BEIJING--(BUSINESS WIRE)--InnoCare Pharma (HKEX: 09969; SSE: 688428), a leading biopharmaceutical company focusing on cancer and autoimmune diseases, today announced the 2024 annual results as of 31 December 2024.
2025 marks our 10th anniversary. We will continue to pursue original innovation, advance multiple new molecules into clinical development, and accelerate multiple Phase III registration clinical studies in China and around the world.
Financial Highlights
Revenue of Orelabrutinib increased by 49.1% to RMB 1,000.4 million 1 in 2024, mainly driven by rapid growth of marginal zone lymphoma (MZL) indication and strong commercial execution. Total revenue increased by 36.7% to RMB 1,009.4 million in 2024.
Gross Profit increased by 42.8% to RMB 871.0 million in 2024, with a gross profit margin of 86.3%, representing an increase of 3.7 percentage points, mainly due to the reduction in the unit cost of sales.
Research and Development Expenses increased by 8.4% to RMB 814.0 million in 2024, primarily due to increased investment in advanced technology platforms and heightened spending on global clinical trials.
The Loss decreased by 29.9% to RMB 452.9 million in 2024.
Cash and Related Accounts Balance 2 stood at approximately RMB 7.8 billion as of 31 December 2024. This robust cash position provides InnoCare with flexibility to expedite clinical development and invest in a competitive pipeline.
Accelerating Globalization
China's innovative drugs have become a new focus of the global pharmaceutical industry, and its innovation capabilities are increasingly recognized worldwide. In January 2025, InnoCare Pharma and KeyMed Biosciences entered into an exclusive license agreement with Prolium Bioscience (Prolium) for the development and commercialization of ICP-B02 (CM355), a CD20xCD3 bispecific antibody. Under the terms of the agreement, Prolium will have the exclusive right to develop, register, manufacture and commercialize ICP-B02 in the non-oncology field globally and in the oncology field in ex-Asia regions. InnoCare and KeyMed will receive aggregate payments of up to US$ 520 million, including upfront and near-term payments and other payments subject to the achievement of certain clinical, regulatory and commercial milestones, as well as a minority equity stake in Prolium. InnoCare and KeyMed are also eligible to receive tiered royalties on future net sales of any product resulting from the collaboration.
InnoCare will continue to strengthen the globalization of its other promising pipeline assets. As part of its BD strategy, the Company has been actively exploring collaboration and licensing opportunities for key assets, with a focus on expanding its presence outside of China. The Company remains committed to accelerating the global reach of its products through strategic partnerships, as well as strengthening regulatory and clinical capabilities in key markets.
Dr. Jasmine Cui, the Co-founder, Chairwoman and CEO of InnoCare, said, "2024 marks the first year of the rapidly evolving InnoCare 2.0. Our commercial growth continued to accelerate, our R&D pipelines achieved key milestones, and our internationalization efforts gained momentum. 2025 marks our 10th anniversary. We will continue to pursue original innovation, advance multiple new molecules into clinical development, and accelerate multiple Phase III registration clinical studies in China and around the world. We will further strengthen our market expansion and establish a long-term successful commercial strategy, and further advance our globalization to bring more innovative projects to the global stage."
Building A Leading Franchise in Hemato-Oncology
With orelabrutinib as the backbone therapy, it plays a central role in InnoCare’s extensive pipeline in hemato-oncology. Alongside orelabrutinib, tafasitamab’s BLA was accepted, and ICP-248 (mesutoclax) entered into a Phase III clinical trial in combination with orelabrutinib for the fixed-duration treatment of 1L CLL/SLL in the first quarter of 2025. Together, orelabrutinib, tafasitamab and ICP-248 form a robust product combination that will establish a solid foundation in hematology-oncology. With this powerful combination and ongoing developments from both internal and external sources, InnoCare is dedicated to becoming a leading player in hemato-oncology both in China and worldwide. The Company remains committed to addressing major diseases, such as NHL, leukemia and multiple myeloma, through both monotherapies and combination therapies to provide effective solutions for patients globally.
Orelabrutinib
All three approved indications, including relapsed and refractory chronic lymphocytic leukemia/small lymphocytic lymphoma (r/r CLL/SLL), r/r mantle cell lymphoma (r/r MCL) and r/r marginal zone lymphoma (r/r MZL), have been covered in the National Reimbursement Drug List while maintaining stable pricing. Orelabrutinib has been approved as the first and only BTK inhibitor for r/r MZL in China. Meanwhile, commercial capabilities have undergone significant enhancement. The dedicated commercial team has been optimized to operate with heightened efficiency and strategic focus, ensuring effective execution of the market initiatives. All of the above factors resulted in an 49.1% increase in orelabrutinib’s revenue in 2024.
Tafasitamab
Mesutoclax (ICP-248)
ICP-490
Developing B-cell and T-cell Pathways in Autoimmune Diseases
Autoimmune diseases can affect almost every organ in the body and may arise at any stage of life. The global market for autoimmune disease therapeutics anticipated to reach $185 billion by 20293. The Company has fortified its powerful discovery engine on cutting-edge global targets for the development of autoimmune therapeutics through B-cell and T-cell pathways, with the aim of delivering first-in-class and/or best-in-class treatments to address the massive unmet clinical needs and strong market potential in China and globally.
Orelabrutinib
The Phase II results of orelabrutinib for the treatment of MS were presented at the 10th annual Americas Committee for Treatment and Research in Multiple Sclerosis (ACTRIMS). The study showed that orelabrutinib was highly effective in treating patients with relapsing-remitting multiple sclerosis (RRMS). The 80 mg once daily (QD) dose showed the best efficacy and safety profile, thus was selected for Phase III studies in progressive MS.
Soficitinib (ICP-332)
ICP-332 demonstrated an outstanding efficacy and safety profile. ICP-332 achieved multiple efficacy endpoints in the 80 mg QD and 120 mg QD dosing groups respectively, including the percentage change in Eczema Area and Severity Index (EASI) score from baseline, EASI 50, EASI 75, EASI 90 (improvement of at least 50%, 75% and 90% in EASI score from baseline), Investigator’s Global Assessment (IGA) 0/1 (score of 0 ‘clear’ or 1 ‘almost clear’) with >= 2 points improvement, and Pruritus Numerical Rating Scale (NRS) score from baseline, etc.
The mean percentage change from baseline of the EASI 50 score reached 78.2% and 72.5% at the 80 mg QD and 120 mg QD groups respectively, both with a highly significant P value, compared to 16.7% for the patients receiving placebo. The percentages of patients achieving at least 75% improvement in EASI 75 were significantly higher in the ICP-332 80 mg QD (64.0%) and 120 mg QD (64.0%) groups than that of placebo (8.0%). These results exceed the reported efficacies of multiple approved innovative drugs after 12 or 16 weeks of treatment (not a head-to-head comparison).
ICP-332 was safe and well tolerated in AD patients. The overall incidence rates of adverse events (AEs) and AEs related to infections and infestations in the two treatment groups were comparable to that of the placebo group.
ICP-488
At week 12, the percentage of patients achieving PASI 75 was significantly superior in the ICP-488 6 mg QD group (77.3%) and the 9 mg QD group (78.6%) than that of the placebo group (11.6%); the percentages of subjects achieving PASI 90 and sPGA of 0 (clear) or 1 (almost clear) were also significantly higher in the ICP-488 6 mg QD group (36.4%, 70.5%) and 9 mg QD group (50.0%, 71.4%) compared to the placebo group (0%, 9.3%).
All treatment emergent adverse events (TEAEs) and treatment-related adverse events (TRAEs) were mild or moderate.
IL-17 Small Molecule
Building Innovative Solid Tumor Assets
With ongoing efforts to address the growing needs in solid tumors, InnoCare is committed to building a competitive drug portfolio aimed at treating a broad range of solid tumor indications. The Company is expanding the scope of its pipeline through a combination of targeted therapies, immune-oncology approaches, and cutting-edge ADC technology. The R&D team is focused on discovering and developing novel platforms that target various solid tumors, utilizing innovative technologies to identify and advance potential drug candidates that offer significant clinical benefits. InnoCare’s proprietary ADC technology platform, alongside promising precision medicine candidates like ICP-723, positions the Company to establish a strong presence in the field of solid tumor treatment.
Zurletrectinib (ICP-723)
ICP-189
In-House Developed Antibody-Drug Conjugate (ADC) Platform
Novel connector : Irreversible connector to avoid linker detachment caused by instability.
Hydrophilic linker : enhancing ADC stability and achieving high drug-to-antibody ratio (DAR).
Novel payload : incorporating highly potent cytotoxic payloads with strong bystander killing effect.
ICP-B794: A Novel B7-H3 Targeted ADC for Solid Tumors
Leveraging AI to Drive Innovation and Enhance Efficiency
InnoCare is committed to harnessing the power of artificial intelligence (AI) to accelerate drug discovery, optimize research and development (R&D) processes, and improve operational efficiency. AI-driven technologies enable to analyze vast datasets, identify promising drug candidates with greater precision, and streamline clinical trial design. By integrating AI into various aspects of the operations, the Company will enhance decision-making, reduce development timelines, and increase the probability of success in bringing novel therapies to patients. Moving forward, InnoCare will continue to explore AI’s potential to drive innovation and create transformative treatment solutions.
To know more about the detailed financial data and business updates of InnoCare 2024 annual results, please log in to https://www.innocarepharma.com/en/investor/home.
Conference Call Information
InnoCare will host a conference call at 8:30 p.m. Beijing time on March 27 in English and at 9:00 a.m. Beijing time in Chinese on March 28, 2024. Participants must register in advance of the conference call. Details are as follows:
For English conference call, please register through the below link:
https://goldmansachs.zoom.us/webinar/register/WN_LwtkjtKiRF21BXHIaVmYqA
For Chinese conference call, please register through the below link:
https://s.comein.cn/496mqxuy
Forward-looking Statement
This report contains the disclosure of some forward-looking statements. Except for statements of facts, all other statements can be regarded as forward-looking statements, that is, about our or our management's intentions, plans, beliefs, or expectations that will or may occur in the future. Such statements are assumptions and estimates made by our management based on its experience and knowledge of historical trends, current conditions, expected future development and other related factors. This forward-looking statement does not guarantee future performance, and actual results, development and business decisions may not match the expectations of the forward-looking statement. Our forward-looking statements are also subject to a large number of risks and uncertainties, which may affect our short-term and long-term performance.
About InnoCare
InnoCare (HKEX: 09969; SSE: 688428) is a commercial stage biopharmaceutical company committed to discovering, developing, and commercializing first-in-class and/or best-in-class drugs for the treatment of cancer and autoimmune diseases with unmet medical needs in China and worldwide. InnoCare has branches in Beijing, Nanjing, Shanghai, Guangzhou, Hong Kong, and United States.
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1 The financial figures in this article are based on Hong Kong Financial Reporting Standards
2 Include cash and bank balances, other financial assets balance and interest receivables balance.
3 iHealthcareAnalyst, Inc., Oct. 3, 2023
4 Cancer-free