Keymed Biosciences (2162) H1 2025 earnings summary

Executive summary

• H1 revenue rose to RMB498.752m from RMB54.682m, driven by RMB329.493m collaboration revenue and RMB169.259m product sales; loss narrowed to RMB78.799m from RMB336.603m.

• Stapokibart approvals and sales, licensing agreements and clinical progress broadened the pipeline and supported funding for development and commercialization.

Financial highlights

• Revenue increased 812% YoY to RMB498.752m; gross profit rose 813% YoY to RMB465.276m.

• R&D expenses rose 9% YoY to RMB360.018m; selling and distribution expenses increased to RMB137.577m from RMB23.248m, reflecting higher Stapokibart sales.

• Loss narrowed 77% YoY to RMB78.799m; adjusted loss excluding share-based payment expenses narrowed 80% to RMB62.634m.

• Other income and gains totaled RMB75.543m, including RMB39.808m interest income and RMB32.192m government grants.

Outlook and guidance

• Plans include advancing clinical programs in China and globally, preparing late-stage candidates for commercialization, and pursuing value-accretive partnerships and licensing.

• Further expansion of cGMP-compliant manufacturing capacity is planned; Chengdu capacity was 20,500 litres at period-end, with designs compliant with NMPA and FDA cGMP requirements.

• Stapokibart adolescent AD Phase III follow-up continued, child AD enrollment was ongoing, and prurigo nodularis Phase III enrollment was completed in April 2025.