Harbour BioMed announces positive profit warning for interim 2024 results

CAMBRIDGE, Massachusetts., ROTTERDAM, Netherlands and SUZHOU, China, July 18, 2024 /PRNewswire/ — Harbour BioMed (the “Company”; HKEX: 02142), a global biopharmaceutical company committed to the discovery, development and commercialization of novel antibody therapeutics with a focus on oncology and immunology, today announced positive earnings guidance 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 period, a total profit of between 1 million US dollars And 1.5 million US dollarscompared to approx. $2.9 million for the six months until June 30, 2023 (the “HY2023”). The expected decrease in profit for the reporting period is mainly due to a change in the revenue structure. In particular, the share of fees received from the service business as a percentage of total revenue increased during the reporting period compared to HY2023. However, this type of revenue has a relatively low profit margin compared to royalty income, which accounted for a larger share of revenue in HY2023. As a result, total profit for the reporting period decreased.

Despite the expected decline in profit for the reporting period compared to the first half of 2023, the company emphasizes that it expects an overall profit for the reporting period. This optimistic outlook is mainly due to the following:

• A stable source of income and a diverse sales mix. Milestone payments from existing licensing agreements and collaborations for innovative products from the company’s portfolio contributed significantly to sales in the reporting period.
• Several new licensing and collaboration agreements focus on innovative products and cutting-edge antibody discovery technology.
• Consistently increased cost control in business operations.

DR. Jingsong WangFounder, Chairman and CEO of Harbour BioMed, commented: “Our company has demonstrated remarkable resilience and adaptability in challenging market conditions and our global operations continue to open up new opportunities for future growth. We are confident that by leveraging Harbour BioMed’s innovative core competencies, we can increase 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 with a focus on immunology and oncology. The Company is expanding its robust portfolio and differentiated pipeline through internal R&D capabilities, collaborations with co-discovery and co-development partners, and select acquisitions.

The proprietary antibody technology platforms Harbour Mice^® produces fully human monoclonal antibodies in the format with two heavy and two light chains (H2L2) as well as in the format with heavy chains only (HCAb). Building on the HCAb antibodies, the HCAb-based immune cell engagers (HBICE^®) bispecific antibody technology is capable of achieving tumor-killing effects that are not achieved with conventional combination therapies. Integration of Harbour mice^®and HBICE^® Using a single B cell cloning platform, our antibody discovery engine is unique and efficient for the development of next generation therapeutic antibodies. For more information, visit www.harbourbiomed.com.

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The information contained in this press release is only a preliminary assessment of the Board of Directors 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 that have been audited or confirmed by the Audit Committee of the Board of Directors or reviewed or audited by the Company’s auditors. Actual results for the six months ended June 30, 2024 may differ from those indicated in this press release. Therefore, the figures set out above are for information purposes only and not for any other purpose.

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