30th Apr 2025 14:57
(Alliance News) - PureTech Health PLC on Wednesday hailed "a defining year" as it reported a swing to profit amid higher revenue in 2024.
PureTech is a London-based biotechnology company focused on developing therapies for serious diseases.
The company reported a pretax profit of USD23.8 million in 2024, swung from a USD36.1 million loss in 2023.
Revenue increased 45% to USD4.8 million in 2024 from USD3.3 million in the prior year.
The increase was primarily due to higher contract revenue, driven by a USD4.0 million milestone payment from Bristol Myers Squibb. The payment was triggered by the FDA's approval of KarXT, now marketed as Cobenfy, in September 2024.
PureTech earned USD300,000 in royalties from KarXT sales through a patent licensing deal with Karuna.
However, this increase was partly offset by the end of a revenue agreement with Entrega in 2023 and a USD2.1 million drop in grant income and the de-consolidation of Vedanta.
PureTech added that it has a strong cash position that is expected to fund its operations through to 2027.
The company said it is focused on moving its drug pipeline forward, finding outside funding for upcoming phase 3 trials, and using its capital efficiently to support long-term growth.
Chief Executive Officer Bharatt Chowrira said: "Our unique hub-and-spoke model delivered transformative progress across our wholly-owned and founded entity programs, advancing our mission and generating meaningful value for patients and shareholders.
"As we look ahead, our focus remains clear: to execute with discipline, continue to harness our highly productive innovation R&D engine with high capital efficiency, maintain a strong balance sheet, and unlock the full potential of our programs to drive long-term patient impact and shareholder value. We are proud of what we achieved in 2024 and we are energised by the opportunities that lie ahead."
PureTech Health shares fell 2.2% to 123.00 pence in London on Wednesday afternoon.
By Olivia Mason-Myhill, Alliance News reporter
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