Everest Medicines Ltd (HKSE:01952)
HK$ 34.8 -1.45 (-4%) Market Cap: 11.22 Bil Enterprise Value: 10.24 Bil PE Ratio: 0 PB Ratio: 2.36 GF Score: 39/100
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Q2 2024 Everest Medicines Ltd Earnings Call Transcript

Aug 28, 2024 / 01:00AM GMT
Release Date Price: HK$20.95 (-0.24%)

Key Points

Positve
  • Everest Medicines Ltd (HKSE:01952) achieved a 158% revenue increase in the first half of 2024 compared to the second half of 2023.
  • The company maintained a strong cash gross margin of 83%, reflecting operational efficiency.
  • For the first time in its corporate history, Everest Medicines Ltd (HKSE:01952) achieved profitability at a commercial level.
  • The company's cash balance remains robust at RMB1.93 billion, providing significant flexibility for future growth.
  • Everest Medicines Ltd (HKSE:01952) secured regulatory approvals for Nefecon in Singapore and Hong Kong, and its supplemental NDA application in China was accepted.
Negative
  • Despite revenue growth, Everest Medicines Ltd (HKSE:01952) still reported a non-IFRS net loss of RMB212.6 million for the first half of 2024.
  • R&D expenses, although decreased by 12%, still amounted to RMB253 million, indicating high ongoing costs.
  • Distribution and selling expenses increased significantly to RMB200 million, reflecting higher costs associated with product launches.
  • The company faces challenges in market penetration and awareness-building for new products like Nefecon and XERAVA.
  • Everest Medicines Ltd (HKSE:01952) de-prioritized its mRNA COVID-19 vaccine program, resulting in a one-time non-recurring intangible asset impairment loss.
Operator

Good morning and good evening. Welcome to Everest Medicines 2024 mid-year financial results conference call. Please be advised that today's conference is being recorded. (Operator Instructions)

And finally, I would like to hand conference over to your speaker today, Ms. Leah Liu, please go ahead.

Leah Liu
Everest Medicines Ltd - Joint Company Secretary

Hi. Good morning, everyone. I'm Leah Liu from Everest Medicines. Thank you, operator. And everyone, welcome to our 2024 first half-year financial results conference call. Joining us today are Mr. Rogers Luo, our Chief Executive Officer; Mr. Ian Woo, President and CFO, Dr. Jennifer Yang, our Chief Scientific Officer; Sandra Zeng, our Chief Medical Officer; and Rico Liang, our Chief Product Officer.

Before we get started, I'd like to remind you that the speakers on this conference call may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations

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