Innovent Announces 2024 Annual Results and Business Updates
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 ...
