Innovent Announces 2024 Annual Results and Business Updates

Rhea-AI Summary

Innovent Biologics announces historic 2024 results with its first-ever positive profit, reporting Non-IFRS profit of RMB331.6 million and EBITDA of RMB411.6 million. Total revenue reached RMB9,421.9 million, growing 51.8% year-over-year, with product sales revenue at RMB8,227.9 million (+43.6%).

The company expanded its portfolio to 15 approved products, including new launches in oncology and chronic diseases. Key products include Dovbleron® (ROS1 inhibitor), Limertinib (EGFR TKI), and Jaypirca® (BTK inhibitor). The company achieved an 84.9% gross profit margin and reduced S,G&A expenses ratio by 7.1 percentage points.

Innovent targets RMB20bn product revenue by 2027 and aims to advance five pipeline assets to global MRCT Phase 3 stage by 2030. The company maintains strong financial position with RMB10,221.1 million in cash and short-term assets.

Positive

• First-ever positive profit with Non-IFRS profit of RMB331.6M and EBITDA of RMB411.6M
• Strong revenue growth of 51.8% YoY to RMB9,421.9M
• Improved gross profit margin to 84.9% (+2.1 percentage points)
• Reduced S,G&A expenses ratio by 7.1 percentage points to 50.9%
• Robust cash position of RMB10,221.1M (~USD1.4B)
• Portfolio expansion to 15 approved products

Negative

• High R&D expenses of RMB2,499.8M impacting profitability

First-ever positive profit, entering a new era of growth and global innovation

SAN FRANSISCO and SUZHOU, China, March 26, 2025 /PRNewswire/ -- 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, announces its 2024 annual results, including major business updates, financial performance and the strategy and outlook for 2025 and beyond.

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-2^α-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, ESMO GI, ESMO plenary, ESMO, WCLC, SITC, ESMO 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.

About Innovent

Innovent is a leading biopharmaceutical company founded in 2011 with the mission to empower patients worldwide with affordable, high-quality biopharmaceuticals. The company discovers, develops, manufactures and commercializes innovative medicines that target some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has launched 15 products in the market. It has 3 new drug applications under regulatory review, 4 assets in Phase III or pivotal clinical trials and 15 more molecules in early clinical stage. Innovent partners with over 30 global healthcare companies, including Eli Lilly, Sanofi, Incyte, Adimab, LG Chem and MD Anderson Cancer Center.

Guided by the motto, "Start with Integrity, Succeed through Action," Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn.

Statement:

1）Innovent does not recommend the use of any unapproved drug (s)/indication (s).

2）Ramucirumab (Cyramza), Selpercatinib (Retsevmo) and Pirtobrutinib (Jaypirca) were developed by Eli Lilly and Company.

Forward-Looking Statements

This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Innovent, are intended to identify certain of such forward-looking statements. Innovent does not intend to update these forward-looking statements regularly.

These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of Innovent with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond Innovent's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, Innovent's competitive environment and political, economic, legal and social conditions.

Innovent, the Directors and the employees of Innovent assume (a) no obligation to correct or update the forward-looking statements contained in this site; and (b) no liability in the event that any of the forward-looking statements does not materialize or turn out to be incorrect.

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SOURCE Innovent Biologics

FAQ

What was Innovent Biologics (IVBIY) revenue growth in 2024?

Innovent's total revenue grew 51.8% year-over-year to RMB9,421.9 million, with product sales revenue increasing 43.6% to RMB8,227.9 million.

How much profit did IVBIY report in 2024?

Innovent reported its first-ever positive Non-IFRS profit of RMB331.6 million and EBITDA of RMB411.6 million in 2024.

What are IVBIY's key financial targets for 2027?

Innovent aims to achieve RMB20 billion in product revenue by 2027.

How many approved products does IVBIY have in its portfolio as of 2024?

Innovent has expanded its portfolio to 15 approved products, including new launches in oncology and chronic diseases.

What is IVBIY's current cash position in 2024?

Innovent holds RMB10,221.1 million (over USD1.4 billion) in cash and short-term financial assets.