RemeGen (9995) Q4 2024 earnings summary

Executive summary

• Achieved significant year-over-year revenue growth, driven by increased sales of telitacicept and disitamab vedotin, both included in the National Reimbursement Drug List (NRDL).

• Expanded clinical pipeline with multiple late-stage trials and new indications for core products, including approvals and regulatory submissions in China and internationally.

• Continued investment in R&D, with robust progress in autoimmune, oncology, and ophthalmology therapeutic areas.

Financial highlights

• Revenue rose to RMB1,710.2 million in 2024 from RMB1,076.1 million in 2023, a 59% increase year-over-year.

• Net loss narrowed to RMB1,468.4 million from RMB1,511.2 million in 2023.

• Gross profit increased to RMB1,367.4 million from RMB823.0 million in 2023.

• R&D expenses rose to RMB1,539.8 million, up from RMB1,306.3 million, reflecting ongoing clinical development.

• Cash and cash equivalents at year-end were RMB759.5 million, up from RMB726.6 million.

• Gearing ratio increased to 63.9% from 37.8% at prior year-end.

Outlook and guidance

• Plans to further commercialize telitacicept and disitamab vedotin in China and accelerate international clinical trials.

• Expects to fully utilize remaining proceeds from A Share Offering by end of 2025.

• Focus on expanding indications for core products and advancing global regulatory filings.