Innovent Reports 2024 Interim Results and Business Updates

Innovent Biologics, Inc. (Innovent), a top-tier biopharmaceutical enterprise that focuses on creating and marketing medicines for numerous serious health conditions, including cancer, cardiovascular, metabolic, autoimmune, and ophthalmologic diseases, has unveiled its interim results for 2024, highlighting significant business advancements.

Dr. Michael Yu, the company's Founder, Chairman, and CEO, emphasized the firm’s solid performance in the first half of 2024. He attributed the success to robust revenue growth, operational efficiency improvements, and major achievements in late-stage pipeline projects. This combination has fortified Innovent’s sustainable growth and global innovation efforts, setting a firm foundation for the year’s overall progress. Dr. Yu expressed confidence in the company's ability to generate long-term value for all stakeholders, thanks to their strong commercial execution, lucrative late-stage pipeline, and strategic investments in future innovations.

For the first half of 2024, Innovent reported a total revenue of RMB3,952.3 million, marking a 46.3% increase year-over-year. This growth underscores the high demand for their innovative product line and the efficacy of their sustainable business model. Additionally, there was a notable reduction in EBITDA loss, which decreased by 39.9% to RMB160.8 million, driven by enhanced operational efficiency and solid financial improvements. The gross profit margin increased by 1.8 percentage points to 84.1%, while the selling, marketing, and administrative expenses related to product revenue declined significantly. Moreover, the company’s R&D expenses stood at RMB1,293.9 million. Innovent’s cash and short-term financial assets were recorded at RMB10,112.3 million, equivalent to over USD1.4 billion, positioning the company well for long-term development.

Product sales revenue saw an impressive 55.1% year-over-year increase, reaching RMB3,811.4 million. Innovent expanded its commercial portfolio, introducing new approved products and broadening coverage under the National Reimbursement Drug List (NRDL), enhancing patient access. The company now boasts eleven approved products, with recent additions like TYVYT® and PEMAZYRE® entering the Macau market and TYVYT® and BYVASDA® joining the NRDL for EGFR-mutated NSCLC treatment. Innovent is also gearing up for new commercial opportunities in general biomedicine, following the approval of its first cardiovascular product, SINTBILO®, in 2023.

Innovent’s strategic goals are further supported by the introduction of seven new assets currently under NDA review or in pivotal registrational clinical trials, alongside eighteen assets in early-phase clinical studies. Significant milestones have been achieved with key late-stage assets, particularly in the innovative field of "IO+ADC." For instance, TYVYT® has submitted an NDA for its eighth indication, and new clinical trials for other indications have commenced. Additionally, progress has been reported for IBI310 and IBI343, which are in various clinical trial phases.

In the realm of general biomedicine, Innovent is accelerating its momentum with several new drug applications under review, including those for weight management and TED treatment. The company is also exploring new indications such as adolescent obesity and metabolic dysfunction-associated steatohepatitis. Innovent’s pipeline includes promising candidates like Picankibart, IBI128, and IBI302, each showing potential for addressing unmet medical needs.

Innovent remains committed to fostering long-term growth by nurturing a robust early-stage pipeline and achieving significant data readouts from multiple oncology assets. The company is actively developing next-generation general biomedicine programs aimed at improving chronic disease treatments, with several innovative molecules entering first-in-human studies.

Moreover, Innovent continues to uphold high standards in research and manufacturing, with new facilities and expanded production capacities. The company also emphasizes responsible business practices, with newly launched ESG initiatives and a strong performance in MSCI ESG ratings.

Through its dedication to sustainable growth, innovation, and corporate responsibility, Innovent Biologics maintains its mission to provide affordable, high-quality biopharmaceuticals to patients worldwide.