Harbour BioMed's 2023 Interim Results: Positive Profit Alert Driven by Innovation

14 July 2023 | Friday | News

Harbour BioMed (the "Company"; HKEX: 02142), a global biopharmaceutical company committed to the discovery, development, and commercialization of novel antibody therapeutics focusing on oncology and immunology announces that, it is anticipated that the Company will record a significant increase in its revenue for the six months ended June 30, 2023, leading to profitable results and notable achievements in cost reduction and efficiency improvement.
Image Source : Public Domain

Image Source : Public Domain


Based on the preliminary review of the Company's unaudited management accounts for the six months ended June 30, 2023, the total revenue is expected to be approximately US$40.0 million, representing an increase of approximately 44.9% from approximately US$27.6 million for the six months ended June 30, 2022. The Company achieved the profit for the period ranging between US$2.0 million to US$4.0 million for the six months ended June 30, 2023, in contrast to the loss of approximately US$73.1 million for the same period ended on June 30, 2022. The Company foresees to achieve its first half-yearly profit. This optimistic outlook is primarily attributable to the sustained revenue growth driven by global collaborations centered on innovative portfolio products and cutting-edge technology, as well as operational optimization efforts that have resulted in significant cost savings.

Dr. Jingsong Wang, Founder, Chairman and CEO of Harbour BioMed, commented: "The performance of HBM in the first half of 2023 serves as validation of our global strategy, which emphasizes global innovation and collaboration. This has demonstrated our strong momentum in growth and development. The sustained growth underscores the importance and potential of original innovation. We are confident that our global strategy will continue to drive value creation for the Company. Despite the challenging environment, we remain committed to focusing on clinical portfolio development, external collaboration, cost containment, and further unleashing our innovation ability to drive growth efficiently and sustainably."

Leveraging an accelerated global collaboration strategy, the Company has achieved positive half-yearly revenue growth rates exceeding 40% for two consecutive years. The out-licensing and collaboration of innovative products from Harbour Therapeutics' portfolio, including HBM7008 and batoclimab, have significantly contributed to this growth. Regional and global business collaborations are accelerating the development of numerous pipelines, while extensive global collaboration has continuously verified and recognized the value of the portfolio and R&D capabilities of the Company.

With its world-leading technology innovation, the Company's second growth curve is steadily gaining momentum. The substantial revenue increase of Nona Biosciences, a wholly-owned subsidiary of the Company, demonstrates its rapid development and expansion, creating a new surge of growth energy. As the "second engine" propelling the Company's growth and realizing platform value, Nona Biosciences continues to enhance its presence in the fields of ADC, mRNA, artificial intelligence, and protein engineering through its strategy of "Antibody+" and rich innovative drug discovery expertise.

In addition to the promising financial performance, continued pipeline advancement enhanced the comprehensive value as well. A number of significant milestones were reached in the first half of 2023 in the development of the Company's pipeline. Porustobart (HBM4003), one of the flagship programs developed from Company's HCAb platform, is the world's first fully human heavy-chain-only antibody entered into clinical development. Multiple positive data generated from clinical trials of this product have been presented and published at international conferences such as ASCO and AACR in 2023, which delivered a set of exciting POC data for porustobart on multiple solid tumors including hepatocellular carcinoma, neuroendocrine neoplasms and melanoma. Porustobart has demonstrated great potential to be developed as a cornerstone therapy in immuno-oncology. Furthermore, batoclimab completed phase III trial for the treatment of generalized myasthenia gravis with positive topline results, which was followed by its acceptance of Biologics License Application (BLA) submission by National Medical Products Administration in China.


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