Gelonghui, March 25 | Boan Biotech (06955.HK) announced that for the year ended December 31, 2023, the Group's revenue was approximately RMB 618.1 million, an increase of 19.8% over the previous year. This increase is mainly due to increased sales of Boyunuo (BA1101) and Boyoubi (BA6101) in China.
For the year ended 31 December 2023, the Group recorded gross profit of approximately RMB 408.9 million, an increase of 15.4% over the previous year.
For the year ended 31 December 2023, the Group confirmed R&D expenditure of approximately RMB 230.7 million, a decrease of approximately RMB 169.6 million compared with the year ended 31 December 2022. The reduction in R&D expenses was mainly due to the progress of four of the Group's R&D projects to phase III clinical trials in 2023, which increased R&D investment to cover deferred development costs.