GenScript Biotech Corporation Reports FY 2024 Results

GenScript Biotech Corporation Reports FY 2024 Results

Strategic deconsolidation of Legend Biotech unlocked significant value, while core businesses experienced rapid growth.

PISCATAWAY, N.J., March 12, 2025 /PRNewswire/ -- GenScript Biotech Corporation (HKEX: 1548.HK), a leading global technology and service provider of life science R&D and manufacturing reported its financial results for the full year ended on December 31, 2024.

FY 2024 Result Highlights

• Deconsolidation of cell therapy business resulted in a gain of $3.2 Billion.
• Revenue from the continuing operations (sans cell therapy business) was $594.5 Million compared to $560.5 Million for the year ended December 31, 2023 (the "Prior Period").
• Profit of the Group has increased to approximately $2.9 Billion, whilst the loss of the Group was approximately US$355.1 million for the Prior Period.
• The adjusted net profit of the Group from continuing operations was approximately $59.8 Million compared to $58.1 Million for the Prior Period.
• Significant investments were made in manufacturing and commercial excellence in the United States and Europe.
• GenScript received the EcoVadis bronze medal and an "A" rating from MSCI ESG, and its climate targets were approved by SBTi as part of GenScript's continuing commitment to ESG.

"In 2024, GenScript achieved sustained growth in an environment filled with challenges and opportunities," said Sherry Shao, Rotating Chief Executive Officer of GenScript Biotech Corporation. "Despite the impacts of biotech funding environment and geopolitical tensions in the first half of the year, the Group successfully re-accelerated its growth in the second half through strategic adjustments and business optimization, demonstrating resilience and adaptivity. Our Life Sciences business solidified its industry leadership position, and we saw a solid pipeline from our ProBio business. Bestzyme, our industrial synthetic biology business, deepened its partnership with several key collaborators and increased the competitive position of several of its products, setting it up to become our growth engine in years to come. In 2025, we expect to strengthen our core businesses by driving product innovation, enhancing product quality, expanding manufacturing capacities, and leveraging synergies across business units. We believe these actions will generate sustained growth and create value for our shareholders and other stakeholders."

Detailed information regarding GenScript performance can be found by referencing GenScript Biotech Corp's "Annual Results Announcement for the Year Ended December 31, 2024" disclosed on the Hong Kong Stock Exchange. Results can also be found here: https://www.genscript.com/announcements-circulars.html.

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SOURCE GenScript Biotech Corporation