Shanghai Allist Pharmaceuticals (688578) Q4 2024 earnings summary

Executive summary

• Achieved revenue of RMB 3.56 billion in 2024, up 76.29% year-over-year, driven by core product sales growth after renewal in the national medical insurance directory.

• Net profit attributable to shareholders reached RMB 1.43 billion, up 121.97% year-over-year; adjusted net profit up 124.51%.

• Core product Furmonertinib (伏美替尼) maintained strong sales momentum, with both first- and second-line indications included in the national reimbursement list.

• Significant R&D progress: multiple clinical trials advanced, new indications and pipeline expansion, including KRAS G12C inhibitor and SHP2 inhibitor collaborations.

• Enhanced commercialization and marketing network, now covering 31 provinces and 4,800 hospitals with a team of over 1,200.

Financial highlights

• Revenue: RMB 3,557.93 million, up 76.29% year-over-year.

• Net profit attributable to shareholders: RMB 1,429.85 million, up 121.97% year-over-year.

• Adjusted net profit: RMB 1,360.97 million, up 124.51% year-over-year.

• Operating cash flow: RMB 1,566.01 million, up 132.12% year-over-year.

• Gross margin on oncology products: 96.92%.

• R&D investment: RMB 481.53 million, up 53.81% year-over-year, representing 13.53% of revenue.

• Basic and diluted EPS: RMB 3.18, up 122.38% year-over-year.

• Net assets: RMB 5,282.81 million, up 32.66% year-over-year.

Outlook and guidance

• Continued focus on expanding clinical indications for Furmonertinib, including adjuvant, EGFR 20ins, PACC, and brain metastasis.

• Ongoing pipeline enrichment through internal R&D and external licensing, targeting additional oncology indications.

• Plans to further strengthen talent development, digital transformation, and compliance management.

• Strategic goal to maintain leadership in NSCLC targeted therapies and expand into new disease areas.