AIM Vaccine (6660) H1 2024 earnings summary

Executive summary

• H1 2024 revenue was RMB537.2m, down 0.6% YoY; net loss narrowed 43.6% to RMB145.3m, mainly as reported R&D costs fell.

• Commercial portfolio comprises eight marketed vaccines; pipeline includes 22 candidates across 14 disease areas, with 14 clinical approvals and 21 clinical trials underway at June 30, 2024.

Financial highlights

• Revenue was RMB537.2m versus RMB540.5m in H1 2023; cost of sales rose 38.1% to RMB148.9m and gross profit fell 10.3% to RMB388.3m.

• Gross margin declined to 72.3% from 80.1%, reflecting lower production volumes for some products and higher costs.

• Net loss was RMB145.3m versus RMB257.4m; loss attributable to owners was RMB139.3m versus RMB250.4m, and loss per share was RMB0.11 versus RMB0.21.

• R&D costs fell 57.3% to RMB170.1m, partly because Phase III costs for PCV13, iterative serum-free rabies vaccine and PPSV23 were recorded as deferred development costs.

• Other income and gains fell 36.2% to RMB13.4m, mainly on lower government grants; finance costs rose 56.6% to RMB30.0m as borrowings increased.

Outlook and guidance

• 2024 priorities include accelerating PCV13 marketing registration, preparing submissions for iterative serum-free rabies vaccine and PPSV23, and advancing commercialization of pipeline products.

• PCV13 Phase III and process-validation production were completed, pre-testing met quality standards, and a 2024 marketing application was planned.

• Iterative serum-free rabies vaccine completed Phase III site work and registration pre-testing; statistical unblinding and a marketing application are planned.

• PPSV23 completed Phase III site work and is preparing for database lock and unblinding; a marketing pre-application is planned.

• MCV4 Phase II is ongoing, with Phase III planned for 2025; PCV24 and Group B streptococcus vaccine CTAs are planned for 2025.