GenScript Biotech Reports Full Year 2020 Financial Results

NANJING, China, Mar. 29, 2021 /PRNewswire/ -- GenScript Biotech Corporation (HKEX: 1548.HK) today held its 2020 Annual Results Conference, announcing its business updates and financial performance.

The Group earned a USD 390 million revenue, representing a 42.9% YoY growth, and a USD 260 million gross profit, for an increase of 41.9% YoY. Its total R&D expenses reached USD 260 million, a 41.6% YoY increase, while R&D expenses of non-cell therapy business segments remained at about 10% of revenue.

Benefitting from strong growth momentum and answering global demands for COVID-19 related services, including the launch and global commercialization of cPass™ sVNT Kit, revenue of the Group's non-cell therapy businesses increased by 45.9% to USD 315 million, reporting its fastest growth within the past five years, and a gross profit of USD 180 million, growing 46.6% YOY. Its net profit was USD 22.1 million, a 42.6% YoY increase, and adjusted net profit approximately USD 44.4 million, a 105.6% YoY growth.

• The life science services and products business generated USD 250 million in revenue, a 44.4% YoY increase, maintaining its leading position as the world's No. 1 gene synthesis supplier.
• Revenue from GenScript Probio, the biologics CDMO business, reached USD 40.4 million, a 78% YoY growth. Revenue from CDMO services for gene and cell therapy increased by 148% YoY and from CDMO services for antibody drugs by 78.2%. Revenue increased by over 50% from Chinese customers, and by over 150% from overseas customers. 
• Bestzyme, its industrial synthetic biology products business, boosted its revenue by 24%, earning recognition as one of the top three industrial enzyme suppliers in China.

Legend Biotech, a Group subsidiary, continued to drive progress in its cell therapy business. The key milestones include a successful Nasdaq IPO and the submission of BLA to the US FDA for cilta-cel. Legend Biotech reached a USD 75.7 million gross profit, primarily attributable to its Janssen collaboration's revenue recognition of payment for developing and commercializing cilta-cel. It also spent USD 230 million in R&D, including USD 160 million on cilta-cel clinical trials in the U.S. and China and USD 68.2 million for other pipelines.

The Group's capital expenditure amounted to USD 130 million to strengthen its competitiveness and profitability. The investments covered the construction of GMP facilities for the cell therapy business, CDMO business development, and its life science segment's product upgrade and facility automation.