Summary by Moomoo AI
Innovent Bio announced its performance in the first half of 2024, with a revenue growth of 46.3% and a widened loss of 392.6 million RMB. Innovent Bio Pharmaceutical ("Innovent Bio") announced its unaudited interim results for the six months ended June 30, 2024. During this period, the company achieved revenue of 395.23 million RMB from customer contracts, a 46.3% increase compared to the same period last year. The gross margin increased from 81.3% in the same period last year to 82.9%, reflecting increased production and optimized production costs. Research and development expenses increased to 139.94 million RMB, a 51.6% increase from the same period last year, primarily to support the company's sustainable growth and global innovation strategic objectives. Sales and marketing expenses were 187.94 million RMB, accounting for 47.6% of total revenue. The loss during this period was 392.6 million RMB, an increase of 253.5 million RMB from the same period last year, mainly due to the decrease in non-cash item net exchange gains and the reduction in one-time income tax offset.
