TOT Biopharm achieves first full-year profitability in 2024

TOT Biopharm International (HKEX:1875) reported its first full-year profitability in 2024, with a net profit of RMB34.757 million, reversing a loss of RMB37.757 million in the previous year. Revenue exceeded RMB1 billion, reaching RMB1.098 billion, a 41% year-on-year increase. Product sales rose by 39% to RMB877.410 million, fueled by its core product, Pusintin, while CDMO/CMO revenue jumped 47% to RMB207.133 million. The company also highlighted a strong CDMO funnel, securing 58 new projects, including 48 ADC projects, bringing the total to 153. The net cash from operating activities reached RMB116.403 million, marking three consecutive years of positive cash flow. TOT Biopharm is optimistic about its CDMO business and expects to gain overseas approvals for Pusintin by 2025.