ROCKVILLE, Md. and SUZHOU, China , Aug. 22, 2024 /PRNewswire/ -- Ascentage Pharma (6855.
HK), a global biopharmaceutical company engaged in discovering, developing and commercializing both first-in-class and best-in-class therapies for malignancies, today announced its 2024 interim results. During the reporting period, Ascentage Pharma continued to execute its global innovation strategy, having achieved breakthroughs across various aspects of its business including external collaborations, commercialization, and clinical development. In particular, the company has set a new record with its revenue for the first half of 2024 and reported profit for the first time.
During the reporting period, Ascentage Pharma has set a new record for its revenue that grew by 477% from the same period last year to RMB824 million , with most of the revenue generated from sales of pharmaceutical products and license income. For the very first time in its history, Ascentage Pharma reached profitability, having reported a net profit of RMB163 million . Ascentage Pharma made rapid progress with the commercialization of its first approved product, olverembatinib (HQP1351).
During the reporting period, olverembatinib generated a sales revenue of RMB113 million , which grew by 120% from the second half of 2023 and 5% year-over-year. Ascentage Pharma and Takeda, a multinational pharmaceutical company, have entered into an exclusive option agreement that granted Takeda an exclusive option to enter into an.