CAMBRIDGE, Mass., ROTTERDAM, Netherlands and SUZHOU, China, July 19, 2024 /PRNewswire/ — 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, today announced a positive profit alert for the six months ended June 30, 2024 (the "Reporting Period").
Based on a preliminary review of the Company’s unaudited consolidated management accounts for the Reporting Period, total profit is expected to be between US$1 million and US$1.5 million, compared to approximately US$2.9 million for the six months ended June 30, 2023 (the "HY2023"). The anticipated decrease in profit for the Reporting Period is mainly due to a change in the revenue structure. Specifically, the proportion of fees received from the service business as a percentage of total revenue during the Reporting Period has increased compared to HY2023. However, this type of revenue has a relatively slim profit margin compared to the licensing revenue, which constituted a larger proportion of the revenue in HY2023. As a result, the overall profit for the Reporting Period has decreased.
Despite the anticipated decrease in profit for the Reporting Period compared to HY2023, the Company emphasizes that it expects to maintain an overall profit for the Reporting Period. This optimistic outlook is primarily attributable to:
A stable source of income and a diverse revenue mix. The milestone payments received from existing out-licensing and collaboration of innovative products from the Company’s portfolio contributed significantly to the revenue for the Reporting Period. Various new Licensing and Collaboration Agreements centered on innovative products and cutting-edge antibody discovery technology. Consistent enhanced cost control in business operations.
Dr. Jingsong Wang, Founder, Chairman and CEO of Harbour BioMed, commented: "Our business has shown remarkable resilience and adaptability in challenging market conditions, and our global operations continue to open new avenues for future growth. By leveraging Harbour BioMed’s core innovative capabilities, we are confident that we can enhance our value creation worldwide."
About Harbour BioMed
Harbour BioMed (HKEX: 02142) is a global biopharmaceutical company committed to the discovery, development, and commercialization of novel antibody therapeutics focusing on immunology and oncology. The Company is building its robust portfolio and differentiated pipeline through internal R&D capability, collaborations with co-discovery and co-development partners, and select acquisitions.
The proprietary antibody technology platforms Harbour Mice® generates fully human monoclonal antibodies in two heavy and two light chains (H2L2) format, as well as heavy chain only (HCAb) format. Building upon the HCAb antibodies, the HCAb-based immune cell engagers (HBICE®) bispecific antibody technology is capable of delivering tumor-killing effects unachievable by traditional combination therapies. Integrating Harbour Mice®, and HBICE® with a single B cell cloning platform, our antibody discovery engine is highly unique and efficient for the development of next-generation therapeutic antibodies. For further information, please refer to www.harbourbiomed.com.
Statement
The information contained in this press release is only a preliminary assessment by the Board based on the unaudited consolidated management accounts of the Company and its subsidiaries for the six months ended June 30, 2024 currently available to the Company, and is not based on any figures or information which have been reviewed or confirmed by the audit committee of the Board, or reviewed or audited by the auditors of the Company. The actual results for the six months ended June 30, 2024 may differ from those disclosed in this press release. As such, the above figures are strictly for information only and not for any other purposes.
Source : Harbour BioMed Announces Positive Profit Alert for 2024 Interim Results
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