“We are very pleased that Everest Medicines has satisfied the market capitalization/revenue test under Rule 8.05(3) of the Listing Rules and successfully removed the 'B' marker - a significant milestone for the Company in the capital markets that could lead to wider investor participation.” said Rogers Yongqing Luo, Chief Executive Officer of Everest Medicines. "Moving forward, we will continue to deepen our 'dual-engine strategy', enhancing our commercial excellence and advance our first-in-class and best-in-class assets with global rights to maximize synergies. With global rights to EVER001, we will actively explore partnership opportunities outside of China to leverage international expertise and optimize commercial value, while further enhancing Everest’s global visibility and presence. Everest will leverage its established efficient commercial platform to solidify our position in key therapeutic areas, advance innovation on our mRNA platform, and strive to become a leading biopharma in the Asia-Pacific region by 2030.
The removal of the “B” marker reflects a comprehensive evaluation of Everest Medicines’ robust R&D pipeline, commercialization capabilities, and overall business fundamentals. Listed on the Stock Exchange in October 2020, Everest has adopted a “dual-engine” strategy, focusing on high-value therapeutic areas while striving to develop first-in-class or best-in-class innovative treatments. The company has established a strong and synergistic platform across nephrology, infectious diseases, and autoimmune diseases, with three commercialized products already driving rapid revenue growth.
According to the company’s 2024 financial results, total revenue reached RMB706.7 million, representing a 461% year-over-year increase and exceeding our revenue guidance of RMB700 million, and achieved commercial-level profitability for the full year of 2024.
NEFECON®, as the only approved IgAN therapy in China, generated RMB353.4 million in revenue for the year, representing a year-over-year increase of 1,581%. NEFECON® was also included in China’s National Reimbursement Drug List (NRDL), effective January 1, 2025.
As the first-in-class fluorocycline antibiotic, XERAVA® (eravacycline) maintained robust growth with generated RMB352.8 million in revenue in 2024, representing a 256% year-on-year increase.
VELSIPITY® (etrasimod), a best-in-class therapy for autoimmune diseases, has been received regulatory approvals in Macau and Singapore, the product was subsequently commercially launched in December in Guangdong province under the “Hong Kong and Macau Medicine and Equipment Connect” policy. In parallel, New Drug Applications (NDAs) for VELSIPITY® have been officially accepted in both mainland China and Hong Kong in December 2024.
EVER001, for which Everest holds global rights, delivered positive results from the preliminary analysis of our Phase 1b/2a trial and is progressing steadily through global development. EVM16, our personalized therapeutic mRNA cancer vaccine, completed first patient dosing in an investigator-initiated clinical trial (IIT) in March 2025. EVM14, our off-the-shelf tumor-associated antigen (TAA) vaccine, received Investigational New Drug (IND) approval from the U.S. FDA, and we plan to submit an IND application to China’s NMPA in the first half of this year. The in vivo CAR-T program is expected to achieve preclinical candidate milestone later this year. These programs are supported by our commercial-scale, GMP-compliant manufacturing facility in Jiashan, Zhejiang, which provides integrated R&D, production, and commercialization capabilities across mRNA and other pipeline platforms.
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