Gelonghui March 15 | Dongyao Pharmaceutical-B (01875.HK) announced that in 2023, the Group's revenue was RMB 780,629 thousand, an increase of 77% over the previous year. Among them, product sales revenue was RMB 630,207 thousand, an increase of 107% over the previous year. The main contribution was due to a significant increase in sales performance of the core product Park Xinting (bevacizumab injection). CDMO/CMO business revenue was RMB 140,898 thousand, up 94% year over year. Excluding this factor, there was no one-time authorization fee revenue for the full year of 2023 (RMB 54,151 thousand for the full year of 2022). Excluding this factor, revenue for the full year of 2023 increased by 101% year-on-year.
The Group's hematopoietic capacity continued to increase, and the net cash flow from operating activities was RMB 56,431 thousand, which continued to be positive. Profitability continued to increase, with adjusted profit before tax, depreciation and amortization (EBITDA) of RMB 40,041 thousand, an increase of 274% over the previous year.
The growth rate of the CDMO business is higher than the industry average, showing a strong development trend. The differentiated competitive advantage of ADC CDMO was recognized by the market. Among the 65 active projects, ADC project revenue and number of projects both increased to 65%; 39 new projects were added throughout the year, an increase of 44% over the previous year, to a cumulative total of 95. It successfully obtained 4 pre-BLA (pre-marketing clinical declaration) projects, accumulated 6 pre-BLA projects, and targeted future commercial production.
The company improved the one-stop industrialization platform, provided one-stop services from DNA sequencing to commercial production, strengthened the front-end funnel effect, accelerated drug development and reduced development costs. At the same time, it reached a strategic cooperation with Haoyuan Pharmaceutical to quickly integrate small molecule intermediates into the development and production of conjugation processes, and comprehensively accelerate the industrialization process of customers' drugs.
Dongyao and Sugar Ling Biotech reached a cooperation to jointly develop the DisacLink ADC sugar fixed-point coupling technology platform to accelerate the development and commercialization of innovative conjugated drugs for customers.
In addition, an internationally leading large-scale commercial production line for ADC formulations has been built and put into use, with an annual production capacity of 5.3 million bottles of freeze-dried formulations; it has 4 complete commercial production lines (ADC*2, antibodies*2), greatly improving production line flexibility and production capacity.
The Global R&D Service Center was completed in October 2023, further focusing on the CDMO business and providing a more solid guarantee for CDMO business expansion.
Looking ahead to 2024, the company will continue to focus on XDC CDMO and promote the implementation of more projects in multiple dimensions. Furthermore, relying on the company's brand influence in the CDMO field, we will continue to expand our differentiated competitive advantage, continue to build cutting-edge innovative technology platforms, and actively explore other broader fields of conjugated drugs to inject continuous growth impetus into the company's development. In terms of overseas business development, we will continue to strengthen the construction of an international quality system, promote more cooperation with leading international biomedical companies, and expand market share. At the same time, we will further develop production capacity advantages, expand economies of scale, and continue to promote the industrialization of the platform. Through diversified revenue models such as CDMO and commercial sales of listed products, we continue to create value for shareholders and contribute to the cause of human health.