Everest Medicines (1952) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2025 rose 48% year-over-year to RMB446.1 million, driven by NEFECONⓇ and XERAVAⓇ sales, international expansion, and successful launch of VELSIPITYⓇ in Singapore.

• NEFECONⓇ achieved full approval in all licensed territories, NRDL inclusion in China and Taiwan, and first-line recommendation in clinical guidelines, supporting rapid sales acceleration.

• Advanced R&D pipeline with progress in mRNA cancer vaccines (EVM14, EVM16), in vivo CAR-T, and EVER001, with multiple clinical and regulatory milestones achieved.

• Strategic investment of $30.9 million in I-Mab, becoming its largest shareholder at 16.1% ownership.

• Successful share placement/top-up placement in August 2025 raised HKD 1.6B (HK$1.55 billion), strengthening the cash position for R&D and commercialization.

Financial highlights

• Revenue increased by RMB144.6 million (48%) year-over-year to RMB446.1 million, mainly from NEFECONⓇ and XERAVAⓇ.

• Gross margin (excluding amortization/cash basis) was 76.4%; reported gross margin was 67.1% due to NRDL price reduction.

• Non-IFRS net loss narrowed to RMB147 million, down 31% year-over-year; adjusted loss for the period (excluding non-recurring items) was RMB146.9 million.

• Cash and equivalents stood at RMB1.6 billion (RMB1,585.9 million) as of June 30, 2025, bolstered by recent financing.

• R&D expenses decreased to RMB195.2 million, focusing on core pipeline programs.

Outlook and guidance

• Full-year NEFECONⓇ revenue expected at RMB1.2–1.4 billion; total company revenue guidance at RMB1.6–1.8 billion for 2025.

• Operational profitability targeted in H2 2025, earlier than previously guided.

• NEFECONⓇ sales forecast to double to RMB2.4–2.6 billion in 2026, driven by expanded hospital coverage and guideline updates.

• VELSIPITYⓇ NDA approval in China expected in H1 2026, with peak sales estimate raised to RMB5 billion and strong commercial preparations underway.

• Overseas NEFECONⓇ sales to contribute meaningfully from 2026 as reimbursement in Taiwan and South Korea is implemented.