Keymed Biosciences (2162) H2 2024 earnings summary

Executive summary

• FY24 revenue rose 21% YoY to RMB428.1m, led by collaboration revenue of RMB392.2m; Stapokibart net sales contributed RMB35.9m. Loss for the year widened to RMB514.9m.

• Three Stapokibart indications had NMPA approval by the announcement date; one product was at commercialization stage and 12 candidates were at clinical research and development or IND stage.

Financial highlights

• Revenue was RMB428.1m vs RMB354.1m; gross profit was RMB415.9m vs RMB317.2m, up 31% YoY.

• R&D expenses increased 23% to RMB735.2m, reflecting higher staff costs, more clinical trials and greater raw-material use.

• Loss for the year widened to RMB514.9m from RMB357.8m; adjusted loss, excluding share-based payment expenses, was RMB480.6m vs RMB317.7m.

• Basic and diluted loss per share was RMB1.97 vs RMB1.37; other income and gains increased to RMB141.2m, including RMB87.9m interest income.

Outlook and guidance

• Plans include advancing clinical programs in China and globally, preparing late-stage candidates for commercialization, and pursuing strategic development, collaboration and licensing partnerships.

• Further cGMP-compliant manufacturing capacity expansion is planned to meet anticipated demand and improve production cost-effectiveness.

• A Phase II CM313 study in SLE was planned for H1 2025; CM313 Phase II in IgA nephropathy began in early 2025, with enrollment preparations underway.