Akeso (9926) H1 2025 earnings summary

Executive summary

• Commercial sales revenue reached RMB1.402 billion in 1H 2025, a 49% year-over-year increase, with total revenue at RMB1.4115 billion, up 37.75% year-over-year, driven by new product launches and expanded NRDL coverage.

• Two core bispecific antibodies included in NRDL, with coverage in over 2,000 hospitals and ~85% hospital access.

• Major product approvals and expanded indications in oncology, autoimmune, and metabolic diseases, including first US FDA approval for a self-developed biologic.

• Strong pipeline progress with multiple new drug approvals, global clinical trial milestones, and expansion into new indications.

• Net loss widened to RMB588.3 million, mainly due to higher R&D expenses, equity investment losses, and increased equity incentive costs.

Financial highlights

• Commercial sales, net of distribution cost, surged 49.20% to RMB1,401.6 million; total revenue reached RMB1.412 billion, up 33.7% year-over-year.

• Gross profit was RMB1.1207 billion, an 18.82% increase year-over-year.

• Cash and short-term financial assets totaled RMB7.14 billion as of June 30, 2025.

• R&D expenses grew to RMB731.2 million, with a R&D-to-sales ratio of 52.17%.

• Selling and marketing expenses increased to RMB669.9 million, but the ratio to sales declined to 47.8%.

Outlook and guidance

• Targeting further expansion in hospital coverage and NRDL inclusion for additional products.

• Continued focus on commercialization of new indications and pipeline assets, including global launches.

• Ongoing investment in R&D and manufacturing capacity to support future growth.