(AOF) – As of June 30, 2022, Theranexus posted cash of 11.6 million euros. The level of cash has evolved in line with the company’s forecasts for the first six months of the 2022 financial year. “This healthy financial situation thus validates the choice of the final termination in April 2022 of the line of financing in equity that had been set up with Iris Capital in January of the same year”, underlines the biopharmaceutical company.
Theranexus suffered a net loss of 3.29 million euros in the first half, reduced compared to last year at the same time: 3.72 million euros. Operating income increased from 12,000 euros to 462,000 euros.
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An inevitable race for new blockbusters
The patent for Merck’s star product, the cancer drug Keytruda, which accounts for more than 35% of its sales, expires in 2028. Despite the loss, since 2019, of the patents for its three star products (Avastin, Herceptine, Rituxan) Roche was able to renew its portfolio by bringing new molecules to market. However, the discovery and launch of new drugs are increasingly expensive. AstraZeneca spends about $6 billion a year on R&D in a pharmaceutical industry where the life of a patent only lasts ten to fifteen years. This leads laboratories to withdraw from certain activities. Thus J&J, Pfizer, GSK and, no doubt, Novartis soon prefer to refocus on specialty drugs and abandon any ancillary activity.