Cambridge, MA, Rotterdam, NL, Suzhou, CN – Jan 19, 2023

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, announces a positive profit alert for the year ended December 31, 2023.

As disclosed before, there was a turnaround from a loss of US$73.1 million for the six months ended June 30, 2022 to a profit of US$2.9 million for the six months ended June 30, 2023. Based on the preliminary review of the unaudited consolidated management accounts, it is expected that there will be a profit of approximately US$18 million for the year ended December 31, 2023, as compared to a loss of approximately US$137 million for the year ended December 31, 2022. This is the first time that the Company has recorded a net profit on its annual financial statements. The anticipated turnaround from loss to profit was mainly attributable to:The improved cost control through enhanced business operation efficiency and the out-licensing and collaboration of innovative products from the portfolio of Harbour Therapeutics, such as HBM7008 and HBM9161, which contributed significantly to the revenue for the six months ended June 30, 2023;Continued strategic partnerships with global pharmaceutical companies, such as the collaboration with Pfizer/Seagen in the development and commercialization of HBM9033;Continuous global industry and business momentum captured by Nona Biosciences as reflected in its significant revenue ramp-up.

Dr. Jingsong Wang, Founder, Chairman and CEO of Harbour BioMed, commented: “Our business has demonstrated significant progress and adaptability under challenging market conditions. Leveraging our innovative Harbour Mice® platform and a globalized operation, we’ve expanded the horizons for future growth. We are confident that our business strategy will consistently create value for the company, and we remain steadfast in our commitment to continuously unleash our cutting-edge technologies to address the unmet medical needs for patients.”

Source:

https://www.harbourbiomed.com/news/218.html