HERZLIYA, Israel, and CALGARY, Alberta — Innocan Pharma Corporation, a pharmaceutical technology company focusing on developing innovative drug delivery platform technologies, reported its audited financial consolidated results for the year ended December 31, 2024.
Full-year 2024 financial highlights
- Revenues increased 114.6% year-over-year to US$29.4 million, compared to US$13.7 million in 2023. This significant increase in revenue was primarily due to the robust sales performance of Innocan’s subsidiary, BI Sky Global Ltd.
- Gross Profit increased 118.6% year-over-year to US$26.2 million for the year ended December 31, 2024, compared to US$12.0 million for 2023.
- Operating loss decreased by 67% to US$1.2 million in 2024, compared to US$3.8 in 2023.
Management comments
Iris Bincovich, CEO, commented: “We are delighted with our strong financial performance in 2024, concluding with outstanding year-end results. This achievement reflects our team’s unwavering commitment to excellence, innovation, and strategic execution. We are focused on moving ahead aggressively on our two pathways, Human & Animal, with the LTP-CDB injection, our non-opioid Chronic Pain Management solution.
“We remain deeply committed to our vision, and this is truly an exciting time for us. We continue to deliver strong and growing value to our shareholders and investor community.”
Roni Kamhi, CEO BI Sky Global and COO of Innocan Pharma commented: “We are very pleased with our outstanding results and especially our strong revenue growth. At BI Sky Global we are clearly thrilled with our strong performance and achievements in 2024. We have combined our deep expertise in the cosmetics industry with advanced data and analytics, to better understand and serve our customers. We look forward to further solidifying BI Sky Global’s position as a leader in the beauty and personal care industry.”
About Innocan Pharma
Innocan is an innovator in the pharmaceuticals and wellness sectors. In the pharmaceuticals sector, Innocan developed a CBD-loaded liposome drug delivery platform with exact dosing, prolonged and controlled release of synthetic CBD for non-opioid pain management. In the wellness sector, Innocan has developes and markets a wide portfolio of high-performance self-care and beauty products to promote a healthier lifestyle. Under this segment, Innocan focuses on advanced, targeted online sales, through its 60% owned BI Sky Global Ltd. subsidiary.
