Abbisko Cayman (2256) H1 2026 earnings summary

Executive summary

• Pimicotinib launched in China in March 2026 through Merck, generating a first-prescription milestone and initial royalties as revenue began shifting toward commercial income.

• Registrational and combination trials advanced, alongside collaborations with Lilly and AstraZeneca and progress across early-stage oncology and non-oncology candidates.

Financial highlights

• H1 revenue fell 84% YoY to RMB97.3m from RMB612.1m; RMB93.2m was licensing revenue, including a RMB92.0m first-prescription milestone and RMB1.1m in royalties.

• Net loss was RMB193.5m versus profit of RMB328.5m in H1 2025; adjusted net loss excluding share-based payment expenses was RMB141.8m. Gross profit was RMB95.5m versus RMB612.1m.

• R&D expense rose to RMB246.2m from RMB228.0m, primarily reflecting pipeline advancement; administrative expense increased to RMB46.6m from RMB35.4m, mainly due to employee costs.

• Other expenses increased to RMB23.1m from RMB3.1m, primarily due to higher foreign-exchange losses; finance costs rose to RMB4.4m from RMB0.8m, mainly from bank borrowing interest.

Outlook and guidance

• Priorities include accelerating key asset development, broadening global collaborations, using AI/ML-enabled R&D approaches, improving operational and financial efficiency, and pursuing long-term shareholder value.

• Following China NMPA and US FDA IND clearances in July 2026, a Phase I study of ABSK211 was expected to begin imminently.

• The Lilly collaboration could generate up to US$1.9bn in development, regulatory and commercial milestones, plus tiered royalties; no timing or probability was specified.