Summary by Futu AI
Kangfang Biotechnology (Cayman) Limited (“Kangfang Biotech” or the “Company”) announces its comprehensive results for the year ended 31 December 2023. The company's total revenue reached RMB4,526.3 million, up 440% year-on-year, and gross profit was RMB4,393.0 million, an increase of 491% year-on-year. The profit for the year was RMB 1,942.4 million and the loss was RMB1,422.2 million in the same period last year. The Company's primary revenue comes from product sales and technical licensing and technical collaborations, with Caitani® (Cadonili, PD-1/CTLA-4) product sales of RMB1,357.8 million, an increase of 149% year-over-year. In addition, the company's technology licensing partnership with Summit Therapeutics Inc (Nasdaq Stock Code: SMMT) also contributed significantly to the company's revenue. Kangfang Bios continues to advance its innovative research projects covering the fields of oncology, autoimmune and metabolic diseases, and drives the clinical development, production and commercialization of new drug products globally.