INNOCARE (09969) is expected to have a total revenue of approximately 1.01 billion yuan in 2024, an increase of about 37% year-on-year.

INNOCARE (09969) announced that it is expected to achieve revenue of approximately RMB 1.001 billion for the year 2024, representing an increase of about 49% compared to the same period last year. It is also expected to achieve total operating revenue of approximately RMB 1.01 billion, an increase of about 37% compared to the same period last year. The net loss attributable to owners of the parent company is expected to be around RMB 443 million, a decrease of about 30% compared to the same period last year. After deducting non-recurring gains and losses, the net loss attributable to owners of the parent company is expected to be around RMB 444 million, a decrease of about 29% compared to the same period last year. The main reasons for the performance changes in 2024 compared to the previous year are as follows: (1) The company's core product, obeticholic acid (Yi Nuo Kai), has achieved medical insurance coverage for all three indications. Obeticholic acid is the first and only BTK inhibitor approved for the indication of MZL in China, and is recommended as a first-line treatment for marginal zone lymphoma (MZL) in the 2024 Chinese Society of Clinical Oncology (CSCO) lymphoma diagnosis and treatment guidelines. The company has strengthened its commercial core management team, optimized execution strategies, and continuously enhanced its commercialization capabilities. Sales revenue of obeticholic acid has increased by approximately 49%. At the same time, the company has improved operational efficiency, continuously reduced sales expense ratios, and enhanced its sustainable development capabilities. (2) The company continues to increase its investment in research and development, with significant progress made in multiple pipelines. Research and development expenditure for the year 2024 is expected to increase by about 8.4% compared to the same period last year. (3) Due to fluctuations in the exchange rate between RMB and USD, the company incurred unrealized exchange losses of approximately RMB 33 million in 2024, which is less than the unrealized exchange losses incurred in the same period last year. These unrealized exchange losses are mainly due to the company being registered in the Cayman Islands and using USD as its functional currency. As the company's main operations are conducted in China and RMB is the primary currency used for payments, the offshore RMB held by the company resulted in paper losses in foreign currency translations, which did not have any actual impact on the company's operations.