Akeso (9926) H1 2026 earnings summary

Executive summary

• Revenue grew 29% year-over-year to RMB 1.806 billion in H1 2026, driven by strong commercial sales of oncology bispecifics, notably cadonilimab and ivonescimab, both included in the NRDL.

• Net loss narrowed to RMB 447.2 million from RMB 588.3 million year-over-year, reflecting improved operational efficiency and reduced investment losses.

• Maintained a robust cash position with RMB 9.16 billion in cash and equivalents as of June 30, 2026.

• Advanced a broad R&D pipeline with over 50 innovative drug candidates, including 12 in Phase III and significant progress in IO 2.0 and ADC 2.0 strategies.

• No interim dividend declared for the period.

Financial highlights

• Revenue for H1 2026 was RMB 1,805.7 million, up from RMB 1,411.54 million in H1 2025.

• Gross profit increased to RMB 1,340.5 million from RMB 1,120.7 million year-over-year.

• Adjusted EBITDA turned positive at RMB 105.36 million, compared to a loss of RMB 178.33 million in H1 2025.

• Net loss narrowed to RMB 447.2 million from RMB 588.3 million in H1 2025.

• Selling and marketing expenses were RMB 785.6 million, 43.56% of commercial sales revenue, down from 47.80% year-over-year.

Outlook and guidance

• Continued focus on global expansion of IO 2.0 and ADC 2.0 therapies, with multiple Phase III and registrational studies ongoing worldwide.

• Ongoing investment in next-generation ADCs, bispecifics, and AI-driven drug discovery to sustain long-term growth.

• Plans to advance AK152 (Alzheimer’s), AK139 (immunology), and AK154 (mRNA cancer vaccine) through clinical development.

• Utilization of remaining proceeds from recent placings for R&D, infrastructure, and commercialization by end of 2027.

• Further capacity expansion and increased capital commitments to support future growth.