Akeso (9926) investor relations material

Executive summary

• Revenue rose 27.92% year-over-year to RMB1,805.7 million for the six months ended June 30, 2026, driven by strong commercial sales of bispecific antibodies, notably cadonilimab and ivonescimab.

• Net loss narrowed to RMB447.2 million from RMB588.3 million year-over-year, reflecting improved operational efficiency and reduced investment losses.

• R&D pipeline advanced with over 50 innovative drug candidates, 12 products in Phase III, and 8 novel drugs launched; significant progress in IO 2.0 and ADC 2.0 strategies.

• No interim dividend declared for the period.

Financial highlights

• Commercial sales increased 28.65% year-over-year to RMB1,803.2 million; license income was RMB2.5 million.

• Gross profit rose to RMB1,340.5 million from RMB1,120.7 million year-over-year.

• Other income and gains, net, nearly doubled to RMB309.1 million, mainly from higher bank interest and investment product gains.

• R&D expenses grew 7.12% to RMB783.3 million, reflecting intensive clinical trial activity.

• Selling and marketing expenses were RMB785.6 million, 43.56% of commercial sales revenue, down from 47.80% year-over-year.

• Administrative expenses increased to RMB169.6 million, mainly due to higher equity incentive costs.

• Finance costs slightly decreased to RMB63.3 million.

Outlook and guidance

• Continued global expansion of IO 2.0 and ADC 2.0 therapies, with multiple Phase III and registrational studies ongoing for key assets.

• Focus on leveraging AI-driven platforms and six technology platforms to accelerate innovation and global clinical development.

• Plans for further capacity expansion and increased capital commitments to support future growth.