Shanghai Allist Pharmaceuticals (688578) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 957 million, up 59.73% year-over-year; 9M revenue was RMB 2.53 billion, up 87.97% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 406.8 million, up 101.38% year-over-year; 9M net profit was RMB 1.06 billion, up 158.99% year-over-year.

• Core product Furmonertinib’s expanded inclusion in the national medical insurance drove strong sales growth.

Financial highlights

• Gross margin and net margin improved significantly due to cost control and efficiency measures.

• Basic and diluted EPS for Q3 were RMB 0.90, up 100% year-over-year; 9M EPS was RMB 2.36, up 159.34%.

• Operating cash flow for 9M was RMB 1.24 billion, up 167.71% year-over-year.

• R&D investment for Q3 was RMB 234 million, up 198.76% year-over-year, mainly due to upfront payments for new drug licenses.

• Total assets at Q3-end were RMB 5.43 billion, up 24.14% from year-end 2023.

Outlook and guidance

• Expanded insurance coverage for Furmonertinib is expected to further increase patient access and drive future revenue.

• New licensing agreements and clinical trial approvals are expected to strengthen the oncology pipeline.