On March 26, 2025 Innovent Biologics, Inc. (Innovent) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of cancer, cardiovascular and metabolic, autoimmune, ophthalmology and other major diseases, reported its 2024 annual results, including major business updates, financial performance and the strategy and outlook for 2025 and beyond (Press release, Innovent Biologics, MAR 26, 2025, View Source [SID1234651489]).
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Dr. Michael Yu, Founder, Chairman and CEO of Innovent, stated: "2024 marked a year of historic milestones—Innovent’s Non-IFRS net profit and EBITDA both turned positive for the first time, underscoring our strategic excellence and execution as a pioneer in sustainable biopharmaceutical operations. Meanwhile, we achieved record revenue, expanded our robust product portfolio to 15 approved products and delivered all late-stage development milestones to secure sustained growth momentum. We are also advancing breakthrough innovations in our early-stage pipeline for global opportunities while strengthening both global and local partnerships to accelerate innovation and growth.
With a clear strategy outlined above and a strong track record of execution, we are laying a solid foundation to enter a new phase of growth and global innovation. In the coming years, we aim to achieve RMB20bn product revenue in 2027 and advance five pipeline assets to the global MRCT Phase 3 stage by 2030. Through these efforts, we will evolve into a premier global biopharmaceutical company, delivering long-term value for patients, employees, shareholders and society."
Pioneering profitability with RMB20bn sales target in 2027
First-ever Non-IFRS Positive Profit and EBITDA*
Non-IFRS profit was RMB331.6 million and Non-IFRS EBITDA was RMB411.6 million
The gross profit margin was 84.9%, a year-over-year increase of 2.1 percentage points
The S,G&A expenses ratio was 50.9%, a year-over-year decrease of 7.1 percentage points
R&D expenses were RMB2,499.8million; Cash and short-term financial assets were RMB10,221.1 million, or approximately over USD1.4 billion, providing a solid foundation to our long-term ambitions
Revenue reached new height with solidified oncology leadership
Total revenue reached RMB9,421.9 million, growing by 51.8% year-over-year.
Product sales revenue reached RMB8,227.9 million, growing by 43.6% year-over-year.
Expansion of oncology product portfolio with new indications and broader NRDL coverage and patient access
Building CVM commercialization as another core capability
* Note: The financial numbers mentioned above, unless stated, were based on non-IFRS measure. Detailed disclosure can be found at the Company’s 2024 annual results announcement.
Six new product launches in 2025 with growth momentum anticipated
Three additional approved precision therapies to strengthen lung and hematological cancer franchises:
Dovbleron (taletrectinib) : Potentially best-in-class ROS1 inhibitor
Limertinib: Third-generation EGFR TKI
Jaypirca(pirtobrutinib) : First non-covalent BTK inhibitor launched in China
Build chronic disease as another growth engine:
SINTBILO (tafolecimab injection): First PCSK-9 inhibitor successfully included in the NRDL
SYCUME (Teprotumumab N01 injection): First approved anti-IGF-1R monoclonal antibody, ending a 70-year drought of no new treatment options for thyroid eye disease in China；new studies for front-line treatment and inactive thyroid eye disease in plan
Mazdutide (GCG/GLP-1) : Global first GCG/GLP-1 dual receptor agonist, with two NDAs under NMPA review — first NDA for weight management in obese or overweight populations and second NDA for glycemic control of T2D adults. In addition, new Phase 3 studies are in plan for adolescent obesity, obstructive sleep apnea (OSA) and obesity with metabolic dysfunction-associated fatty liver disease (MAFLD, head-to-head with semaglutide 2.4mg). New clinical studies are also in plan for metabolic dysfunction-associated steatohepatitis (MASH), heart failure with preserved ejection fraction (HFpEF), and higher dose of mazdutide for obesity.
Picankibart (IL-23p19): Potentially best-in-class YTE IL-23p19 monoclonal antibody, with an NDA for moderate-to-severe plaque psoriasis under NMPA review. New studies for psoriasis with prior inadequate response to IL-17, adolescent psoriasis, and psoriatic arthritis(PsA) in plan.
2027 RMB20bn sales target with clear growth trajectory
With ever-growing innovative pipeline, sustainable growth is anticipated to continue even beyond 2027
Embarking on a new era of global innovation
Innovent Academy powers core technology platforms
Robust High-potential Pipeline Targeting 5 Assets in MRCT Phase 3 by 2030
Encouraging data readouts of key pipeline in support of next-step pivotal development
IBI363 (PD-1/IL-2α-bias): Unleashing potential as a next-generation IO therapy with global first-in-class design
Promising Phase 1 results reported in NSCLC, CRC and melanoma, aiming to address some of the most challenge cancer types including IO-failed, PD-L1 low expression and cold tumors;
Two Fast-track Designations from U.S. FDA for IO-treated melanoma and IO-treated squamous NSCLC;
First pivotal clinical trial has been initiated, in head-to-head comparison with pembrolizumab in IO-naïve mucosal and acral melanoma.
IBI343 (CLDN18.2 ADC): Novel Site-specific TOPO1i CLDN18.2 ADC
First MRCT Phase 3 of GC has been initiated in China and Japan
MRCT Phase 1 of PDAC is underway in China and U.S.
NMPA CDE Breakthrough Therapy Designation (BTD) and FDA Fast-track Designation (FTD) granted.
Nearly 10 next-generation programs aiming for global development
Oncology: IBI3009 (DLL3 ADC), IBI3001 (EGFR/B7H3 ADC), and IBI3020 (CEACAM5 dual-payload ADC)
CVM: IBI3016（AGT siRNA）, IBI3032（GLP-1 oral）, IBI3012 (GGG Antibody-peptide conjugate, APC), IBI3030（GGG-PCSK9 APC）
Autoimmune: IBI356 (OX40L) and IBI3002 (IL-4Rα/TSLP)
Hybrid models to accelerate innovation
IBI3009 (DLL3 ADC): global rights granted to Roche, to benefit SCLC patients worldwide
Research innovation showcased at medical conferences, including:
AACR, ASCO (Free ASCO Whitepaper), ESMO (Free ESMO Whitepaper) GI, ESMO (Free ESMO Whitepaper) plenary, ESMO (Free ESMO Whitepaper), WCLC, SITC (Free SITC Whitepaper), ESMO (Free ESMO Whitepaper) Asia for oncology pipeline innovation
ADA, APAO, ICE, CSE for general biomedicine pipeline material progress
Facilities and manufacturing capacity adhering to high-quality standards
Shanghai R&D Center (medical) is newly operational in August 2024
Building U.S. lab in San Francisco
First manufacturing site: 60,000L antibody production capacity and ADC production lines in operation
Second manufacturing site: first phase of 80,000L completed construction
Committed to responsible business practices and enhancing ESG management practices
Innovent has been graded ‘AAA’ rating in MSCI ESG rankings, positioning us at the forefront of the biotechnology industry.
We recently launched our ESG website to further strengthen commitment to sustainability, corporate responsibility and ethical business conduct.
We initiated the "Warmth Stations" program to support frontline urban workers (e.g., sanitation workers, delivery personnel), by providing rest areas and essential supplies. Additionally, we launched the third annual "Children’s Book Donation" campaign, bringing hope and support to underprivileged children through book donations.
We have supported over 200,000 patients through our dedicated patient assistance programs, with drug donations totaling RMB 3.6 billion.
Our commitment to medical philanthropy has been recognized through prestigious awards, including the "Medical Philanthropy Promoter" title and designation as a "China Philanthropic Enterprise".
We were recognized on the "2024 China’s Most Attractive Employers List," with a workforce of 7,000 employees.