InnoCare Pharma (HKEX: 09969; SSE: 688428), a leading biopharmaceutical company focusing on cancer and autoimmune diseases, today announced the 2024 annual results as of 31 December 2024.
Financial Highlights
● Revenue of Orelabrutinib increased by 49.1% to RMB 1,000.4 million in 2024, mainly driven by rapid growth of marginal zone lymphoma (MZL) indication and strong commercial execution. Total revenue increased by 36.7% to RMB 1,009.4 million in 2024.
● Gross Profit increased by 42.8% to RMB 871.0 million in 2024, with a gross profit margin of 86.3%, representing an increase of 3.7 percentage points, mainly due to the reduction in the unit cost of sales.
● Research and Development Expenses increased by 8.4% to RMB 814.0 million in 2024, primarily due to increased investment in advanced technology platforms and heightened spending on global clinical trials.
● The Loss decreased by 29.9% to RMB 452.9 million in 2024.
● Cash and Related Accounts Balance stood at approximately RMB 7.8 billion as of 31 December 2024. This robust cash position provides InnoCare with flexibility to expedite clinical development and invest in a competitive pipeline.
Accelerating Globalization
China's innovative drugs have become a new focus of the global pharmaceutical industry, and its innovation capabilities are increasingly recognized worldwide. In January 2025, InnoCare Pharma and KeyMed Biosciences entered into an exclusive license agreement with Prolium Bioscience (Prolium) for the development and commercialization of ICP-B02 (CM355), a CD20xCD3 bispecific antibody. Under the terms of the agreement, Prolium will have the exclusive right to develop, register, manufacture and commercialize ICP-B02 in the non-oncology field globally and in the oncology field in ex-Asia regions. InnoCare and KeyMed will receive aggregate payments of up to US$ 520 million, including upfront and near-term payments and other payments subject to the achievement of certain clinical, regulatory and commercial milestones, as well as a minority equity stake in Prolium. InnoCare and KeyMed are also eligible to receive tiered royalties on future net sales of any product resulting from the collaboration.
InnoCare will continue to strengthen the globalization of its other promising pipeline assets. As part of its BD strategy, the Company has been actively exploring collaboration and licensing opportunities for key assets, with a focus on expanding its presence outside of China. The Company remains committed to accelerating the global reach of its products through strategic partnerships, as well as strengthening regulatory and clinical capabilities in key markets.
Dr. Jasmine Cui, the Co-founder, Chairwoman and CEO of InnoCare, said, " 2024 marks the first year of the rapidly evolving InnoCare 2.0. Our commercial growth continued to accelerate, our R&D pipelines achieved key milestones, and our internationalization efforts gained momentum. 2025 marks our 10th anniversary. We will continue to pursue original innovation, advance multiple new molecules into clinical development, and accelerate multiple Phase III registration clinical studies in China and around the world. We will further strengthen our market expansion and establish a long-term successful commercial strategy, and further advance our globalization to bring more innovative projects to the global stage. "
Building A Leading Franchise in Hemato-Oncology
With orelabrutinib as the backbone therapy, it plays a central role in InnoCare’s extensive pipeline in hemato-oncology. Alongside orelabrutinib, tafasitamab’s BLA was accepted, and ICP-248 (mesutoclax) entered into a Phase III clinical trial in combination with orelabrutinib for the fixed-duration treatment of 1L CLL/SLL in the first quarter of 2025. Together, orelabrutinib, tafasitamab and ICP-248 form a robust product combination that will establish a solid foundation in hematology-oncology. With this powerful combination and ongoing developments from both internal and external sources, InnoCare is dedicated to becoming a leading player in hemato-oncology both in...
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