BEIJING, March 22, 2022 /PRNewswire/ — InnoCare Pharma (HKEX: 09969), a leading biopharmaceutical company focusing on cancer and autoimmune diseases, today announced 2021 annual results as of 31 December 2021.
Dr. Jasmine Cui, Co-founder, Chairwoman and CEO of InnoCare, said, “We are delighted to announce 2021 results on the occasion of our 2nd anniversary of listing on Hong Kong Stock Exchange. We have witnessed an unusual year 2021, in which we overcame tremendous difficulties and challenges and achieved many significant milestones. We have achieved satisfactory results in the first year of commercialization. The inclusion of orelabrutinib in the National Reimbursement Drug List (NRDL) at the end of 2021 will help access to more patients. We have made major breakthroughs in internationalization by reaching license-out and license-in collaboration with Biogen and Incyte respectively. We have deepened our efforts in innovation and accelerated the progress of our global multicenter clinical trials so as to further advance our drug candidate to benefit more patients…”
The revenue increased sharply from 1.4 million for the year ended 31 December 2020 to 1.043 billion for the year ended 31 December 2021, due to sales of orelabrutinib and upfront payment from Biogen.
The research and development expenses increased from 402.8 million for the year ended 31 December 2020 to 721.6 million for the year ended 31 December 2021, primarily due to the upfront payment of tafasitamab license-in, etc.
The cash and cash equivalent increased from 3.9696 billion by the end of 2020 to 6.5505 billion by the end of 2021.
The loss for the reporting period decreased from 391.9 million for the year ended 31 December 2020 to 66.7 million for the year ended 31 December 2021, mainly due to the increase of revenue, etc.
(Note: Currency: RMB)