Everest Medicines Soars: A Deep Dive into 2024 Financial Results

In the ever-evolving landscape of biopharmaceuticals, Everest Medicines has emerged as a standout performer, announcing its financial results for the full year ended December 31, 2024. The company's 'Dual-Engine' strategy, which combines in-house discovery with global partnerships and in-licensing, has propelled it to new heights, achieving a total revenue of RMB706.7 million—a staggering 461% year-over-year increase. This remarkable growth not only exceeded the company's revenue guidance of RMB700 million but also marked a significant milestone in its journey towards commercial-level profitability.



The success story of Everest Medicines is multifaceted, driven by a combination of strategic initiatives and innovative product launches. The launch of NEFECON® in mainland China in May 2024 was a game-changer, generating RMB353.4 million in revenue and representing a year-over-year increase of 1,581%. NEFECON®, the first-in-disease treatment for adults with primary IgA nephropathy (IgAN), was also included in China's National Reimbursement Drug List (NRDL), addressing a significant unmet medical need among Chinese patients. The product's regulatory approvals in Singapore, Hong Kong SAR, Taiwan region, and South Korea further expanded its regional footprint in Asia.

XERAVA® (eravacycline), a first-in-class fluorocycline antibiotic, also contributed significantly to the company's revenue, generating RMB352.8 million in 2024. This 256% year-on-year increase was driven by its differentiated clinical profile and rising market demand. The company's autoimmune portfolio also saw significant progress with VELSIPITY® (etrasimod), which received regulatory approvals in Macau SAR and Singapore in April 2024. The product was subsequently commercially launched in December in Guangdong province under the 'Hong Kong and Macau Medicine and Equipment Connect' policy.

Everest Medicines' 'Dual-Engine' strategy has not only driven revenue growth but also positioned the company for long-term success. The company's pipeline of assets with global rights focuses on creating value in high-potential therapeutic areas. EVER001, a covalent reversible BTK inhibitor, delivered positive results from the preliminary analysis of its Phase 1b/2a trial and is progressing steadily through global development. The company's mRNA platform, which includes EVM16 and EVM14, is advancing into clinical development, underscoring both its innovation capabilities and the strategic potential of its AI-powered mRNA technology.



The company's financial performance is a testament to its operational efficiency. Operating expenses as a percentage of revenue decreased significantly by 562%, and the non-IFRS net loss narrowed by 25%. The gross margin, excluding non-cash items, reached 83%, and the company ended the year with a strong cash balance of RMB1.6 billion. This financial strength has enabled Everest Medicines to achieve commercial-level profitability for the full year of 2024.

Looking ahead, Everest Medicines plans to enhance its commercial excellence and advance its first-in-class and best-in-class assets with global rights to maximize synergies. A key priority will be accelerating the sales of NEFECON®, leveraging its unique position as the only approved IgAN therapy in China and successfully included in the NRDL. With global rights to EVER001, the company will actively explore partnership opportunities outside of China to leverage international expertise and optimize commercial value, while further enhancing Everest's global visibility and presence.

In conclusion, Everest Medicines' financial results for the full year ended December 31, 2024, reflect a company that is not only achieving remarkable growth but also positioning itself for long-term success. The 'Dual-Engine' strategy, combined with innovative product launches and operational efficiency, has set the stage for Everest Medicines to become a leading biopharma in the Asia-Pacific region by 2030. The company's commitment to delivering greater value for shareholders and breakthrough therapies for patients worldwide is evident in its financial performance and strategic initiatives.