DJ The remarkable results of strategic transformation of TOT, with a significant increase of 479% YoY in Operating Revenue, "one-base, end-to-end" ADC industrialization platform shows strong competitive
EQS Newswire / 24/03/2023 / 10:01 UTC+8
The remarkable results of strategic transformation of TOT, with a significant increase of 479% YoY in Operating Revenue, "one-base, end-to-end" ADC industrialization platform shows strong competitive advantage
On 23 March, 2023, TOT BIOPHARM International Company Limited ("TOT BIOPHARM" or the "Company"; stock code: 1875.HK), announced its audited Annual results ended 31 December, 2022 (the "Period").
Operating revenue of the Group reached RMB442,178 thousand in 2022, increasing by 479% year-on-year, which was mainly attributable to the substantial increase in the sales of self-developed products, the continuous development of CDMO business and the increase in milestone payment income from licenses granted in connection with the Group's projects. Specifically, revenue from sales of products reached RMB304,361 thousand; revenue from CDMO/CMO business reached RMB72,538 thousand, representing an increase of 35% year-on-year; and revenue from licenses granted reached RMB54,151 thousand. Meanwhile, other financial indicators also seeing remarkable improvement. In 2022, net loss of the Group narrowed by 81% year-on-year to RMB50,046 thousand, and its net cash flows from operating activities turned positive for the first time to RMB59,929 thousand.
TOT BIOPHARM fully implemented its strategic transformation in 2022, continuously consolidated its comprehensive strength in ADC CDMO business platforms, at the same time, the Group continued to optimize the capital structure, accelerated the commercial licensing and marketing of self-developed products. The Group made gratifying achievements in various businesses and achieved many milestone breakthroughs in the year.
Differentiated advantages of ADC CDMO platform bussiness stand out: The Group built a domestically scarce "one-base, end-to-end" industrialization platform for the antibody-drug conjugates ("ADC"). The Group further improved the commercial production capacity for ADCs, the Company's workshops for ADC commercial production and mAb drug substances passed the European Union ("EU") Qualified Person ("QP") audit with zero defects, the comprehensive strength of the CDMO business has been enhanced. In 2022, revenue from the Group's CDMO/CMO business amounted to RMB72,538 thousand, representing a year-on-year increase of 35%. Among the 45 projects in 2022, there were 18 ADC projects and 23 antibody projects.
Outstanding sales perfomance of self-developed products: In 2022, the Group successfully completed the commercial licensing of Pusintin® in overseas markets and the licensing of TAB014 in the domestic market, and obtained revenue of RMB54,151 thousand from licenses granted. As for marketing of Pusintin®, through close cooperation with Jiangxi Jixin Pharmaceutical Co., Ltd. (??????????) ("Jixin Pharmaceutical"), the Group tapped into the unmet market space through differentiated channel coverage and opened up the mainland market quickly. In respect of overseas markets, the Group also successfully completed the registration applications for launching in a number of countries to meet the demand in overseas markets as soon as possible. Besides, the Group successfully completed the contract renewal for centralized procurement in different provinces and cities across China in relation to its self-developed chemical drug Temozolomide capsule - Tazian®, laying a good foundation for the sales in 2023. The Group has conducted comprehensive market promotion for Megestrol acetate oral suspension - Megaxia® in the fields of tumor and AIDS, so as to bring a high-quality drug to more patients in China.
Equity financing capablilty continuous to improve: On 29 July 2022, with clear strategic objectives and differentiated competitive advantages, Vivo (Suzhou) Health Industry Investment Fund (Limited Partnership) (??(?? )????????(????)) ("Vivo Suzhou Fund") and Center Laboratories, Inc. (???????????) (4123.TW) ("Centerlab"), major shareholders of TOT BIOPHARM, subscribed for shares at a premium. The Group successfully completed the first round of equity financing after the IPO, raising amount to HKD470 million, which provide funding support for the rapid development of the Company in the next stage.
Looking into the future: Dr.Liu, Jun, Chief Executive Officer and Executive Director of TOT BIOPHARM, said that: "The year of 2023 will be a year when TOT BIOPHARM takes a step-by-step approach to showcasing a brand new image to the outside world. Our Global Research and Development Center and new commercial production lines will also be put into use. We will seize new opportunities arising from technological innovation and industrial revolution to drive the commercial sales of launched products to a new level. The year of 2023 will also mark a critical year for TOT BIOPHARM to move towards the next milestone. We will continue to implement our CDMO strategic goals thoroughly, accelerate our internationalization, enhance our brand influence persistently, strengthen our platform, expand our market reach, and help our partners accelerate their drug development process with our core competitive advantages to safeguard the health of humanity. Meanwhile, we will continue to practice long-termism and sustainable development, advocate a results-oriented approach, and implement a more effective incentive mechanism to stimulate the potential of our talents. With a sound financial structure and enhanced business profitability by continuously optimizing our resource allocation, we will create substantial returns for our shareholders!"
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About TOT BIOPHARM
TOT BIOPHARM International Company Limited dedicates to developing and commercializing innovative oncology drugs and therapies. Our mission is to build a leading brand in oncology treatment trusted by patients and their families as well as medical professionals in China.
Leveraging on its open technology platforms and commercial production capabilities, TOT BIOPHARM is accelerating the expansion of its "one stop, one base" CDMO/CMO business to provide customers with one-stop CDMO/CMO solutions from R&D, process development, clinical trials, registration and filing to commercial production, thereby satisfying the diversified demand for products such as ADC drugs, mAb drugs and chemical drugs.
TOT BIOPHARM (Stock Code: 1875.HK) was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on 8 November 2019, which marks the Company's formally entrance into the international capital market. File: The remarkable results of strategic transformation of TOT, with a significant increase of 479% YoY in Operating Revenue, "one-base, end-to-end" ADC industrialization platform shows strong competitive advantage
24/03/2023 Dissemination of a Financial Press Release, transmitted by EQS News. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com
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March 23, 2023 22:01 ET (02:01 GMT)
