Hansoh Pharma 2024 Financial Results: Total Revenue Exceeds RMB 12.26 Billion with Innovative Drugs Accounting for Over 70%

On March 21, Hansoh Pharma (03692.HK) released its 2024 performance report, showcasing the company's outstanding achievements and steady growth under its innovation and globalization strategy.

During the reporting period, Hansoh Pharma achieved a total revenue of approximately RMB 12.261 billion (same unit hereinafter), representing a year-on-year increase of about 21.3%; profit reached approximately RMB 4.372 billion, reflecting a year-on-year growth of about 33.4%. The basic earnings per share were approximately RMB 0.74, increasing by about 33.3% year-on-year, with a dividend per share of 15.53 Hong Kong cents, demonstrating the company's strong profitability and generous returns to shareholders.

In 2024, the sales revenue of innovative drugs and collaboration products of Hansoh Pharma reached approximately RMB 9.477 billion, representing a year-on-year increase of about 38.1%, and accounting for 77.3% of the total revenue. The growth in innovative drug sales and out-licensing income from licensing the ADC product to GlaxoSmithKline (GSK) became new growth drivers boosting performance.

The leading innovative strength and the accelerating manifestation of innovative achievements are backed by "continuous R&D investment." In 2024, Hansoh Pharma's R&D expenditure reached approximately 2.702 billion yuan, increasing by 28.8% year-on-year, accounting for about 22% of total revenue. The company remains focused on disease areas such as oncology, central nervous system, metabolism, and autoimmune disorders, and is advancing over 60 clinical trials for innovative drugs, involving 40 candidate innovative medicines. During the reporting period, multiple innovative drug projects by Hansoh Pharma entered Phase III clinical trials for the first time, including ADCs, GLP-1/GIP dual-target agonists, and TYK2 inhibitors. Additionally, key progress was achieved in major products like anti-CD19 monoclonal antibodies, KRAS G12C inhibitors, OX2R antagonists, P2X3 antagonists, and IL-23p19-targeted monoclonal antibodies. A rich pipeline of candidates has built up strong momentum for the company’s future development.

As of the announcement date, Hansoh Pharma's Almonertinib (third-generation EGFR-TKI) has received approval for its third indication, becoming the only China-developed third-generation EGFR-TKI currently approved for maintenance therapy following curative radiotherapy and chemotherapy in patients with Stage III unresectable NSCLC. Additionally, two new indication marketing authorization applications (sNDA) have been accepted by the NMPA. Through the expansion of Almonertinib indications, combination therapies, and the development of complementary products, Hansoh Pharma is conducting innovative explorations across the entire lifecycle in the field of lung cancer.

In terms of License-in, in 2024, Hansoh Pharma expanded its collaboration with Promab (EGFR/c-MET bispecific antibody) to further develop EGFR/c-MET bispecific antibody ADC. It also licensed two drugs: an IL-23-targeting monoclonal antibody from Synexis Bio and a BTK inhibitor from Lu Peng Pharma. In terms of License-out, in 2024, Hansoh Pharma granted Merck (MSD) the global exclusive license for HS-10535, a preclinical oral small molecule GLP-1 receptor agonist. The two products licensed to GSK in 2023, HS-20093 (B7-H3 ADC) and HS-20089 (B7-H4 ADC), have initiated overseas clinical trials within the reporting period.

According to the financial report, the net cash inflow from operating activities in 2024 was RMB 3.862 billion. By the end of 2024, the company had cash and bank deposits totaling RMB 22.622 billion. The robust financial performance and strong cash flow have laid a solid foundation for supporting the company’s continuous innovation and R&D investment in the future.