Abbisko Cayman (2256) H2 2024 earnings summary

Executive summary

• First annual profit recorded: RMB28.3m in 2024, driven chiefly by one-time licensing revenue; adjusted profit, excluding share-based payment expenses, was RMB49.0m.

• Clinical progress included positive Phase III pimicotinib results in TGCT, registrational-study approval for irpagratinib, and advancement of several other pipeline assets.

Financial highlights

• Revenue was RMB504.0m vs RMB19.1m in 2023, comprising RMB497.3m from Merck licensing and RMB6.7m from Allist licensing; all 2024 revenue was one-time licensing revenue.

• Profit for the year was RMB28.3m vs a loss of RMB431.6m; adjusted profit, excluding share-based payment expenses, was RMB49.0m vs an adjusted loss of RMB384.2m.

• R&D expenses rose 4% to RMB451.4m; administrative expenses declined to RMB74.2m from RMB96.4m, mainly due to lower share-based payment and advisory costs.

• Other income and gains increased to RMB104.1m from RMB87.4m, mainly on higher interest income, partly offset by lower government subsidies.

Outlook and guidance

• Priorities are to advance clinical-stage assets and discovery candidates, pursue partnerships, optimize the financial position, and continue shareholder remuneration; no quantified financial guidance was stated.

• The 2024 clinical milestones and pipeline progress support plans to accelerate development, while maintaining focus on global and local opportunities.