Everest Medicines Announces Financial Results for Full Year Ended December 31, 2023
Wednesday, 27 March 2024
Shanghai, China — March 28, 2024 — Everest Medicines (HKEX 1952.HK, “Everest”, or the “Company”), a biopharmaceutical company focused on the discovery, clinical development, manufacturing and commercialization of innovative medicines and vaccines, today announced its financial results for the full year ended December 31, 2023, along with a corporate update.
“2023 was an exciting year for Everest as we transformed into a fully integrated biopharmaceutical company with full value chain of capabilities,” commented Rogers Yongqing Luo, CEO of Everest Medicines. “We have taken a lean and focused approach to commercialization, and built an effective commercial organization around the launch of our first product, Xerava®, in the Chinese market at the end of July. Nefecon®, the first-in-disease treatment for adults with primary IgAN and our blockbuster product in the renal portfolio, was also approved in mainland China and commercially launched in Macau in December 2023. The successful sales of these two products resulted in the ninefold increase in revenue last year to RMB125.9 million, significantly exceeding our guidance in mid-2023. Nefecon® will be launching in mainland China soon and our anchor product in the autoimmune space etrasimod is expected to receive approval in Macau and start commercialization in the Greater Bay area this year, so Everest will have three commercialized products before end of 2024. With these product launches and several other drugs advancing through clinical and regulatory approval stages, we have paved the way for even more substantial growth in 2024 and set a revenue guidance of RMB700 million. ”
“We also head into 2024 with an upgraded dual-engine approach to our pipeline growth strategy, which is in-house discovery plus in-licensing. As we terminated the collaboration and licensing agreements with Providence, we will develop our own discovery products utilizing this mRNA platform, but now hold full intellectual property rights and global rights. We have developed cancer vaccines from this platform which will enter clinical stage this year. Meanwhile, we will continue our in-licensing efforts, focused on our carefully chosen, less-crowded therapeutic areas of renal disease, infectious disease and autoimmune disease. This dual-engine approach will enable us to further capitalize on our commercial organization’s capabilities to maximize synergies in our core product areas, while developing those products we have full intellectual property rights and global rights,” Mr. Luo concluded.
*Recent **Key **Product Highlights and Anticipated Milestones***
*RENAL PRODUCTS PORTFOLIO*
*Nefecon® *
*2023*
⎯ In February 2023, South Korea’s Ministry of Food and Drug Safety (MFDS) granted Global Innovative product on Fast Track (GIFT) designation to Nefecon® for the treatment of primary IgAN.
⎯ In March 2023, partner Calliditas reported positive topline results from the global, randomized, double-blind, placebo-controlled Phase 3 clinical trial NefIgArd, which investigated the effect of Nefecon® versus placebo in patients with primary IgAN over 2 years. The trial met its primary endpoint with Nefecon® demonstrating a highly statistically significant benefit over placebo (p value < 0.0001) in estimated glomerular filtration rate (eGFR) over the two-year period of 9-months of treatment with Nefecon® or placebo and 15-months of follow-up off drug. The key primary endpoint, eGFR over 2 years, was on average 5.05 mL/min/1.73 m^2 higher with Nefecon® compared to placebo (p
|
||||
|
|
||||
You Might LikeRelated news from verified sources
|
||||
