On January 21, Baili Tianheng released its 2024 performance forecast, expecting to achieve annual operating income of approximately 5.8 billion yuan, a year-on-year increase of 932.27%; the net profit attributable to the parent company's owners is expected to be 3.6 billion yuan, an increase of 4.38 billion yuan from the same period last year, and will turn losses into profits.
The notice disclosed that this significant performance growth was mainly due to the irrevocable, non-deductible down payment of US$800 million paid by the company's overseas partner Bristol-Myers Squibb (BMS) for its core product BL-B01D1 during the reporting period, which led to a significant increase in the company's operating income.

BL-B01D1 is a dual-antibody ADC targeting EGFR×HER3. It is the world's first and only drug of its kind to enter the clinical stage. At the end of 2023, SystImmune, a wholly-owned subsidiary of Baili Tianheng, reached an exclusive licensing and cooperation agreement with BMS. After the agreement came into effect, BMS paid a down payment of US$800 million, and the potential total transaction amount could reach up to US$8.4 billion. In addition, BL-B01D1 was included in the list of breakthrough therapeutics of the National Drug Review Center in January 2024, further enhancing its market value.

Baili Tianheng is a company focused on developing innovative drugs with global competitiveness. Its R&D pipeline covers multiple fields such as bispecific antibodies, tetraspecific antibodies, ADC (antibody-drug conjugates), fusion proteins, etc. It has more than 10 projects under development, and all of these projects are independently developed with global rights, forming a complete layout from preclinical research to clinical stages. It

is worth mentioning that Baili Tianheng's R&D innovation has repeatedly yielded fruitful results, which is related to its rapidly growing R&D investment. Its R&D investment was 181 million yuan in 2019, 196 million yuan in 2020, 279 million yuan in 2021, 375 million yuan in 2022, and further increased to 746 million yuan in 2023. During the period 2019-2023, the compound annual growth rate (CAGR) of R&D expenses reached 39%. In the first three quarters of 2024, Baili Tianheng's R&D investment reached 932 million yuan, a year-on-year increase of 80.34%, accounting for 16.45% of the current operating income.

Conclusion

In 2024, Baili Tianheng achieved a substantial increase in operating income and net profit through cooperation with BMS and the success of its core product BL-B01D1. This achievement not only demonstrates its strong strength in the field of innovative drugs, but also lays a solid foundation for the company's future development. With the launch of more innovative products and market expansion, Baili Tianheng is expected to continue to maintain its advantages in future market competition.

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