BRIEF: InnoCare revenue jumps 37% in 2024 on strong lymphoma drug sales

InnoCare Pharma Ltd. (9969.HK; 688428.SH) said on Thursday its revenue rose 37% last year to 1.01 billion yuan ($138 million), fueled by strong gains for Orelabrutinib, its drug used to treat lymphoma and autoimmune diseases. About 1 billion yuan of its revenue for the year came from Orelabrutinib, whose sales rose 49% year-on-year, the company said.

InnoCare continues to lose money, reporting a 443 million yuan loss for all of last year. But that figure was about 30% narrower than the 644 million yuan loss it reported in 2023. The company said its narrowing loss owed both to higher sales of Orelabrutinib, as well as improved operating efficiency as it gained greater scale.

InnoCare’s Hong Kong-listed stock rose 4% on Friday morning in Hong Kong to close at HK$5.46 by the midday break.

By Doug Young

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