Gelonghui, March 22 | Tengsheng Pharmaceutical-B (02137.HK) announced that for the year ended December 31, 2023, other revenue was RMB 163.7 million, an increase of RMB 55.8 million or 51.7% compared with RMB 107.9 million for the year ended December 31, 2022. This was mainly due to an increase in interest income of RMB 70.8 million due to rising interest rates on US dollar and Hong Kong dollar time deposits. This increase was partially offset by a reduction in revenue recognized by the Chinese government subsidy.
R&D expenditure for the year ended 31 December 2023 was RMB 402.7 million, a decrease of RMB 37.9 million or 8.6% compared with RMB 440.6 million for the year ended 31 December 2022. The decrease was mainly due to the termination of COVID-19 programs.
Looking ahead, the company is preparing to launch late-stage clinical trials for its HBV functional cure program, taking into account factors such as scientific differentiation, the pace of commercialization, and the potential to achieve best-in-class efficacy. Furthermore, the company will actively seek external cooperation to advance the clinical development of the company's MDR/XDR, HIV and CNS programs, while also focusing on commercializing PrehevBritM in the Asia-Pacific region. Furthermore, the company is striving to improve the company's R&D strategy, and attaches great importance to platforms and disease areas consistent with the company's long-term pipeline interests, priorities and strategic goals.