Everest Medicines (1952) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 surged 157.3% year-over-year to RMB1,147.8 million, driven by NEFECON® sales, expanded commercialization, and CSO service income.

• Non-IFRS/adjusted net profit turned positive at RMB97.23 million, while IFRS net loss narrowed sharply to RMB5.9 million.

• Expanded product pipeline and commercial platform through strategic acquisitions and licensing, notably Hasten Biopharmaceuticals.

• Advanced R&D with key milestones in nephrology, oncology, mRNA, and cardiometabolic platforms.

• Maintained robust cash position, with RMB1.86 billion as of June 30, 2026.

Financial highlights

• Revenue reached RMB1,147.8 million, up 157.3% year-over-year, mainly from NEFECON® and commercialization services.

• Gross margin (excluding amortization) was 73.7%; reported gross margin improved to 69.6%.

• R&D expenses rose to RMB256.1 million, supporting pipeline and mRNA platform development.

• General and administrative expenses increased to RMB149 million, and distribution/selling expenses to RMB458 million, reflecting business expansion.

• Cash and cash equivalents plus bank deposits totaled RMB1.86 billion at period end, with RMB770 million received in July.

Outlook and guidance

• Targeting continued revenue and profit growth, with a 2030 goal of CNY 15 billion in revenue.

• Plans to launch 2-3 new products annually, focusing on nephrology, cardiovascular, ophthalmology, and critical care.

• Anticipates maintaining gross margin above 70% and EBITDA margin above 30% as scale increases.

• Preparing for regulatory approvals and commercialization of CARDAMYST®, LNZ100, and expanding NRDL coverage.

• Ongoing investment in R&D, manufacturing, and commercial capabilities to support long-term growth.