-house discovery capabilities, particularly in mRNA therapeutics [16][19] Conclusion - Everest Medicines is positioned for significant growth with a robust product pipeline and a strategic focus on commercialization and R&D. The company aims to leverage its innovative platform and market opportunities in China and beyond to achieve its financial and operational goals [24]