Good morning, everyone. Thanks for coming to join this session by Innovent. I'm Yang Huang, head of the Greater China Healthcare Research Team at JP Morgan, based in Hong Kong, and as you know, Innovent has done a lot of discovery and development, already commercialized a lot of great drugs, and without much further ado, let's welcome the founder and the Chairman and CEO of Innovent, Michael Yu, to give us a presentation and the most recent updates of the company. Welcome.
Thank you, Yang. Good morning, everyone. Thank you. You know, it's this last day of the conference, and the U.S. still sticking around, and they're coming to my presentation. Thank you. What I would like to do today is to share with you our business status, and at the same time, give you some perspective in terms of how Innovent is going to do in 2025 and as a year forward.
Innovent is a, so we'll cover four different areas in my presentation. Starting with the brief overview, Innovent was, as you know, founded 13 years ago. And in the last 13 years, we were able to develop and commercialize 13 products. Actually, this morning, we received another approval, which is for lung cancer. So this is going to be our 14th product that we are very proud of. And we have over 20 assets in development at a different stage.
You anticipate in the next couple of years, you're going to see more products coming. Meanwhile, in the last couple of years, we have built a series of partnerships with big pharma, with regional biotech, which really enabled us to do better innovation and do more better commercialization. A couple of days ago, we announced a deal with Roche on our ADC platform. And also, a couple of weeks ago, we further extended our partnership with Eli Lilly. Eli Lilly, actually, in the last 10 years, we have done a total of eight deals, keep expanding. And in 2024, in terms of revenue, we grew very rapidly, even better than we anticipated. Based on the first three quarters data, compared to 2023, more than 50% growth.
We have not announced the whole year sale yet, but we have reached one of the small milestones, which is over $1 billion sale, should be. In 2025, we're going to have a very busy year. We have two new products just approved, need to commercialize. Additionally, we have four products in the NDA stage. Those will be getting approval too, particularly those very big potential products like Mazdutide, which is going to be the very first glucagon dual agonist for obesity and diabetes globally, the first in class. 2025 will be going to be a very busy year for us in terms of commercialization. By the end of this year, we're going to have a total of at least 18 products. In terms of commercial portfolio, not many companies in this region have that robust pipeline. We have an objective by 2027.
Based on all this approval, our revenue should be more than $3 billion, currently over $1 billion. The next couple of years will grow very fast, which is going to enable us to bring more innovative products coming to China and outside of China and enable us to be one of the premier biopharma globally. That is our goal by 2030. In terms of technology, as you know, we are focused on biologics. In the last couple of years, Innovent invested heavily in large molecules from monoclonal antibody to bispecific to ADC to cell therapy. Those technologies become fundamental elements, which is supporting our continuously expanding pipelines. We have been focused on four disease areas, mainly on oncology. A couple of years ago, we decided to enter CVM stage in 2018. We started developing Mazdutide.
Now, in this year, three out of four NDAs are in the CVM stage areas and other non-oncology areas. By the end of this year, our portfolio started to balance out, not only focus on oncology and also build additional solid, robust pipeline for non-oncology, particularly in obesity and diabetes areas. Those are going to be two very solid pillars for the continuous growth of our business. You probably noticed that yesterday, our stock was significantly impacted by rumors or social media saying that in China, they started to have a biosimilar VBP, right? Actually, biosimilar indeed was our start point. However, today, in terms of commercial portfolio, those are very small percentages now. We have a total, as I shared with you, 14 products, three of them are biosimilar. The majority are innovative, best in class, or first in class products.
That's just a brief overview. Let me share with you some specific assets regarding oncology. In the last 13 years, we have built 11, developed 11, commercialized 11 oncology products. Those products now become cornerstones for our business. Based on IQVIA data released in November, out of 10 fast-growing oncology products in China, three of them actually from Innovent, including the leading product, Sintilimab, which is PD-1 in China. In China, as you know, there are a total of 23 PD-1 now. And Sintilimab, Innovent's product, is top in terms of patient share and in terms of value share. That's become, we believe, a cornerstone product for oncology because we can add on not only additional indication, but at the same time, additional product in combination with PD-1, like all our ADC assets.
Now, in terms of ADC, in the last five years, we have heavily invested in ADC. So we work together with Lonza, started with Topo Technology by applying their technology to start to build our ADC. So currently, we have multiple assets in clinical trials, including the phase III trial for gastric cancer and exploring PoC now for pancreatic cancer. But at the same time, we focus on the development of our own platform, including what we call SoloTx, which is a single Topo, and I have some data to share with you, which I believe is going to be a very robust, much better ADC platform than the Agis 1 . And the deal we have reached with Roche is based on this technology. But meanwhile, we started to develop a dual payload. The one antibody carries two chemo payloads, including the Topo and the MMAE.
As you know, chemotherapy always becomes resistant a couple of rounds, a couple of cycles of treatment. So how to overcome the chemo resistance is one of the challenges in the areas, in this field. So we come up with the idea that if we can have one antibody, at the same time, carry different chemo agents, potentially with different mechanisms across, that potentially we may be able to overcome that. So we have multiple products on that, and they're going to be doing clinical trials in two of them in 2025. So by year-end, we should know how this technology works or not. If this is going to work out, I think the ADC area is going to have a breakthrough in terms of platform and technology.
This is a list of assets currently in clinical trials, a total of eight ADCs, including phase III, Claudin 18.2 in the gastric cancer and multiple monoclonals with single ADC and two dual payload ADCs. So those will be in 2025 and the next year to come. We're going to show you more data. One of the technologies I would like to share with you is in-house developed. We apply this payload into a well-established validated target HER2, which we call 354. We have treated over 300 patients now and demonstrated very unique features in terms of efficacy and safety. For example, the free payload in circulation, which is the main cause of toxicity in our case, compared to the AG1, is reduced by more than 80%. So we see a very lower percentage in terms of grade 3 toxicity and IO indications.
So you can treat the patient with more cycles of agent, potentially leading to a better ORR and OS and PFS in our study. And this is a molecule we're using the same technology for the DLL3, which a couple of days ago, we licensed through Roche. Total deal size is over $1 billion with $80 million upfront payment. So we hope that this platform, in-house developed, will add a lot of value for our product in our pipeline. And we have a variety of targets based on this newly developed payload technology and can achieve much better efficacy and safety in the clinical studies. And IBI343, which we have shared with you a couple of times now, I just want to give you a brief update. And now, currently in clinical phase III trial for registration.
But at the same time, we have very encouraging data in pancreatic cancer, PDAC. And in the confirmed ORR, we have reached more than 20%, which current standard of care is a very low single-digit ORR. And more importantly, PFS and OS seem like favorable in our treatment compared to standard of care. So we are likely going to initiate a registration trial for this indication. And yesterday, we just received a breakthrough designation from the agency for this indication. So those are the ADCs. So we have lots of ADC assets. And at this JP Morgan meeting, we talked to many potential partners, and hopefully, we can form more productive collaborations to leverage the technology we have. So next, I want to share with you a new asset, one of the new molecules we feel that potentially can revolutionize the IO space.
You know, 80% of patients, today's SOC, are going to become resistant or not effective for those standard of care, which is PD-1 or PD-L1. So how to resolve the issue that to improve the patient who failed PD-1 or PD-L1? There's currently no any therapeutic available. So we come up with an idea that by in-coupling the PD-1 with cytokine, in our case, it's IL-2. But IL-2, as you know, there are three receptors, alpha, beta, and gamma. In the last 20 years, many scientists and companies tried to develop IL-2 to leverage the feature of IL-2. As you know, among all the cytokine, IL-2 probably is most important in terms of T-cell activation, T-cell expansions. But nobody really found a way to manage, balance the toxicity and the efficacy.
And I think we found a way, which is all the design rationale is different from 99% of the approach this space has been tried to, which focuses on alpha receptor and blocking beta and gamma. And in the design that way, every molecule can very specifically localize, coupled with PD-1 to amplify the T-cell in the tumor microenvironment. And at the same time, when we give a priming dose and expansion to the T-reg, so that toxicity will be compromised and managed. So we can increase the dose so that we can achieve therapeutic window both for IL-2 and PD-1. So some of the data shown in these slides, for example, IO failure in lung cancer , which currently has no treatment, and we will be able to achieve 30%-40% ORR. You probably never heard about that data.
The lung cancer, after PD-1 treatment, we can achieve 30%-40% ORR. That's the IO failure. For cold tumor, including mucosal melanoma, including colorectal cancer, colorectal cancer, specifically PD-1, no response, and we were able to achieve more than 15% ORR with monotherapy. Coupled with the other agent in combination, in first line, we were able to achieve 70% ORR, so I believe this molecule is potentially going to make a change in the IO space. Not only to address the tumor resistance issue, the cold tumor, the PD-1 low-expression tumor, and many combination opportunities to come, so we are very happy about being able to engineer and find a way to address the oncology and medical needs. That's the oncology areas. In the non-oncology areas, a couple of years ago, we decided to expand and accompany our business into non-oncology areas.
We decided to choose obesity and diabetes as our second pillar for growth. So in the last seven, eight years, we were able to build a very robust pipeline. Currently, it has one product already approved, which is PCSK9 for the cardiovascular. This is the very first PCSK9 antibody in China. We are very fortunate that got an NDA listed and started to commercialize since late last year. At the same time, in the pipeline, we have four NDA under review, including Mazdutide, including the IGF-1R, which is Teprotumumab, which is for potential treatment for the thyroid eye diseases. And as you know, the thyroid eye disease, in the last 60 years, there's no treatment available. Only standard of care is hormone, how bad hormone can do to humans. But that's the only available treatment.
This product is going to provide our doctors to have a better tool to take care of patients with thyroid eye diseases. Specifically, I want to highlight something related to the Mazdutide, which is the GLP-1 and GCGR dual agonist. We were able to achieve over 20% weight reduction within 20 weeks. More importantly, not only weight loss, this agent can manage the liver fat even better than those NASH or MASH agents. For example, 80% of patients after 20 weeks of treatment, the liver fat is completely cleaned up. It's way better than the FDA approval for MASH agents in these patient populations. We feel that this product not only will be able to help us manage body weight, but at the same time, to improve the metabolism system and make people healthier.
So based on that, we have also built a variety of new agents, including small molecules, including monthly treat agents, and including the GLP-1 in combination with the PCSK9 to take care of different conditions for a patient when they're overweight, has diabetes, at the same time their lipid level is high. So the agent I like that, I believe in the next couple of years, is going to help lots of patients. This IGF-1R agent, as I pointed out earlier, this is 60 years' very first therapeutic available for the patient with thyroid eye disease.
Look at the phase III data. 85% of patients following the treatment of 24 weeks of this agent will be able to not only remove the condition of the patient, but at the same time, improve their appearance. This patient, their eye will pump out during the sleep, the nighttime, they cannot close their eyes.
It's a very, very painful disease, but no treatment. So I hope that this agent will help them to resolve all the issues. But at the same time, we have an agent for IL-23. It's not a first-in-class, but we believe this is the best in the class. For example, PASI 90, which can measure the lesion areas in the patient. And we'll be able to achieve PASI 90. More than 80% of patients achieve that. Meaning 80% of patients pretty much cured. And quarterly dosing. Quarterly dosing. Current agent is weekly, biweekly, monthly, but none of them quarterly. So not only has the very high therapeutic effect, but at the same time, very convenient. Only four doses each year. I hope that this agent can be available to patients very, very soon in 2025. So those are the non-oncology areas.
In the last couple of years, we invest and we started to produce a very promising drug. It will come out this year and the year to come. So at the end, I would like to give you some perspective in terms of what are we going to do. Based on all the product we have achieved, get approval. And particularly in 2025, we have six molecules going to be commercialized and four NDAs going to get approval. So the confidence for the projection of reaching RMB 220 billion, $3 billion sale by 2027 has increased a lot. So we are very confident now to build our commercial organization and be help us to achieve that target. With the data we have shared with you in the first three quarters this year, we overachieved compared to our budget.
But at the same time, we were able to manage the operation, the expenses, so that the commercial number, specifically for those financial results, is much improved in terms of EBITDA loss. As we promised you, next year, we're going to achieve the EBITDA break-even. Probably that can come even sooner. And in terms of the cash reserve, we have about $1.4 billion in cash. So we are financially well positioned. And this is the list of products we're going to commercialize, six of them in 2025. And the four NDAs, new NDAs will get approval this year. But at the same time, in terms of a milestone for product development, we also have a very robust pipeline. We have seven of them filing NDAs and seven of them, additional seven of them, initial registration trials. It's going to be a very, very busy year.
So at the end, I want to thank you for all the years of support. 2024 remains to represent one of the best years in our 13-year history. And 2025, I think, is the most exciting year because of all the products going to get approval and launch, six of them. So Innovent is positioning ourselves to be not only with the current strong business, but at the same time, is ready for globalization and more products will come to outside of China. Thank you.