AIM Vaccine (6660) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 8.2% YoY to RMB1,285.0m; gross profit increased 5.8% to RMB953.5m, while loss attributable to owners narrowed to RMB277.2m from RMB1,301.0m.

• The smaller loss primarily reflected higher revenue and the absence of the large goodwill and intangible-asset impairments recorded in 2023.

• Operations span vaccine R&D, manufacturing and commercialization; the portfolio includes eight marketed products and 21 vaccine candidates across five technology platforms.

Financial highlights

• Revenue was RMB1,285.0m, up 8.2% YoY; cost of sales rose 15.7% to RMB331.5m, and gross profit increased 5.8% to RMB953.5m.

• Gross margin was 74.2%, down from 75.9%, as Class I vaccines represented a larger share of sales.

• Net loss was RMB278.5m versus RMB1,950.2m in 2023; loss attributable to owners was RMB277.2m, and basic and diluted loss per share were RMB0.23 versus RMB1.07.

• R&D expenses decreased 42.9% to RMB363.1m, partly reflecting lower overseas clinical-trial spending and Phase III development costs deferred for specified candidates.

Outlook and guidance

• 2025 priorities include accelerating commercialization of PCV13, serum-free next-generation rabies vaccine and PPSV23; PPSV23 pre-application for marketing registration is planned in 2025.

• PCV13 and serum-free rabies marketing applications have been submitted to the NMPA; PPSV23 completed Phase III field work, with serum testing in progress.

• Further pipeline milestones include PCV20 and Hib clinical-trial pre-applications, and planned 2026 CTAs for PCV24 and selected combination vaccines.

• International expansion targets Southeast Asia, Africa, South America and the Middle East; 2024 rabies and MPSV4 exports reached Pakistan and Egypt.