Everest Medicines (1952) H2 2024 earnings summary

Executive summary

• Achieved full-year 2024 revenue of RMB 706.7 million, a 461% year-on-year increase, driven by strong launches of Nefecon/NEFECONⓇ and XERAVAⓇ in China.

• Gross margin (cash/adjusted basis) reached 83%, reflecting operational efficiency and strong product mix.

• Non-IFRS net loss narrowed by 25% to RMB 537.6 million, while IFRS net loss increased to RMB 1,041.4 million due to a one-time impairment on mRNA COVID-19 vaccine assets.

• Maintained a strong cash balance of RMB 1.6 billion at year-end 2024, supporting ongoing R&D and commercial expansion.

• Expanded product portfolio and pipeline, with three commercialized products now addressing renal, anti-infective, and autoimmune markets.

Financial highlights

• Revenue increased by RMB 580.7 million year-over-year, primarily from Nefecon/NEFECONⓇ and XERAVAⓇ.

• Cost of revenue was RMB 179.8 million (excluding non-cash items); gross profit margin was 83% (82.9% excluding amortization).

• R&D expenses were RMB 528 million, slightly down from 2023, reflecting strategic investment.

• Operating loss (IFRS) was RMB 1,117.0 million; adjusted net loss narrowed to RMB 537.6 million.

• Cash and equivalents stood at RMB 1,603.3 million at year-end 2024.

Outlook and guidance

• Targeting cash flow break-even by end of 2025 and further revenue growth with NEFECONⓇ NRDL implementation and expanded hospital coverage.

• NDA approval for Velsipity/VELSIPITYⓇ in mainland China expected in late 2025 or early 2026, with launches planned in Taiwan and South Korea.

• Multiple pipeline catalysts in 2025, including clinical data readouts and regulatory submissions across renal, autoimmune, and infectious disease programs.

• Continued focus on dual engine growth: commercial execution and internal R&D/licensing.

• Focus on global partnerships for early-stage assets and continued pipeline expansion.