InnoCare Announces 2024 Interim Results and Key Highlights

InnoCare Pharma, a prominent biopharmaceutical enterprise listed on the HKEX and SSE, has announced its interim results for the first half of 2024. The company, which specializes in cancer and autoimmune disease treatments, has reported significant financial and operational strides during this period.

Revenue for orelabrutinib, InnoCare's key product, surged by 30% year-on-year (YoY) to RMB417 million in the first half of 2024. The second quarter alone saw a YoY increase of 48.8%, driven by the rapid growth of marginal zone lymphoma (MZL) treatments and effective sales strategies. InnoCare's net loss decreased by a substantial 37.6% YoY to RMB268 million, reflecting better financial management.

As of June 30, 2024, InnoCare held a robust cash balance of approximately RMB7.99 billion. This strong financial position enables the company to accelerate its clinical development programs and invest in a competitive pipeline. Gross profit also saw an increase of 19.3% to RMB359.6 million, with a gross profit margin of 85.7%, up by 5.8 percentage points. The enhancement in profit margins is primarily due to changes in the sales mix of drugs and services.

Research and Development (R&D) expenses rose by 17.5% to RMB420.8 million. This increase is attributed to higher investments in technology platform innovations and Phase III clinical trials aimed at fast-tracking InnoCare's transformation. The company's total revenue reached RMB419.7 million, largely due to the uptick in orelabrutinib sales. Orelabrutinib has been included in the National Reimbursement Drug List (NRDL) 2023 for all three of its approved indications: 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). It stands as the first and only BTK inhibitor approved for r/r MZL in China and was included as a recommended regimen in the 2024 Chinese Society of Clinical Oncology (CSCO) Guidelines.

InnoCare has enhanced its commercial capabilities through team optimization, enabling more efficient and strategic market execution. These efforts underscore the company's commitment to delivering value and driving sustainable growth.

Looking forward, InnoCare is poised to advance its clinical trials rapidly, expecting to have five to six innovative drugs approved for market over the next three to five years. These new drugs aim to address unmet medical needs and benefit patients globally.

In the field of hemato-oncology, InnoCare is striving to become a leader by developing therapeutics with diverse mechanisms of action to cover various blood tumor indications. The company is progressing with first-line registrational clinical trials and new drug applications for orelabrutinib. Another key product, tafasitamab (CD19 monoclonal antibody), is expected to be approved in the first half of next year, furthering InnoCare's market presence.

InnoCare is also making strides with its BCL2 inhibitor, ICP-248, which shows significant combination synergy with orelabrutinib. Additionally, the company is advancing its molecular glue ICP-490, monoclonal antibody ICP-B05, and bispecific antibody ICP-B02, aiming to solidify its standing in the hemato-oncology sector globally.

In the realm of autoimmune diseases, InnoCare is developing treatments with significant commercial potential. Notably, orelabrutinib has shown promise in treating primary immune thrombocytopenia purpura (ITP) and systemic lupus erythematosus (SLE), with Phase III trials and positive Phase II outcomes respectively.

Expanding its research scope, InnoCare is also delving into solid tumor treatments through targeted and immune-oncology approaches. The company is accelerating the registrational trial of zurletrectinib (ICP-723), a second-generation TRK inhibitor, which shows promise in overcoming resistance to first-generation TRK inhibitors.

Furthermore, InnoCare's novel SHP2 allosteric inhibitor, ICP-189, is undergoing trials for the treatment of solid tumors, either as a standalone or in combination with other antitumor agents. Early results are promising, particularly for non-small cell lung cancer (NSCLC).

With a comprehensive pipeline addressing both hemato-oncology and solid tumors, and a focus on unmet medical needs in autoimmune diseases, InnoCare is well-positioned to achieve significant growth and make impactful contributions to global healthcare.

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