Innocan Pharma Reports Impressive Financial Growth for 2024
HERZLIYA, Israel and CALGARY, AB, March 31, 2025 /CNW/ — Innocan Pharma Corporation INNO IP INNPF (the “Company” or “Innocan“), a pharmaceutical technology firm focused on innovative drug delivery systems, announces its audited consolidated financial results for the year ended December 31, 2024.
Financial Highlights for 2024
- Revenues surged 114.6% year-over-year to US$29.4 million, rising from US$13.7 million in 2023. This growth was significantly driven by sales from Innocan’s subsidiary, BI Sky Global Ltd.
- Gross Profit climbed 118.6% year-over-year to US$26.2 million, compared to US$12.0 million in 2023.
- Operating Loss decreased by 67% to US$1.2 million in 2024, down from US$3.8 million in 2023.
Management Comments
Iris Bincovich, CEO of Innocan, stated: “We are delighted with our strong financial performance in 2024, ending with outstanding year-end results. This success showcases our team’s commitment to innovation and strategic execution. We are set on advancing our two pathways, Human & Animal, for the LTP-CDB injection, aimed at non-opioid Chronic Pain Management.”
“We are dedicated to our vision, and this is an exciting time for us. Our performance continues to deliver robust value to our shareholders and investor community.”
Roni Kamhi, CEO of BI Sky Global and COO of Innocan Pharma stated: “We are very pleased with our outstanding results and especially the significant revenue growth. At BI Sky Global, we are thrilled with our achievements in 2024. Our expertise in the cosmetics industry, coupled with advanced data analytics, allows us to better serve our customers. We look forward to further strengthening our position in the beauty and personal care sectors.”
For further details of Innocan’s audited consolidated financial statements and related management’s discussion and analysis for the year ended December 31, 2024, please visit the Company’s profile at www.sedarplus.ca.
About Innocan Pharma:
Innocan is a pioneer in the pharmaceuticals and wellness sectors. It has developed a CBD-loaded liposome drug delivery platform that ensures precise dosing and controlled release of synthetic CBD for chronic pain management without opioids. Within the wellness sector, Innocan markets a comprehensive range of high-performance self-care and beauty products intended to foster healthier living, leveraging advanced, targeted online sales through its 60% owned subsidiary, BI Sky Global Ltd.
www.innocanpharma.com
Contact Information:
For Innocan Pharma Corporation:
Iris Bincovich, CEO
+1 5162104025
+972-54-3012842
+442037699377
[email protected]
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAVE REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Caution Regarding Forward-Looking Information
Certain information in this news release, including the Company’s plans to advance on human and animal pathways for its LPT-CBD platform and to enhance its position in the beauty and personal care industry, constitutes forward-looking information under applicable securities laws. Forward-looking information involves inherent risks and uncertainties that may impact actual outcomes, often beyond Innocan’s control. This forward-looking information is based on key expectations and assumptions concerning anticipated product benefits, regulatory compliance across jurisdictions, and satisfactory production and distribution arrangements.
Factors that could lead to actual results differing from these forward-looking statements include economic, political, market, and business conditions at global and local levels, as well as regulatory actions from governmental authorities and potential disruptions in business relationships.
Innocan Pharma Releases 2024 Financial Results Overview
Innocan Pharma Corporation advises its stakeholders regarding several important considerations associated with their business operations. The company faces various challenges related to product distribution, including potential issues with import/export regulations and the need for necessary approvals.
It is important to note that Innocan cannot guarantee that any pending patent application will result in a favorable patent or that any patent issued will benefit the company. Additionally, external risks may arise that affect anticipated timelines for market entry. Delays could occur due to the inability to meet regulatory requirements or the extended time needed to finalize manufacturing and distribution arrangements.
Considering these factors, Innocan advises that stakeholders should not place undue reliance on the forward-looking information released. A more detailed discussion of the risks that could impact Innocan’s business is available in the company’s public reports and filings, which can be accessed under Innocan’s profile at www.sedarplus.ca.
Stakeholders are warned against excessive reliance on these projections, as actual results may significantly differ from forward-looking statements. Innocan will not update or revise any forward-looking information unless required by applicable law.
For further information, including multimedia content, please refer to the original release: original content link.
SOURCE: Innocan Pharma Corporation
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