FAST NEWS: Innovent Bio’s revenue soars on strong cancer treatment sales

The latest: Biotech company Innovent Biologics Inc. (1801.HK) announced on Thursday it recorded product revenue of more than 1.6 billion yuan ($2.2 million) in the third quarter, up 45% year-on-year, and also up significantly from the previous quarter.

Looking up: The revenue jump was powered by continued strong sales for the company’s Tyvyt Sintilimab injection, used to treat Hodgkin’s lymphoma, while other products also achieved significant volume ramp-up.

Take Note: The company did not provide any profit or loss figures in its latest update. But it recorded a 140 million yuan loss in the first half of the year, as its expenses continue to far exceed its revenue.

Digging Deeper: Founded in 2011 and listed on the Hong Kong Stock Exchange in 2018, Innovent develops and sells innovative drugs to treat tumors and other diseases. It had 10 products on the market as of the third quarter. The company is looking to expand overseas, but its application to sell its key product Sintilimab in the U.S. was rejected by the Food and Drug Administration (FDA) last year. It also suffered a setback with the termination of a licensing agreement with the U.S. pharmaceutical company Coherus (CHRS.US).

Market Reaction: Innovent’s shares fell on Friday and closed down 2.1% at HK$45.60 by the midday break, near the upper end of their 52-week range.

Translation by A. Au

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