InnoCare Pharma (HKEX: 09969; SSE: 688428), a leading biopharmaceutical company focusing on cancer and autoimmune diseases, today announced the 2024 interim results and corporate update as of 30 June 2024.
● Revenue of orelabrutinib increased by 30.0% year-on-year (YoY) to RMB417.0 million in the first half of 2024, with a YoY growth of 48.8% in the second quarter. This is attributed to the rapid growth of marginal zone lymphoma (MZL) as well as effective sales execution.
● The Loss decreased by 37.6% YoY to RMB268.0 million in the first half of 2024.
● Cash and Related Accounts Balance stood at about RMB7.99 billion as of 30 June 2024. This robust cash position provides the Company with flexibility to expedite clinical development and invest in a competitive pipeline.
● Gross Profit increased by 19.3% to RMB359.6 million in the first half of 2024. Gross profit margin was 85.7%, representing an increase of 5.8 percentage points, which was primarily due to the sales combination change of drugs and service.
● Research and Development Expenses increased by 17.5% to RMB420.8 million in the first half of 2024 primarily due to mainly due to more resources to increased investment in advanced technology platform innovation and Phase III clinical trials aimed at accelerating the Group’s transformation.
Total Revenue reached RMB419.7 million in the first half of 2024, which was primarily attributable to rapid ramp-up of orelabrutinib sales volume. All three approved indications of orelabrutinib, including relapsed and refractory chronic lymphocytic leukemia/small lymphocytic lymphoma (r/r CLL/SLL), relapsed and refractory mantle cell lymphoma (r/r MCL) and relapsed and/or refractory marginal zone lymphoma (r/r MZL) have been covered under the updated National Reimbursement Drug List (NRDL) 2023. Orelabrutinib has been approved as the first and only BTK inhibitor for r/r MZL in China. Orelabrutinib was officially included as a class I recommended regimen for the treatment of r/r MZL patients in the 2024 Chinese Society of Clinical Oncology (CSCO) Guidelines. The Company’s commercial capabilities have undergone significant enhancements, including an optimized and upgraded commercial team, which has developed more executable strategies. The dedicated team has been optimized to operate with heightened efficiency and strategic focus, ensuring effective execution of market initiatives. This optimization has bolstered the team’s ability to penetrate markets swiftly and effectively. These advancements underscore InnoCare’s commitment to delivering value and driving sustainable growth in the Company’s commercial endeavors.
Benefiting Patients Worldwide
Entering InnoCare version 2.0, the Company is continuing to strengthen the entire value chain and rapidly advance the clinical trials of its pipeline. Over the next three to five years, five to six innovative drugs are expected to be approved for marketing, addressing unmet treatment needs and benefiting patients worldwide.
Becoming a Leading Player in Hemato-Oncology
Hemato-oncology, including lymphoma, leukemia, and myeloma, is known for its high mortality rates. InnoCare is dedicated to developing therapeutics with diverse mechanisms of action (MoA) to achieve comprehensive coverage of blood tumor indications, with the aspiration of becoming a leader in this field.
Beyond the approved indications, InnoCare is advancing the first line registrational clinical trials and new drug application (NDA) for orelabrutinib. Tafasitamab (CD19 monoclonal antibody), another key product, is expected to be approved for marketing in the first half of next year, further strengthening the Company's market presence. InnoCare is also accelerating the development of BCL2 inhibitor ICP-248, which has significant combination synergy with orelabrutinib. Notably, BCL2 inhibitors are the preferred therapeutic option following resistance to BTK inhibitors, creating an optimal sequential treatment strategy. With these assets in the pipeline, along with the molecule&nb...
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