Ascentage Pharma (6855) H1 2025 earnings summary

Executive summary

• Olverembatinib sales in China rose 93% year-over-year in 1H 2025, driven by NRDL expansion and increased hospital formulary access.

• Lisaftoclax was approved and launched in China as the first Bcl-2 inhibitor for CLL/SLL, with rapid market uptake and strong commercial execution.

• Revenue for 1H 2025 was RMB233.7 million (US$32.6 million), down 71.6% year-over-year due to the absence of prior IP revenue, but product sales nearly doubled.

• Net loss widened to RMB590.8 million (US$82.5 million) in 1H 2025, mainly due to lower IP revenue and higher R&D and commercialization expenses.

• Cash and bank balances increased to RMB1,661.5 million (US$231.9 million) as of June 30, 2025, with a pro forma balance of $424 million after July financing.

Financial highlights

• Total revenue for 1H 2025 was RMB233.7 million (US$32.6 million), down from RMB823.7 million in 1H 2024 due to a high base of IP revenue.

• Product sales of Olverembatinib increased 93% year-over-year to RMB217.4 million.

• Gross margin improved to 88% in 1H 2025, up from 85% in 1H 2024.

• Operating expenses rose 23.4% to RMB766.0 million (US$109.9 million), mainly due to increased R&D and selling expenses.

• Net loss attributable to shareholders was RMB590.8 million (US$82.5 million), compared to a profit of RMB162.8 million in 1H 2024.

Outlook and guidance

• Expect continued Olverembatinib sales growth through NRDL coverage and increased patient access.

• Deeper Lisaftoclax market penetration anticipated, leveraging product differentiation and first-mover advantage.

• Ongoing expansion of commercial organization and execution of dual-engine strategies.

• Continued execution of global registrational trials and acceleration of clinical development for multiple novel drug candidates.

• No interim dividend recommended for H1 2025.