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LakeShore Biopharma (LSB) investor relations material
LakeShore Biopharma H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
LakeShore Biopharma is a global biopharmaceutical company focused on vaccines and biologics for infectious diseases and cancer, with its main revenue from the YSJA rabies vaccine in China. As of March 31, 2024, over 104 million doses have been administered, and the company has a robust pipeline of clinical and preclinical candidates leveraging its proprietary PIKA immunomodulating technology.
The company operates primarily in China but also has subsidiaries in Singapore, the US, Hong Kong, and the Philippines. It is listed on Nasdaq and completed a business combination in March 2023, followed by a $40 million private placement in February 2024.
Financial highlights
Revenue for the fiscal year ended March 31, 2024, was RMB573.4 million ($80.8 million), a 16.6% decrease from the prior year, mainly due to COVID-related disruptions impacting manufacturing and sales volume.
Gross profit was RMB455.7 million ($64.2 million), with a gross margin of 79.5%, up from 77.7% the previous year, driven by higher unit prices and lower delivery costs.
Net loss widened to RMB433.5 million ($61.1 million) from RMB145.5 million in the prior year, primarily due to increased impairment losses (RMB157.4 million), higher general and administrative expenses, and continued R&D investment.
R&D expenses were RMB302.8 million ($42.7 million), down 5% year-over-year, with a shift in focus from COVID-19 vaccines to rabies and HBV candidates.
Cash and cash equivalents at year-end were RMB246.4 million ($34.7 million), with total outstanding bank loans and borrowings of RMB417.5 million ($58.8 million).
Outlook and guidance
The company expects to complete Phase III trials for its PIKA rabies vaccine in Southeast Asia in 1H2025 and to advance clinical studies in China in 2025.
Management plans to expand manufacturing capacity in Shenyang, China, and continue international market expansion, particularly in Southeast Asia.
The company anticipates continued investment in R&D and commercialization, with a focus on leveraging its PIKA platform for new product launches.
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