Genting Xinyao B (01952) announced its 2023 results, with revenue of RMB 126 million, an increase of 8...
According to the Zhitong Finance App, Genting Xinyao B (01952) announced its 2023 results, with revenue of RMB 126 million, an increase of 884%; R&D expenditure of about RMB 540 million, a year-on-year narrowing of 33.3%; and net losses of about RMB 844.5 million.
According to the announcement, revenue growth was mainly due to the listing of Iga in mainland China and Hong Kong, China, the listing of Nexans in Macau, the increase in sales of Eiga in Singapore, and the sale of Trodelvy with Gilead Sciences in Singapore during the transition period.
The reduction in R&D expenses is mainly due to the fact that many drug candidates have completed clinical trials and entered the registration or commercialization stage; and the costs from internal R&D activities to develop new products, including pre-clinical products, in the pipeline.
Another important milestone for the company in 2023 was the approval of a New Drug Marketing License (NDA) for the primary IgA nephropathy treatment Nefucan in Macau and mainland China. Nifukang is the first IgA nephropathy treatment fully approved by the US Food and Drug Administration (FDA). It can significantly reduce the decline in kidney function. Following the successful commercialization of Naifukang in Macau at the end of 2023, the company plans to launch this important innovative product in mainland China, Singapore and Hong Kong in 2024, while seeking approval for listing in South Korea and Taiwan. Nifukang will be commercialized in mainland China in the first half of 2024. The company will gradually establish a sales team. It is expected to have 120 sales representatives by the end of the year, and plans to cover 600 core hospitals with at least 60% market potential.