R&D Innovation to Lead the Future, Deepening Customer Value Creation
Sustained High Revenue Growth: GenScript Group’s five-year CAGR stands at an impressive 30%, with a strong global operation and stable cash flow. In 2023, the group’s best-in-class cell therapy product CARVYKTI®, achieved sales exceeding $500 million, becoming the fastest-growing CAR-T product after commercial. The group’s industrial synthetic biologic product segment grew faster than the industry average.
Ample Cash Reserves and Empowering Customer: The group’s cash reserves were approximately $2 billion, providing support for profitable operations. The life science group achieved increased revenue and profits, with a growing number of customers, and will continue to empower customers by constantly improving products and services. Legend Biotech, an important part of the group, has cash reserves of about $1.3 billion. In addition, the group has sufficient funds to support long-term capacity building and R&D investment for biologics CDMO and other businesses.
Focus on R&D Innovation and Capacity Expansion: The group will continue to focus on R&D innovation and capacity expansion to enhance core competitiveness. Dr. Carl June and Dr. David R. Liu have joined GenScript’s Scientific Advisory Board, injecting new vigor into R&D innovation. The group will continue to strengthen its R&D innovation capabilities to meet market challenges and seize more development opportunities.
PISCATAWAY, N.J., March 12, 2024 /PRNewswire/ — On March 11, 2024, GenScript Biotech Corporation (HK.1548), a world’s leading technology and service provider of life science R&D and manufacturing, announced its annual results for the year ended December 31, 2023. During the reporting period, GenScript Group’s revenue continued to grow at a fast pace, with a year-on-year increase of 34.2%, reaching approximately $840 million, and the five-year CAGR stands at 30%. The group’s global operations are robust, with stable cash flow, laying a solid foundation for long-term development. In particular, the group’s cell therapy segment saw significant revenue growth, and the life science, industrial synthetic biology, and other businesses also achieved varying levels of growth. As the core competitiveness and key to GenScript’s continuous development, the group will continue to strengthen its innovation capabilities and remain committed to creating more value for customers.
Continued High Growth, Empowering Customers
From the performance during the 2023 reporting period, GenScript Group’s overall development is optimistic, with each business segment having its own highlights.
Legend Biotech, a subsidiary of GenScript in the cell therapy segment, achieved external revenue of $285 million in 2023, representing an increase of 144.2%. Currently, Legend Biotech has cash reserves of about $1.3 billion, which is expected to fund operating activities and capital expenditure plans till the end of 2025. CARVYKTI® has demonstrated strong commercial potential, and the company is confident in advancing the product’s global launch with its partner Janssen, and further advancing it to the frontline. Peak annual sales of the CARVYKTI® are expected to reach at least $5 billion.
In 2023, GenScript’s life science services and products segment continued to grow steadily, with improved profitability. External revenue exceeded $400 million, a year-on-year increase of 15.6%, and excluding the impact of currency fluctuations, the revenue growth at constant …