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]
Everest Medicines (SEHK:01952) FY Conference Transcript