INNOGEN-B (02591) issues profit warning, expecting to incur a loss of about 3.414 billion yuan in 2025.

INNOGEN-B(02591) announced that despite the commercialization of its core product, Ipragliflozin (used to treat type 2 diabetes) in China and Macau, the group achieved revenues of approximately 131.5 million RMB in the fiscal year 2025 (zero in 2024). The group expects to incur a loss of approximately 341.4 million RMB in the current year, compared to a loss of approximately 174.7 million RMB in the year ended December 31, 2024. The announcement stated that the increase in losses for the current year was mainly due to (i) an increase in research and development expenses of approximately 103.3 million RMB, mainly attributed to the increase in expenses related to the life-cycle management and clinical development of Ipragliflozin, including raw materials, preclinical research, clinical trials, and process optimization expenditures for phase IIb/III clinical trials in China for the treatment of obesity and overweight, and phase II clinical studies in Australia; and (ii) an increase in sales and distribution expenses of approximately 174.3 million RMB, mainly due to the increase in marketing and promotion expenses after the commercialization of Ipragliflozin, as well as an increase in employee benefits expenses to support market development and expand the sales team.