Innovent Biologics (HK:1801) has released an update.
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Innovent Biologics has announced its unaudited interim financial results for the first half of 2024, revealing a significant increase in revenue from contracts with customers, which rose to RMB 3.95 billion from RMB 2.70 billion in the same period last year. Despite higher revenues, the company reported a larger loss before tax of RMB 392.59 million, compared to a loss of RMB 256.11 million in the first half of 2023. The report indicates that increased investment in research and development, as well as higher selling and marketing expenses, have contributed to the company’s financial performance during this period.
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