TOT BIOPHARM (1875.HK) Turns a Profit for the First Time, Reports 2024 Net Income of RMB 34.8M
Guru Club, March 12丨TOT BIOPHARM - B (1875.HK) announced that for the full-year results ending December 31, 2024, the Company reported better-than-expected performance, with annual revenue reaching RMB 1.098 billion, representing a 41% year-on-year increase. In 2024, it achieved a turnaround from loss to profit for the first time, posting a net profit of RMB 34.8 million. With continuously enhanced cash generating capabilities, the net cash from operating activities has been positive for three consecutive years, reaching RMB116.4 million in 2024.
The CDMO (Contract Development and Manufacturing Organization) business demonstrated robust growth potential with a notable funnel effect. Leveraging its cutting-edge technology platforms to enhance front-end pipeline promotion, the Company saw a significant increase in early-stage projects. It added 58 new projects throughout the year, including 48 ADC (Antibody - Drug Conjugate) projects, bringing the total to 153 projects. Notably, it secured 2 pre-BLA (Pre-Biologics License Application) projects, bringing the total number to 8, fully demonstrating the Company's outstanding capability in late-stage CDMO commercialization projects and further strengthening its potential for future revenue expectations. The Company's service backlog on hand reached RMB 191 million, marking a 39% year-on-year growth.
Widely recognized by the industry world-wide, the Company's high-standard quality management system has passed many production site inspections by relevant drug regulatory authorities and GMP compliance inspections in many countries, as well as several GMP inspections by customers and third-party consulting agencies. In 2024 alone, the Company received 38 GMP audits in total, including 7 official GMP audits (3 by foreign authorities and 4 by domestic authorities) and 2 EU QP audits (one of which was passed with zero defects). The Company also obtained GMP certificates from countries such as Colombia, Egypt, and Indonesia. Additionally, the Company obtained the Accreditation of Foreign Manufacturers by the PMDA in Japan, signifying that TOT BIOPHARM's production lines and quality system comply with Japanese pharmaceutical quality and safety standards. Furthermore, the Company assisted its customers in completing inspections by their overseas partnering multinational pharmaceutical companies and other institutions on multiple occasions, and successfully collaborated with its customers in completing the licensing with high recognition.
