Biotechnology company GenScript Biotech Corp. (Stock Code:1548.HK) on Tuesday announced overall revenue collection of about USD273.4m in 2019.

This marks a growth of 18.4% when compared to the revenue collection for the year ended 31 December 2018.

The company said the revenue growth was primarily attributable to the continued stable growth of life science products and services, an increase in contract revenue from Legend's collaboration with Janssen on CAR-T cell therapy (JNJ-4528), the rapid conversion of biologics CDMO service backlog, and an increase in customers and their purchase volumes of industrial synthetic biology products.

Gross profit of USD180.3m was recorded in 2019, a rise of 13.8% YoY.

R&D expense of USD186m was reported in 2019, an increase of 151.0% over 2018.

According to the company, the ongoing clinical trials for the B-cell maturation antigen (BCMA)-directed Chimeric Antigen Receptor T-cell (CAR-T) (BCMA CAR-T) programme targeting gastric cancer and other pipelines continued to proceed smoothly in the US and China. It has received Breakthrough Therapy Designation and Orphan Drug Designation from the US FDA, as well as PRIME Designation from EMA.