On the evening of March 29 and March 28, Gelonghui announced its 2023 annual results with Platinum Pharmaceutical-B (02142.HK). As of December 31, 2023, Hebo Pharmaceutical had a total annual profit of US$22.76 million. This is also the first time that the company has achieved annual financial profit.
During the reporting period, total revenue reached US$89.5 million, up 119.9% year on year (total revenue in 2022 was US$40.66 million). The company's revenue structure mainly included product licensing, research services and technology licensing. The increase in total revenue was mainly due to licensing partnerships with Pfizer, Cullinan Oncology, and Colombott.
During the reporting period, total R&D investment for the whole year was US$45.08 million, down 66.6% year on year (total R&D investment in 2022 was US$135 million). The reduction in R&D costs was mainly affected by a combination of two factors. One is optimal investment in our own clinical projects and projects in the early detection and pre-clinical stages, and the other is the efficient implementation of cost control measures.
During the reporting period, total annual management expenses amounted to US$19.5 million, a year-on-year decrease of 28.6% (total management expenses of US$27.27 million in 2022).