Everest Medicines Announces 2023 Revenue Expected to be Between RMB124 Million and RMB126 Million
Shanghai, China – Jan. 22, 2024 — Everest Medicines (HKEX 1952.HK, "Everest", or the "Company"), a biopharmaceutical company focused on the development, manufacturing and commercialization of innovative medicines and vaccines, announced today that the Company expects to record a total revenue ranging between RMB124 million and RMB126 million for 2023, according to preliminary review of unaudited management accounts.
The substantial increase from 2022 revenue of RMB12.8 million was mainly due to Xerava®’s successful commercial launch in July 2023 and Nefecon®’s commercial launch in Macau in December 2023. This is also significantly higher than our previous 2023 revenue guidance of RMB70 to 100 million.
“2023 was the first year of commercialization in China for Everest. To achieve revenue well above our previous guidance is a testament to the hard work of the entire company behind our commercialization efforts, and the potential of our products to address significant unmet medical needs,” said Ian Woo, President and Chief Financial Officer of Everest Medicines. “We will be launching Nefecon® soon in China, making this first-in-disease medicine available to 5 million IgAN patient in the country. We expect 2024 revenue to grow significantly from 2023, and would like to reaffirm our 2024 revenue guidance of RMB700 million.”
About Everest Medicines
Everest Medicines is a biopharmaceutical company focused on developing, manufacturing and commercializing transformative pharmaceutical products and vaccines that address critical unmet medical needs for patients in Asian markets. The management team of Everest Medicines has deep expertise and an extensive track record from both leading global pharmaceutical companies and local Chinese pharmaceutical companies in high-quality discovery, clinical development, regulatory affairs, CMC, business development and operations. Everest Medicines has built a portfolio of potentially global first-in-class or best-in-class molecules in the company’s core therapeutic areas of renal diseases, infectious diseases and autoimmune disorders. For more information, please visit its website at www.everestmedicines.com.
This news release may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company, which can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, or other factors, some of which are beyond the control of the Company and are unforeseeable. Therefore, the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, such as future changes and developments in our business, competitive environment, political, economic, legal and social conditions. The Company or any of its affiliates, directors, officers, advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information, future events or circumstances after the date of this news release, except as required by law.