Abbisko Cayman (2256) H2 2025 earnings summary

Executive summary

• FY2025 revenue was RMB612.1m, all from one-time Merck licensing revenue; profit was RMB55.2m, the second consecutive profitable year. Pimicotinib gained China approval and its US NDA was accepted in Jan 2026.

• Pipeline development advanced across oncology and non-oncology programs; the portfolio comprised 21 candidates, with pimicotinib approved and multiple assets in clinical development.

Financial highlights

• Revenue and gross profit were RMB612.1m, up 21% YoY; profit for the year rose 95% to RMB55.2m from RMB28.3m.

• Adjusted profit, excluding share-based payment expenses, was RMB87.9m, up 79% YoY; share-based payment expense was RMB32.6m.

• R&D expenses increased 13% to RMB508.4m, mainly from higher third-party contracting costs as later-stage trials and early discovery expanded.

• Basic and diluted EPS were both RMB0.09, versus RMB0.04 in 2024.

Outlook and guidance

• Strategy prioritizes first- and best-in-class therapies, advancing clinical and early-stage assets, strategic partnerships, AI-enabled productivity, and operational and financial optimization.

• Development priorities include irpagratinib, ABSK061 and ABSK043 after fexagratinib development was wound down following competitive landscape review.