Ascentage Pharma (6855) H2 2025 earnings summary

Executive summary

• Achieved total revenue of $82.1 million (RMB574.1 million) in 2025, representing 90% year-over-year growth, driven by commercialization of Olverembatinib and Lisaftoclax and expansion of the commercial team.

• Transitioned to 100% commercial product sales, moving away from BD income and investment, with Olverembatinib and Lisaftoclax as key growth drivers.

• Became the first dual-listed biopharma on Nasdaq and HKEX, raising $322.6 million through IPO and follow-on offerings.

• Built a large-scale commercial infrastructure, covering over 1,500 hospitals and 800 DTP pharmacies in China.

• Nine registrational phase III clinical trials are ongoing globally, with four cleared by FDA and EMA.

Financial highlights

• Total revenue for 2025 was $82.1 million (RMB574.1 million), up 90% year-over-year, excluding Takeda payments; prior year included a one-time IP revenue.

• Olverembatinib sales reached $62.2 million (RMB435.3 million), up 81% year-over-year, reflecting NRDL inclusion.

• Lisaftoclax generated $10.1 million (RMB70.6 million) in its first five months post-approval.

• R&D expenses increased 20.1% to $163 million (RMB1,137.4 million), supporting global pivotal studies.

• Year-end cash balance was $353.2 million (RMB2,470.1 million), up from $172.8 million, supported by product sales and $322.6 million in new financing.

Outlook and guidance

• Focus for 2026 is on advancing enrollment for GLORA-4 (MDS) and POLARIS-1/2 (Olverembatinib) global registrational trials.

• Anticipates NDA filings for GLORA-4, POLARIS-1, and POLARIS-2 in 2027, with strong enrollment progress and regulatory support.

• Plans to expand commercial reach for both key products, targeting NRDL coverage for Lisaftoclax in 2026 and scaling sales.

• Will continue to advance BTK degrader APG-3288 and EED inhibitor APG-5918 in global studies.

• Expectation of sustained high growth momentum driven by dual-engine commercialization strategy.