Innovent Biologics, Inc., a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines for the treatment of cancer, metabolic, autoimmune and other major diseases, announced its financial results for the year ended December 31, 2020 and the corporate progress. In 2020, the Company achieved total revenue of RMB 3843.8 million. In addition to the first commercial product TYVYT® (sintilimab injection), the Company successfully added three more antibody drugs to the commercial portfolio with the NMPA approval of BYVASDA® (bevacizumab biosimilar), SULINNO® (adalimumab biosimilar) and HALPRAZA® (rituximab biosimilar), becoming the only biopharmaceutical company that successfully launched four antibody drugs in China in only nine years since inception.
Dr. Michael Yu, Founder, Chairman and CEO of Innovent, stated, "2020 is a landmark year for Innovent. In the past year, despite the challenges of COVID-19, we minimized the impact on our business and achieved remarkable milestones. We ensured product supply with the non-stop operation of our production line even during the peak of pandemic in the beginning of 2020. Production capability expanded significantly from 5,000L to 24,000L. With the NRDL coverage, we more than doubled the sales of Tyvyt with even higher volume growth. We kept advancing our valuable assets rapidly in China and globally, with six NDAs submitted, four NDAs approved, five assets in Phase 3 or pivotal Phase 2 stage, and 14 assets in the early clinical stage. We also accelerated our global footprint with six assets under global development and a series of international collaborations achieved. More importantly, we've upgraded our R&D platform to strive toward global innovation for the next stage."
"With the conclusion of the ninth year since incepted, we are now starting the final year of our first decade. Up to now we have built Innovent from a biotech start up to a biopharmaceutical company with a fully integrated functional platform. However, this is just a start. Our journey to excellence is still in the infancy stage. Heading into the next decade, we are committed to moving Innovent to become a global innovative biopharmaceutical company, capturing the substantial potential of the rising innovative drug market both in China and globally, as well as and delivering tremendous value for our patients, employees, and shareholders."
Business Highlights during 2020 to Year-to-Date 2021
Four commercial product portfolio with three new drugs approved; RMB 2,367.5 million product revenue in 2020
After the first product TYVYT® (sintilimab injection) was approved in 2018, BYVASDA® (bevacizumab biosimilar), SULINNO® (adalimumab biosimilar) and HALPRAZA® (rituximab biosimilar) were approved by the NMPA during 2020, making Innovent the only biopharmaceutical company that successfully launched four antibody drugs in China in only nine years since inception.
Total product revenue reached RMB 2,367.5 million for the year ended 31 December 2020, an increase of 133.0% compared to RMB 1,015.9 million in the prior year.
The leading product TYVYT® (sintilimab injection) generated RMB2,289.8 million in revenue for the year ended 31 December 2020. This represents an increase of 125.4% from RMB1015.9 million in the prior year.
In addition, TYVYT® (sintilimab injection) was approved as the first line treatment for non-squamous non-small cell lung cancer (NSCLC) in February 2021. Three more supplemental new drug applications (sNDA) for TYVYT® (sintilimab injection) were under NMPA review with expected approval by 2021 or early 2022, including: 1) the first line treatment for squamous NSCLC; 2) the first line treatment for hepatocellular carcinomas in combination with BYVASDA® (bevacizumab biosimilar), and 3) the second line treatment of squamous NSCLC.
Robust pipeline of 23 diverse-staged assets
The company has built up a highly differentiated and competitive pipeline consisting of 23 clinical stage valuable assets that are being developed globally, including four assets approved, five assets under Phase 3 or pivotal studies and 14 assets in other clinical stage. The 23 as...
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