ANNOUNCEMENT OF ANNUAL RESULTS FOR 2024
Notable Progress in R&D and Commercialization
Gross Profit Surging 68%
FINANCIAL HIGHLIGHTS
• Revenue was approximately RMB1,933.0 million, representing a year-on-year increase of 25.5%.
• Gross profit was approximately RMB1,273.7 million, representing a year-on-year increase of 67.8%.
• Research and Development Expenses was approximately RMB1,206.1 million, representing a year-on-year increase of 17.0%.
• Loss for the year was approximately RMB266.8 million.
• Adjusted loss for the year[1] was approximately RMB118.5 million.
• Cash and financial assets[2] was approximately RMB3,075.7 million, representing a year-on-year increase of 21.6%.
[1] Calculated by deducting equity-settled share-based payment from loss for the year.
[2] Comprises cash and cash equivalents, restricted deposits, financial assets measured at fair value through profit or loss, and financial assets measured at amortized cost.
CHENGDU, China, March 26, 2025 /PRNewswire/ -- Sichuan Kelun-Biotech Pharmaceutical Co., Ltd. ("Kelun-Biotech" or the "Company", Stock Code: 6990.HK) announced its audited consolidated results for the year ended December 31, 2024 (the "Reporting Period").
In 2024, the pharmaceutical and healthcare sector experienced significant turbulence amid multiple internal and external shocks. China's biopharmaceutical industry continued to advance through transformation and breakthroughs, with factors such as pharmaceutical innovation, overseas expansion of innovative drugs, a "wave of M&A" in capital market, and the deepening of anti-corruption campaigns in healthcare collectively driving the industry toward steady recovery and innovative development. Adhering to its innovation-driven development strategy, the Company has consistently expanded into new targets, technologies, payloads, and therapeutic areas while continuously unlocking the clinical value of its core programs. From rapid advancement of key projects and sustained exploration of novel technologies to the steady establishment of a commercialization framework and the approval of three innovative drugs for market launch, the Company has achieved new breakthroughs in its "Pin(品)"-shaped strategic operational framework, with business progress yielding highly encouraging results. As of the latest update, the Company is actively developing over 30 drug candidates, including its core product sac-TMT (approved for marketing in China) as well as key products Tagitanlimab and Cetuximab N01. The Company has 11 ADC and novel DC assets at clinical stage or above, Through focused recognition of projects with competitive advantages and market value, along with strategic allocation of existing R&D resources to these prioritized programs, the Company's pipeline mainly consists of oncology drug candidates as well as drug candidates for non-oncology diseases and conditions such as autoimmune, metabolism and other disease areas.
Core ADC Programs Advance Rapidly with Enhanced Value Across Innovative Pipeline
Sac-TMT (sacituzumab tirumotecan, TROP2 ADC) (also known as SKB264/MK-2870) TNBC. In March 2024, sac-TMT was granted Breakthrough Therapy Designation by the NMPA for the first-line treatment of unresectable locally advanced, recurrent or metastatic PD-L1 negative TNBC. The Company has initiated a Phase 3 registrational study of sac-TMT monotherapy versus investigator-choice chemotherapy for 1L advanced TNBC. The results from the Phase 3 study of sac-TMT in patients with previously treated locally recurrent or metastatic TNBC were presented at the ASCO Annual Meeting in May 2024. Sac-TMT demonstrated a significant statistically and clinically meaningful improvement in PFS (HR: 0.32, representing a 68% reduction in disease progression risk) and OS (HR: 0.53, representing a 47% reduction in mortality risk). In November 2024, the Company received marking authorization in China from the NMPA for sac-TMT in adult patients with unresectable locally advanced or metastatic TNBC who have received at least two prior systemic therapies (at least one of them for advanced or metastatic setting). Sac-TMT is the first domestically developed ADC with global intellectual property rights to receive complete marketing authorization in China.
HR+/HER2- BC. A Phase 3 registrational study for 2L+ HR+/HER2- locally advanced or metastatic BC is in progress.
EGFR-mutant NSCLC. In October 2024, the NDA for sac-TMT for the treatment of adult patients with EGFR-mutant locally advanced or metastatic NSCLC who progressed after treatment with EGFR-TKI therapy was accepted by the NMPA and was included in the priority review and approval process. In March 2025, the Company received marketing authorization in China from the NMPA for sac-TMT for the treatment of adult ...
