Tigermed Reports Impressive Annual Results for 2024
Hangzhou Tigermed Consulting Co., Ltd. (Stock code: 300347.SZ / 3347.HK), a global leader in integrated research and development solutions for the biopharmaceutical and medical device industry, has revealed its annual results for the year ended December 31, 2024.
Financial Performance Overview:
During this reporting period, Tigermed achieved a total revenue of RMB 6,603 million, reflecting a year-over-year decrease of 10.6%. However, the company demonstrated resilience in other sectors, as adjusted net profit attributable to the owners of the company fell by 42.1% to RMB 855 million.
On a positive note, Tigermed experienced a robust rebound with new bookings, achieving RMB 8,423 million, an increase of 7.3% compared to the previous year. The backlog of future contracted revenue showed promising growth, reaching RMB 15,776 million, representing a 12.0% increase.
Segment-wise performance indicates that the Clinical Trial Solutions generated revenue of RMB 3,178 million, marking a decrease of 23.8%. Conversely, the Clinical-related and Lab Services segment thrived, with a revenue increase of 6.5% to RMB 3,425 million.
Strategic Business Innovations and Growth
In 2024, Tigermed reinforced its commitment to innovation by solidifying its leadership within the clinical Contract Research Organization (CRO) market, capturing a market share of 12.8%. During this period, Tigermed facilitated the approval for 28 Class I new drugs and 6 innovative medical devices.
Expansion and Global Presence
With a focus on extending its global reach, Tigermed successfully acquired Medical Edge in Japan and TeddyLab in China, enhancing its one-stop service offerings. As of December 31, 2024, Tigermed proudly employed 10,185 personnel across 33 countries, with 1,626 of those in overseas positions.
Technological Advancements and Collaborations
The company also unveiled its long-term strategy emphasizing Artificial Intelligence (AI) applications in business growth. The introduction of the YiYa AI LLM platform represents a significant step forward in leveraging technology for enhanced efficiency.
In clinical trial operations, Tigermed had 831 ongoing drug trials and 614 medical device projects, marking significant achievements in regulatory affairs with 63 MRCT IND applications and 39 new U.S. FDA IND projects. Additionally, new partnerships have contributed to an expansion of project scope, including the establishment of strategic centers worldwide.
Elevating Clinical Development and Operations
Tigermed's DMSA team reported 842 projects under management, collaborating with 407 clients globally and supporting the commercialization of 15 innovative drugs in multiple markets. The SMO sector experienced growth with 2,253 ongoing projects while facilitating 15 Class I new drug approvals.
Commitment to Global Collaboration and CSR
Maintaining a focus on international cooperation, Tigermed engaged in initiatives such as digital collaboration in China and Africa, cementing agreements to further enhance clinical partnerships in these regions. The establishment of its Northern China headquarters in Beijing Tongzhou and the Tigermed Incubation Center in Jiaxing marks a strategic expansion of its operational footprint.
In line with its corporate social responsibility objectives, Tigermed has attained an AA rating in MSCI ESG assessments and received accolades such as the 2024 Future Medical Top 100 award for superior customer satisfaction.
Management's Vision for the Future
Dr. Xiaoping Ye, Co-Founder and Chairman of Tigermed, emphasized the significance of technological innovation in overcoming clinical challenges. He highlighted the company's unwavering commitment to enhancing its global infrastructure and innovation ecosystem aimed at improving patient outcomes and industry standards.
Xiaochun Cao, Co-Founder and Executive Director, discussed the need for deepening local expertise and fostering international collaboration to build a more efficient clinical development ecosystem. She underscored the importance of utilizing their extensive global network to expedite project delivery and implement intelligent solutions into R&D processes.
Executive Director and Co-President, Mr. Hao Wu, reiterated Tigermed's dedication to refining its integrated service ecosystem to address diverse client needs. His forward-thinking approach emphasizes the importance of service innovation and maintaining competitive R&D capabilities across the globe.
Frequently Asked Questions
What was Tigermed's total revenue for 2024?
Tigermed reported a total revenue of RMB 6,603 million for the year 2024.
How did the company's profits change from the previous year?
The adjusted net profit attributable to the owners of the company declined by 42.1% year-over-year to RMB 855 million.
What new strategies did Tigermed implement in 2024?
Tigermed focused on innovation and our long-term strategy with AI to enhance service delivery and operational efficiency.
How many ongoing trials did Tigermed manage by the end of 2024?
As of December 31, 2024, Tigermed managed 831 ongoing drug clinical trials and 614 ongoing medical device projects.
What recognitions has Tigermed received for its services?
In 2024, Tigermed was awarded an AA rating in MSCI ESG assessments and received recognition as one of the top medical device CROs for customer satisfaction.
