Q2 2024 Everest Medicines Ltd Earnings Call Transcript
Key Points
- 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.
- 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.
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.
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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